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
๐ฌ๐ง Vegetable waste firm Letoon Holding secures ยฃ20 million ($25 million) from Nimbus Capital. The former says it has an IPO target of “no later than 30 September 2024.” (UKTN)
๐บ๐ธ Cromatic raises $5.3 million to expand its platform for outsourcing R&D in biotech companies. AgFunderย andย LifeX led the seed round. (AgFunderNews) [Disclosure: AgFunderNews’ parent company AgFunder is an investor in Cromatic.]
๐ฎ๐น Dreamfarm secures โฌ5 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)
๐บ๐ธ 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)
๐ซ๐ท Cell-cultured breastmilk startup Nลซmi raises โฌ3 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
๐บ๐ธ Talus Renewables raises $22 million Series A for modular green ammonia system. Material Impact and Xora Innovation co-led the round. (PR Newswire)
๐บ๐ธ 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.]
๐ฉ๐ฐ Octarine Bio lands โฌ4.35 million ($4.6 million) to reduce dye toxicity through microbial fermentation. Unconventional Ventures led the round. (Tech.eu)
๐จ๐ฆ 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
๐บ๐ธ 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.]
๐น๐ท ๐บ๐ธ 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)
๐บ๐ธ 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)
๐ฒ๐ฆ ๐บ๐ธ 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)
๐ฑ๐น ๐จ๐ญ Insect producer Divaks partners with Bรผhler Group to build commercial-scale mealworm plant. The new facility is slated to be operational by 2025. (Feed Additive)
Funds, grants & accelerators
๐บ๐ธ USDA’s Regional Conservation Partnership Programย 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)
๐บ๐ธ 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
๐บ๐ธ 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
๐ณ๐ฑ 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)
๐บ๐ธ 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.
๐บ๐ธ 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)
๐บ๐ธ 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)
๐ธ๐ช Oatly misses third-quarter expectations. The plant-based dairy company reported revenue at $187 million, below estimates of $192 million. (Yahoo Finance)
๐บ๐ธ 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)
