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The Week in Agrifoodtech: Bioplastics firm RWDC raises $95m; funds for mammal-free milk

November 25, 2021

This week, Singapore-based bioplastics company RWDC raised nearly $100 million to advance its sustainable material for consumer packaged goods.

Meanwhile, two mammal-free milk startups scored sizeable rounds and a US-based indoor grower completed a $1.1 billion SPAC merger.


Foodtech startup funding

🇺🇸 Animal-free dairy startup New Culture raises $25 million in Series A funding. The oversubscribed round comes ahead of New Culture launching its animal-free mozzarella product in 2022. (AFN)

🇺🇸 Meanwhile, Helaina has netted $20 million in Series A funding for its cultured human milk. Helaina will use the proceeds of the round, led by Spark Capital and Siam Capital, to start commercializing its human milk proteins produced by precision fermentation. (Helaina)

🇺🇸 🇸🇬 Biotech startup RWDC Industries closes a $95.1 million Series B2 round led by Temasek. Funds will go towards expanding production of the company’s biodegradable biopolymer material that can aid in transitioning consumer goods brands to more sustainable packaging. (RWDC Industries

🇩🇪 Same-day grocery service Yababa scores $15.5 million seed funding. The round will go towards Yababa expanding its on-demand service within Germany and across the rest of Europe. (TechCrunch)

🇨🇭🇺🇸 Nestlé leads $4 million round for Sundial Foods. Albany, California-based startup Sundial is developing whole ‘chicken’ wings — including the skin, meat, muscle, and bones — entirely from plant-based ingredients. (Bloomberg)

🇺🇸 Salted raises $16 million to be “the Yum! Brands for the digital age.” Creadev led the Series A round for Los Angeles-based Salted, which develops digital-native, delivery-first quick-service restaurant brands. (TechCrunch)

🇺🇸 Eat Well Group leads $12 million Series A round for Amara. The foodtech company will use the capital grow its brand of plant-based baby food products. (AFN)

🇺🇸 Natural dog food brand Jinx raises $28 million. The Series A round will assist the “clean-label” dog food brand in expanding from direct-to-consumer sales only towards a brick-and-mortar retail presence. (Jinx)

🇮🇳 Falcon Edge Capital leads Biryani By Kilo’s $35 million Series B round. The food delivery service will use the new funds to expand its brand nationwide across India. (Entrackr)

Agtech startup funding

🇮🇳 Precision ag platform Fasal raises $4 million. The pre-Series A round was led by 3one4 Capital and will allow Fasal to expand its horticulture SaaS product across India and Southeast Asia. (AFN)

🇨🇭 Vivent secures €1.8 million ($2 million) for its PhytlSigns product to become “the Fitbit of plants.” The company’s commercial crop health diagnostic system alerts growers to early warnings of disease, pests, and other plant threats and stressors that can impact yields. Astanor Ventures and ePlant led the round. (PhytlSigns)

M&A, IPOs & partnerships

🇺🇸 Local Bounti completes $1.1 billion SPAC merger with Leo Holdings III Corp. Hamilton, Montana-based Local Bounti is the latest indoor farming company to go public via SPAC, following the likes of AppHarvest. (AFN)

🇹🇷🇬🇧 Ten-minute grocery delivery startup Getir will buy rival Weezy. Contributing to a wave of consolidation for the speedy grocery delivery sector, Istanbul-based Getir says it will buy UK-based Weezy as part of a plan to enter into the British market. (CNBC

Funds & accelerators

🇪🇺 Horizon Europe is funding a new wave of rural digitization projects. The European Union’s main research program will direct €8.95 billion ($10 million USD) towards projects in food, bio-economy, natural resources, agriculture, and environment (Euractiv)

🇨🇦 Nectar and Goodmylk join Telus’ $100m “responsible agriculture” fund. The precision beekeeping platform and alt-milk company boost the presence of agtech amongst Canada’s Telus Pollinator Fund for Good‘s portfolio companies. (AFN)

🇺🇸 Global investment manager VanEck to launch Future of Food ETF. The fund will provide investors with exposure to stocks “engaged in the agrifood technology and innovation market.” (Seeking Alpha)

Other news

🇺🇸🇨🇦 Uber to deliver cannabis to Canadians. Uber users in the province of Ontario can now place orders for cannabis products through the app via Tokyo Smoke, a store operated by Canopy Growth. Canada legalized recreational cannabis in October 2018. (Reuters)

🇮🇳 Swiggy’s food delivery revenue grew 56% between April and September. The on-demand delivery app’s investor Prosus noted the figures in a regulatory filing, saying demand for Swiggy’s Super Daily and other grocery services grew during the India’s second wave of Covid-19. (Economic Times)

🇸🇬🇳🇱 Shell is planning a biofuels plant in Singapore to help meet its 2030 emissions-halving target. The Dutch petroleum giant says it will build a plant that can produce 550,000 tons of hydrogen per year from discarded cooking oils and fats. (Energy Voice)

🇸🇬 Shiok Meats opens Singapore’s first mini-plant for cultivated seafood. The facility, which opened its doors this week, will help Shiok scale up its process for developing the cultivated crustacean meats that the company plans to bring to consumers. (Green Queen)

🇸🇬 Mobility and food delivery app Grab expands partnership with McDonald’s Singapore. GrabPay and GrabRewards features will be integrated into the fast food chain’s digital ordering platform. (Singapore Business Review)

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