This week saw two new investments in startups making alternative fat products: Australia’s Nourish Ingredients and UK-based Hoxton Farms. Kroger announced plans to buy fellow grocery giant Albertsons and precision spraying startup Smart Asset raised seed funding.
Foodtech funding
๐ฆ๐บ Nourish Ingredients snags $28.6 million Series A for animal-free alternative fat. Horizons Ventures led the round with support from Main Sequence Ventures and Hostplus. (Startup Daily)
๐ช๐ฌ B2B e-commerce platform MaxAB closes $40 million pre-series B round. MaxAB will expand its platform connecting suppliers and small grocery retailers across the MENAP region. (PYMNTS)
๐ฌ๐ง Hoxton Farms raises $22 million to build a pilot facility for cultivated alternative fat. Collaborative Fund and Fine Structure Ventures co-led the Series A round, which also included participation from AgFunder, Founders Fund & others. (Reuters) [Disclosure: AFN’s parent company is AgFunder.]
๐บ๐ธ Bio-manufacturing finance and development platform Synonym secures $6.3 million pre-seed round. Andreessen Horowitz, Giant Ventures, Blue Horizon and others participated. (Green Queen)
๐ฎ๐ฉ B2B catering service Waku bags $1 million seed round. Nasa Ventures led the round and was joined by 11th Space Indonesia. (Tech in Asia)
๐ธ๐ฐ Peelo raises undisclosed seed round from Rockstart and CB Investment Management. Peelo makes a natural, reusable, washable, and compostable alternative to plastic food wrap. (Rockstart)
๐บ๐ธ Wilkinson Baking Company raises $3 million for its commercial bread-baking robot. Ken Peterson of Columbia Ventures Corporation and Rich Product Ventures led the seed round. (Food Business News)
Agtech funding
๐บ๐ธ Nitricity closes $20 million Series A for its climate-friendly nitrogen production technology. Khosla Venturesย andย Fine Structure Ventures led the round. (AFN)
๐บ๐ธ Lithos Carbon captures $6.3 million in seed funding. Union Square Ventures and Greylock Partners co-led the round for Lithos to help farmers sequester more carbon on their farms. (TechCrunch)
๐บ๐ธ Precision sprayer for orchards and vines Smart Apply lands $3 million. Serra Ventures led the seed round, which will go towards new hires and expanding manufacturing capacity. (The Silicon Valley Journals)
M&A, IPOs & partnerships
๐บ๐ธ Kroger acquiring Albertsons for $26.4 billion. With the deal, Kroger will solidify its position as the second-largest food retailer in the US behind Walmart. (Food Navigator)
๐ง๐ท ๐จ๐ฑ ๐ต๐ช Inputs retailer Lavoro to acquire NS Agro as part of LatAm expansion plan. NS Agro is a holding company of agricultural inputs retailers in Chile and Peru. (BusinessWire)
๐จ๐ญ ๐บ๐ธ Nestlรฉ buys Seattle’s Best Coffee from Starbucks for undisclosed sum. The deal is expected to close by the end of this year. (Food Dive)
Other news
๐บ๐ธ Beyond Meat cuts 19% of its workforce amid sales and stock slump. Several top executives are leaving in addition to about 200 employees. (CNBC)
๐ฌ๐ง ๐ณ๐ฑ Deliveroo will exist the Netherlands on Nov. 30. The food delivery service said that reaching a top market position there would require “unreasonable investment with an uncertain long return.” (Reuters)
๐บ๐ธ The United Soybean Board awards $1.1 million to Purdue University in partnership with University of Arkansas and the University of Missouri. The project seeks to build infrastructure for soy-based value-add products. (Vegconomist)
๐บ๐ธ Impossible Foods is working on a plant-based filet mignon. Founder and ex-CEO Pat Brown says the company has already completed successful prototypes. (Vegconomist)
๐บ๐ธ GM Ventures makes investment in biotech startup MycoWorks. The companies will use MycoWorks’ proprietary Fine Mycelium materials for “potential use in a range of applications within automotive design.” (PR Newswire) [Disclosure: AFN’s parent company, AgFunder, is an investor in MycoWorks.]