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Image credit: me&u

The Week in AgriFoodTech: Restaurant order app me&u bagged $30m, Remilk approved for Israeli markets, biomaterials bonanza

April 27, 2023

This week, me&u officially announced a Series C close and alt-dairy startup Remilk got approved in Israel to enter commercial markets with its products. Several biomaterials startups made headlines with fundraises, partnerships and other developments for leather, wood and oil alternatives.

Image credit: me&u

Foodtech funding

🇦🇺 Restaurant ordering app me&u closed $30 million round by Acorn Capital in 2022. The raised its Series C at the end of 2022 and is announcing it now. (Startup Daily)

🇩🇪 “Better for you” food brand KoRo secures €20 million ($22 million) Series B extension. The round, which included SevenVenturesAssociated British Foods, follows KoRo’s €50 million ($55 million) Series B from last year. (Tech.eu)

🇩🇪 Nosh.bio scoops up €3.2 million ($3.5 million) seed round to turn fungi biomass into animal-free protein. German VC Earlybird led the round with participation from Clear Current Capital & others. (TechFundingNews)

🇸🇬 Better Bite Ventures invests in four startups under its early-stage First Bite initiative. The alt-protein-focus firm says First Bite is also now open for new applications.

Augmented wood from Woodoo
SOLID: “Twice as strong as aluminum, and twice as light,” SOLID is targeting the construction market, and has a significantly lower carbon footprint than aluminum or steel, claims Woodoo. Image credit: Woodoo

Agtech funding

🇫🇷 Biomaterials startup Woodoo bags $31 million to transform low-grade wood into high-performance material. Lowercarbon Capital led the round with participation from Purple and One Creation. (AFN)

🇧🇷 Agribusiness marketplace Arado (formerly known as Clicampo) scoops up $12 million oversubscribed Series A. Acre Venture Partners led the round with participation from Syngenta Group Ventures & others. (AFN)

🇬🇧 CarbonChain lands $10 million to expand its AI-powered carbon accounting platform. Union Square Ventures and Voyager Ventures led the Series A round. (ESG Today)

🇫🇮 Origin by Ocean raises €7.5 million ($8.2 million) seed round for algae-based crude oil replacement. Funding came from Lifeline Ventures and Voima Ventures as well as Business Finland. (Origin by Ocean)

🇵🇹 Microgreens raises €55,000 ($60,000) via crowdfunding to build a vertical farm. The company will grow edible flowers and micro veggies “for gastronomic purposes.” (Vertical Farm Daily)

Image credit: Banofi Leather

M&A, IPOs & partnerships

🇮🇳 Sustainable fashion brand Rashki launches range of handbags made from banana leather. Rashki has partnered with Banofi Leather to convert banana crop waste into a leather alternative. (ANI News)

🇫🇮 🇲🇽 iFarm & Opus 2G Group join forces to build automated vertical farm in southern Mexico. The farm will have a cultivation area of 38.500 square meters. (Vertical Farm Daily)

🇨🇭 🇧🇪 Syngenta & Biotalys launch strategic partnership for biologicals innovation. The two will research, develop and commercialize solutions to manage key pests in a variety of crops. (Businesswire)

🇫🇷 🇮🇱 Danone’s corporate venture arm Danone Manifesto Ventures takes minority stake in Imagindairy. Alt-protein startup Imagindairy said Danone would bring “strategic and operational support to accelerate our growth.” (AFN)

🇨🇦 Burcon NutraScience teams with mystery buyer to submit bid to acquire Merit Functional Foods‘ assets. Merit went into receivership on March 1. (AFN)

🇩🇰 🇫🇷 BioMar & Agronutris partner to develop the “next generation” of black soldier fly protein. The partnership will focus specifically on making feed for the aquaculture industry. (Feed Navigator)

🇫🇷 Ÿnsect signs memorandum of understanding (MOU) with Korean food company LOTTE. The two companies will explore human food applications for edible insects. (AFN)

Divert-operated anaerobic digestion facility. Image credit: Divert

Other news

🇺🇸 Divert  breaks ground on facility to turn wasted food into renewable energy. The California Public Finance Authority has issued $63 million municipal green bond to fund the development. (Businesswire)

🇮🇱 Remilk gets Israel’s first approval for precision fermentation dairy. The startup can now bring its milk alternative products to market. (Green Queen)

🇬🇧 Quorn‘s mycoprotein ingredient becomes available to food manufacturers to help boost lagging plant-based sales. Parent company Monde Nissin will spin out an ingredients division. (Food Dive)

🇪🇺 European Parliament formally adopts law to halt imports and/or sales of products causing deforestation. Food & bev companies will have to prove their products are deforestation-free in order to trade in the bloc. (Food Navigator)

🇪🇺 Gene-edited weather-resilient potatoes may be ready by 2025. The EU-funded PhotoBoost initiative aims to increase photosynthetic performance in plants 20-25%, which could lead to a 30% increase in plant biomass. (Farmers Weekly)

🇨🇦 Terramera launches new bio-pesticide for row crops. SOCORO provides insect, mite, and disease management in a single application for both organic and conventional growers. (Crop Life)

🇺🇸 Yelp jumps on the AI bandwagon. The restaurant tech company added more than a dozen new features including artificial intelligence and large language models to improve search results. (Restaurant Dive)

🇨🇭 Nestlé will use satellites to monitor reforestation. It will pilot new Pléiades Neo satellites from Airbus to ensure long-term health of trees the company plants. (ESG Today)

🇺🇸 Tyson to cut its corporate staff by 10%, senior leadership by 15%. The move is a bid to boost efficiency in the meat processing giant’s operations. (Food Dive)

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