While $100 million-plus foodtech funding rounds are less common these days, Afresh managed to close one this week for its operating system that reduces supermarket food waste. Fintech startup Jai Kisan raised funds to help rural businesses in India, and across the industry, cuts and layoffs continue, especially in restaurant tech.
Foodtech funding
🇺🇸 Afresh raises $115 million Series B led by Spark Capital. Afresh will scale its operating system that helps reduce grocery retail waste to “thousands more stores.” (Food Dive)
🇮🇹 Vertis leads €7 million ($7.1 million) round for restaurant industry marketplace Deliveristo. Milan-based Deliveristo will add new products to its extensive online catalogue for chefs and restauranteurs and prepare for expansion into other parts of Europe. (EU Startups)
🇺🇸 Impact Food secures $500,000 for plant-based seafood. The fundraising will support Impact Food’s employment and R&D efforts as the startup prepares for a pre-seed round. (Vegconomist)
🇮🇸 Loki Foods lands $650,000 pre-seed round from Sustainable Food Ventures, MGMT Ventures and others. Loki is developing a line of plant-based seafood analogues including a whole-cut Atlantic Cod alternative. (Green Queen)
🇮🇱 Smart grocery cart firm Shopic rakes in $35 million. Qualcomm Ventures led the Series B round, which Shopic will use to move into additional global markets. (Tech in Asia)
🇺🇸 PreciTaste raises $24 million in Series A for its AI-based kitchen management system for restaurants. Existing investor Melitas Ventures along with Cleveland Avenue led the round. (PR Newswire)
🇸🇬 ProfilePrint closes series A1 with Cargill for its AI-based food grading technology. Additional strategic shareholders include Louis Dreyfus Company, Olam International, Sucafina and Sinar Mas, amongst others. (ProfilePrint)
Agtech funding
🇮🇳 Rural fintech firm Jai Kisan raises $50 million from GMO Venture Partners and others. Jai Kisan will use the funds to expand its product suite and improve customer experience. (Business Standard)
🇮🇳 Accel leads a $2.6 million round for Produze. The latter’s digital supply chain infrastructure aims to connect local agri-producers in India with international retailers. (TechCrunch)
🇮🇳 Dry fruits, seeds and nuts marketplace Farmley raises $6 million Series A round led by DSG Consumer Partners. Farmley will allocate the funding to channel expansion, growing its team and further building its brand. (AFN)
🇨🇭 🇮🇹 xFarm Technologies banks €17 million ($17.4 million) Series B led by Swisscom Ventures. The Swiss-Italian startup will expand the availability of its farm management information system. (AFN)
M&A, IPOs & partnerships
🇺🇸 7-Eleven acquires delivery startup Skipcart. The deal could allow the C-store chain to compete more directly with food delivery services like DoorDash and GoPuff. (The Information)
🇺🇸 ADM and Benson Hill ink long-term strategic partnership. The two companies will work to scale the latter’s “innovative soy ingredients” for use in plant-based foods and beverages. (Food Business News)
Other news
🇺🇸 Online grocery service Farmstead ceases operations in 4 of its 5 markets. The company laid off 22% of its staff in the process and now operates only in its home market, San Francisco. (Grocery Dive)
🌎 FoodHack profiles more than 30 women angel investors funding food and climate startups. These women are “at the forefront of funding breakthrough technologies that shape a better future for people and planet.” (FoodHack)
🇺🇸 Cracker Barrel gets heat after adding Impossible Sausage to its menu. Comments say a lot more about America’s culture wars than they do about plant-based proteins. (Washington Post)
🇩🇪 Bluu Seafood unveils first cultivated fish products, including “lab grown” fish sticks and fish balls. The company is also preparing to start the regulatory process in Asia, Europe and North America. (TechCrunch)
🇬🇧 How Andy Cato went from electronic music to regenerative farming. Fifteen years ago, Cato sold the rights to his band Groove Armada’s songs to co-found the Wildfarmed community and contribute to the adoption of regenerative agriculture. (The Guardian)
🇺🇸 Tazo will transition its tea, herb, and spices supply chain to regenerative agriculture by 2029. The brand aims to develop 60% to 80% of its products through regenerative practices by the end of 2023. (Food Dive)
🇬🇧 🇳🇱 Deliveroo exits the Netherlands amid “challenging market conditions.” The food delivery company reported a pretax loss of $178 million for the first half of 2022, up 54% from last year. (Tech.eu)
🇺🇸 Sweetgreen lays off 5% of its support center workforce. The salad chain, which lowered its 2022 forecast, is also downsizing its office building “to lower operating expenses.” (CNBC)
How can New Zealand’s agri-innovation ecosystem become the world leader it should be?