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Treefera cofounders, Caroline Grey (CRO) and Jonathan Horn (CEO). Image credit: Treefera

The Week in AgriFoodTech: J.M. Smucker buys Hostess for $5bn, NotCo’s NotSnacks, Krucial monitors salmon from space

September 14, 2023

This week, J.M. Smucker scooped up fellow CPG giant Hostess, and while foodtech funding was somewhat sparse, healthy noodle company Goodles raised new funding. In agtech, multiple companies raised rounds for carbon credits businesses and one company secured new capital to monitor fish farms from space.

Treefera cofounders, Caroline Grey (CRO) and Jonathan Horn (CEO). Image credit: Treefera

Agtech funding

🇫🇷 Toopi Organics raises €16 million ($17.2 million) for its urine-based biostimulants business for agriculture. VisVires New Protein led the $11.8 million series A round; $5.3 million came from grants. (AgFunderNews)

🇮🇱 Treetoscope raises $7 million seed round for AI-powered irrigation tech. Israeli-European VC firm Champel Capital led the round. (Treetoscope)

🇺🇸 ReSeed closes $4.6 million round led by One Small Planet. ReSeed will use the new funding to expand its carbon credits business for smallholder farmers. (PR Newswire)

🏴󠁧󠁢󠁳󠁣󠁴󠁿 Krucial reels in €3.45 million ($4.2 million) to monitor salmon farms via space satellites. The Scottish National Investment Bank led the investment. (The Fish Site)

🇮🇳 Biomaterials startup altM bags a $3.5 million seed round led by Omnivore. The startup plans to develop and manufacture sustainable materials from agricultural residue. (Inc42)

🇬🇧 Forest-mapping platform Treefera secures £1.8 million ($2.2 million) in a round led by Concept Ventures. Treefera uses AI to collect data for measuring, reporting and verifying carbon credits. (UKTN)

🇺🇸 Biodel AG lands undisclosed series A from Pangaea Ventures and others. Biodel AG will put the new funds towards commercializing its biological crop protection ingredients. (PR Newswire)

Foodtech funding

🇺🇸 L Catterton leads $13 million series A for healthy noodle brand Goodles. The latter will use the new funds to expand production capacity and make new C-suite hires. (Fortune)

J.M. Smucker will acquire the Twinkies brand as part of its takeover of Hostess. Image credit: Hostess

M&A, IPOs & partnerships

🇺🇸 J.M.Smucker scoops up fellow CPG Hostess for $5.6 billion. Smucker reportedly beat out PepsiCo, Oreo, and several other major CPGs to acquire the brand. (NPR)

🇧🇪 🇧🇷 Crop biologicals company Biobest intends to acquire Biotrop. The deal valued at $569.4 million gives the former an 85% stake in the latter. (AgFunderNews)

🇮🇩 eFishery & Aquaculture Stewardship Council (ASC) team up to advance standards for sustainable aquaculture. The two aim help more small-scale shrimp farmers obtain ASC certification. (Hatchery)

🇹🇼 🇹🇭 Lifestyle booking app FunNow merges with restaurant-booking app Eatigo to expand Southeast Asia presence. Business operations will be combined once the merger is complete. (Deal Street Asia)

Funds, grants & accelerators

🇨🇦 Protein Industries Canada and Innovate UK announce call for plant-based food R&D projects. Up to CDN $20 million ($14.6 million) will be invested in chosen projects. (Protein Industries Canada)

🇬🇧 Sustainable Planet is a finalist in UN World Food Forum (WFF) competition. The company reached finals for the Startup Innovation Awards for its protein derived from water lentils. (Sustainable Planet)

Afresh’s operating system for grocery retailers in action. Image credit: Afresh

Other news

🇮🇱 BioBetter to open its first facility for tobacco plants that aid in mass production of cultivated meat. The pilot plant has the capacity to process 100kg of tobacco plant-derived “growth factors” for cultivated meat media. (No Camels)

🇮🇱 🇺🇸 SavorEat to bring its robot chef to the US via partnership with foodservice giant Sodexo. The robot chef will cook up plant-based burgers for university campuses starting in Colorado. (Verdict Food Service)

🇺🇸 Afresh adds inventory management to its grocery operations platform. The company aims to help retailers save on costs and complexities associated with end inventory. (The Packer)

🇨🇱 Alt-protein startup NotCo makes foray into new category with NotSnack protein bars. The bars contain roughly 16 grams of protein and “slow-release carbs,” and will be available in several flavors. (Vegconomist)

🇺🇸 UPSIDE Foods aims to break ground on a commercial-scale cultivated meat facility. The plant in Glenview, Illinois will open later this year and will become operational in 2025. (AgFunderNews)

🇬🇧 Plant-based meat company THIS announces first international launch. The company has partnered exclusively with Albert Heijn, the Netherlands’ largest supermarket chain. (Vegconomist)

🇺🇸 Fungi-fueled alt meat startup Meati Foods does second round of layoffs. The company axed 60 roles as part of “structural reorganization that impacts nearly every part of the company.” (AgFunderNews)

🇪🇸 Libre Foods will launch the EU’s first mycelium-based whole-muscle chicken breast. The brand aims to commercialize its vegan chicken by early 2024. (Green Queen)

🇺🇸 Eat Just’s GOOD Meat cultivated meat division sued by second engineering firm over alleged non-payment of bills. The latest complaint follows a lawsuit filed by bioreactor company ABEC. (AgFunderNews)

🇺🇸 California passes bill to ban foods with certain additives including titanium dioxide. The California Food Safety Act now heads to Gov. Gavin Newsom’s desk. (Food Navigator)

🇨🇦 The Cultivated B starts regulatory process for cultivated sausage. The company is in talks with the European Food Safety Authority for approval of a novel or non-farmed sausage product. (Yahoo)

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