This week, there have been several notable developments in the world of foodtech and agtech funding. Materials manufacturer Toray has made a significant investment in cellulosic sugar production technology, while Finnish company Paptic has secured funds to expand its sustainable materials portfolio. Israeli agrifoodtech startups have also been making headlines with funding announcements, mergers and acquisitions, and the certification of cultivated meat as Kosher.
In Japan and Thailand, Toray Industries Inc. has invested ¥1.2 billion ($8.1 billion) in Cellulosic Biomass Technology, raising its stake in the company to 84.4%. Cellulosic sugar is a promising alternative to traditional sugar derived from plants, and Toray’s investment reflects the growing interest in sustainable materials and technologies.
Meanwhile, in the Netherlands, Phycom has received €9 million ($9.6 million) in funding from Corbion, Phase2.earth, and other investors. Phycom specializes in microalgae cultivation and will use the funds to expand its operations at an industrial scale.
In the United States, plant-based egg company Eat Just has raised a new round of funding led by The Ahimsa Foundation/VegInvest. The company, which is aiming to achieve operational profitability, will use the funds to further develop its products.
In the agtech space, Finnish company Paptic has secured €23 million ($24.6 million) in Series A funding to expand its sustainable materials portfolio. The funding round was led by the European Circular Bioeconomy Fund, Ecolab, and Itochu Fibre.
Additionally, S2G Ventures has led an $8.25 million funding round for ViaAqua Theraputics, a company focused on aquaculture health management products. Unigrains and Bpifrance have also made a minority investment in OTICO, an ag equipment leader, to support its further development and international expansion.
In terms of mergers, acquisitions, and partnerships, indoor farming tech startup Freight Farms is set to go public through a merger with Agrinam Acquisition Corporation. The merger values Freight Farms at nearly $150 million. Equilibrium & Bosch Growers have submitted winning bids for AppHarvest’s Kentucky greenhouse facilities as part of AppHarvest’s Chapter 11 bankruptcy protection process.
In France and Israel, fermentation giant Lesaffre has acquired a 10% stake in Yeap, an Israeli startup specializing in proteins derived from upcycled yeast. This partnership will enable Yeap to bring more products to the market.
In other news, The Kitchen Hub, a foodtech incubator, has announced a new $70 million fund and the launch of The Kitchen Labs, an innovation center for startups, with the support of the Israeli Innovation Authority. Berlin-based VC World Fund has raised over €50 million ($54 million) for climate tech funding, while The One Acre Fund, an organization helping smallholders in Africa, has won the 2023 Conrad N. Hilton Humanitarian Prize and will receive $2.5 million in funding.
Exciting developments are also taking place in the realm of food innovation. The European Innovation Council is backing a project that aims to produce whey protein from CO2 and electricity, and researchers from “air protein” startup Solar Foods and the University of Groningen are leading the way.
In a legal dispute, bioreactor specialist ABEC has filed a lawsuit against Eat Just’s GOOD Meat cultivated meat division, alleging financial obligations have not been met. The University of California Davis has genetically engineered a walnut tree to fight crown gall disease, and Tofurky is challenging a Texas law that imposes unclear standards for plant-based meat products.
Lastly, SuperMeat’s cultivated chicken cell lines have been certified as Kosher meat Mehadrin standards by OU Kosher, opening up new possibilities for the cultivated meat market.
These developments in foodtech and agtech funding demonstrate the growing interest and investment in sustainable materials, alternative protein sources, and innovative agricultural technologies.
Sources:
– Composites World
– Vegconomist
– AFN (AgFunder News)
– EU Startups
– FinSMEs
– Unigrains
– Boston Globe
– AgFunderNews (parent company of AgFunder)
– AFN (AgFunder News)
– Food Navigator
– AFN (AgFunder News)
– Tech.eu
– Businesswire
– Food Navigator
– Digital Journal
