This week, Talus Renewables closed a funding round for its green ammonia system and vegetable waste firm Letoon Holdings secured capital. M&A is coming for online grocery, as evidenced by Getir’s acquisition of US-based FreshDirect. The week also included several notable partnerships, including one between “plant signal” startup InnerPlant, Deere and Syngenta.
Foodtech funding
🇬🇧 Vegetable waste firm Letoon Holding secures £20 million ($25 million) from Nimbus Capital. The former says it has an IPO target of “no later than 30 September 2024.” (UKTN)
🇺🇸 Cromatic raises $5.3 million to expand its platform for outsourcing R&D in biotech companies. AgFunder and LifeX led the seed round. (AgFunderNews) [Disclosure: AgFunderNews’ parent company AgFunder is an investor in Cromatic.]
🇮🇹 Dreamfarm secures €5 million ($5.4 million) for plant-based mozzarella and other “cheeses.” Investment comes from “two accomplished entrepreneurs” and will help Dreamfarm establish a production facility. (Tech.eu)
🇺🇸 Heali emerges from stealth with personalized nutrition platform, $3 million seed round. The Heali app includes meal planning and tracking, recipes and dietician-backed nutritional guidance. (TechCrunch)
🇫🇷 Cell-cultured breastmilk startup Nūmi raises €3 million ($3.2 million) to expand R&D. The company plans to file for regulatory approval in the US first, followed by Europe and Asia. (Green Queen)
Agtech funding
🇺🇸 Talus Renewables raises $22 million Series A for modular green ammonia system. Material Impact and Xora Innovation co-led the round. (PR Newswire)
🇺🇸 Aigen secures $12 million Series A to scale its “true-solar agriculture robotics.” ReGen Ventures, New Enterprise Associates and others participated. (PR Newswire) [Disclosure: AgFunderNews’ parent company AgFunder is an investor in Aigen.]
🇩🇰 Octarine Bio lands €4.35 million ($4.6 million) to reduce dye toxicity through microbial fermentation. Unconventional Ventures led the round. (Tech.eu)
🇨🇦 Lucent Bio bags “over” $3.6 million round led by PacifiCan. The agtech company will work towards commercializing its biodegradable seed-coating technology. (FinSMEs)
M&A, IPOs & partnerships
🇺🇸 EarthOptics and Trace Genomics collaborate on carbon measurement technology. The two will use their respective technologies to make soil carbon measurement more accurate. (S2G) [Disclosure: AgFunderNews’ parent company AgFunder is an investor in Trace Genomics.]
🇹🇷 🇺🇸 Quick-delivery startup Getir to acquire FreshDirect from Ahold Delhaize. The latter says it is offloading its online grocery service “to focus on omnichannel.” (Grocery Dive)
🇺🇸 InnerPlant, Syngenta and John Deere partner to fight soybean fungus. The initiative will use InnerPlant’s plant-signal technology along with crop protection treatments and See & Spray tech. (Web Wire)
🇲🇦 🇺🇸 Phosphate fertilizer producer OCP Group partners with Regrow & University Mohammed VI Polytechnic. The project will develop a measuring, reporting and verification (MRV) system specific to African soil. (Regrow)
🇱🇹 🇨🇭 Insect producer Divaks partners with Bühler Group to build commercial-scale mealworm plant. The new facility is slated to be operational by 2025. (Feed Additive)
Funds, grants & accelerators
🇺🇸 USDA’s Regional Conservation Partnership Program awards McCain Foods USA & partners $6.9 million. The grant will go to McCain, Campbell Soup, and Soil Health Institute‘s “sustainable potato-growing” projects. (Fresh Plaza)
🇺🇸 Osmo receives $3.5 million grant from the Bill & Melinda Gates Foundation. Grant money will help Osmo advance its AI-enabled scent platform compounds that repel, attract, or destroy disease-carrying insects. (PR Newswire)
People moves
🇺🇸 CH4 Global appoints finance vet Steve Chun as new CFO. The company says the new hire comes at it is working towards “operational profitability and worldwide reach.” (PR Newswire) [Disclosure: AgFunderNews’ parent company AgFunder is an investor in CH4 Global.]
Other news
🇳🇱 Dutch municipalities ban meat and dairy advertising in public spaces. Bloemendaal and the City Council of Utrecht follow the Municipality of Haarlem’s ban from 2022. (Vegconomist)
🇺🇸 Plant-based products “not a big part of the current focus” for Burger King. The QSR chain, which made the Impossible Whopper famous, said it is focusing on its core (aka animal-based) offerings. (Bloomberg). Click here for some perspective from Impossible Foods’ CEO Peter McGuinness.
🇺🇸 QSR chain Wingstop dumps Olo‘s restaurant tech. The unusual move comes as Wingstop says it will use its out $50 million system developed in house. (Restaurant Dive)
🇺🇸 Major food manufacturers get F grade on reducing pesticides. Nonprofit As You Sow‘s analysis finds “little significant movement” on lowering pesticide use in food products. (ABC News)
🇸🇪 Oatly misses third-quarter expectations. The plant-based dairy company reported revenue at $187 million, below estimates of $192 million. (Yahoo Finance)
🇺🇸 Miyoko’s Creamery closes California plant to “increase production efficiency.” The plant-based protein company says it will outsource its production starting in 2024. (Food Dive)
