Weekly Update: Innovations in Alt-Textiles and Startup Funding
This week was marked by significant advancements in the alt-textiles sector. Switzerland-based DePoly has successfully secured new funding to inaugurate a PET (polyethylene terephthalate) recycling plant. Meanwhile, German startup eeden has closed a Series A financing round to enhance its textile recycling operations.
In other news, Lithuania’s climate finance startup HeavyFinance has undergone a rebranding effort to become InSoil and launched a new credit fund. However, not all developments were positive; Freight Farms, a notable player in the container farming technology sector for indoor agriculture, unexpectedly ceased operations and filed for Chapter 7 bankruptcy.
Startup Funding Highlights
- 🇺🇸 Growers Edge raises $25 million in funding FinSMEs
- 🇨🇭 DePoly secures $23 million seed funding for PET recycling plant Tech.eu
- 🇩🇪 Germany’s eeden closes $20.5 million Series A round led by a Dutch VC firm Silicon Canals
- 🇺🇸 Irrigreen raises $19 million in Series A funding FinSMEs
- 🇬🇧 Ace Aquatec raises €11.7 million to create 15 jobs Silicon Canals
- 🇬🇧 Arda Biomaterials raises $5.25 million for alt-textiles development AgFunderNews
- 🇬🇧 Puresport raises $4.8 million for global expansion The Grocer
- 🇬🇧 WineFi secures $2.1 million seed funding for fine wine investing Tech.eu
- 🇮🇳 Indian startup Phab secures $2 million seed funding Tech in Asia
- 🇳🇱 Amsterdam’s Peckish raises $912,000 for AI-powered inventory management Silicon Canals
- 🇺🇾 Uruguayan startup Yeda Health raises $300,000 in pre-seed funding LatamList
Mergers, Acquisitions, and Partnerships
- 🇺🇸🇬🇧 US delivery giant DoorDash proposes a $3.6 billion offer for UK-based Deliveroo AgFunderNews
- 🇺🇸 DeNovo Foodlabs and EFFV form a joint venture to scale lactoferrin production through precision fermentation AgFunderNews
- 🇫🇷 Standing Ovation partners with Tetra Pak for alternative casein production FoodBev Media
Funding, Grants, and Accelerators
- 🇱🇹 HeavyFinance rebrands to InSoil InSoil
- 🇯🇵 EFM and Sojitz launch a $200 million US forestry fund AgriInvestor
- 🇬🇧 Verb Ventures launches a $28.5 million fund for supply chain platforms Tech.eu
- 🇪🇸 Aldea Ventures closes €57 million for Fund II Silicon Canals
- 🇨🇳 China’s Dalton Venture expands into Hong Kong South China Morning Post
People Moves
🇩🇪🇺🇸 Paul Ritch joins Klim as the US Market Lead LinkedIn
Other News
- 🇺🇸 Freight Farms files for Chapter 7 bankruptcy
- 🇨🇳 DJI report indicates rapid global adoption of agricultural spray drones AgFunderNews
- 🇺🇸 Texturised fresh spirulina approved as a non-novel ingredient Food and Drink Technology
- 🇨🇦 Nova Scotia launches a large-scale bioinnovation centre Vegconomist
- 🇯🇵 Asahi launches Japan’s first yeast-derived milk FoovoBridge
- 🇺🇸 Federal lawsuit against Florida’s ban on lab-grown meat continues Newsday
