European Startups Make Waves with Fundraising Announcements in Agrifood Sector
This past week saw a flurry of fundraising announcements from European startups innovating in the food system. Companies like Nory, which focuses on AI for restaurant operations, and NeoFarm, known for its robotic organic farms, are leading the charge as the agrifood industry continues to evolve with technology.
Corporate Engagement in Conservation
In the corporate arena, significant moves were made to promote sustainability. Danone North America partnered with Ahold Delhaize USA and The Nature Conservancy for a new conservation project aimed at enhancing biodiversity. Similarly, McDonald’s announced a bold $200 million initiative dedicated to grasslands conservation, highlighting the fast food giant’s commitment to environmental responsibility.
Funding News
Recent Raises Across Europe
- 🇫🇷 Genomines successfully raised $45 million in Series A funding to innovate in battery-grade nickel mining through genetically enhanced plants. AgFunderNews
- 🇮🇪 Nory has closed a $37 million Series B round to enhance restaurant operations through AI solutions. Tech.eu
- 🇳🇴 NoFence plans to expand its virtual fencing technology into the U.S. and Europe, following an oversubscribed $35 million Series B raise. AgFunderNews
- 🇨🇦 Phytokana has advanced a project for $32.5 million aimed at transforming Canadian fava beans into plant-based food ingredients. Vegconomist
- 🇫🇷 NeoFarm raised €30 million to scale its robotic organic farms across Europe. iGrow News
- 🇩🇪 Bioweg garnered $19 million in Series A funding to replace microplastics with bio-alternatives in everyday items. AgFunderNews
- Further funding successes include:
- 🇵🇹 BRAINR with $13 million in seed funding for digitizing food manufacturing. AgFunderNews
- 🇳🇱 Delft-based agri-tech PATS securing €2.7 million for its AI pest control solutions. Silicon Canals
- 🇺🇸 Insignum’s $2.4 million funding round. Agrinovus Indiana
- 🇳🇱 Time-Travelling Milkman with $2.3 million funding for a dairy fat alternative. Green Queen
- 🇩🇰 Summ Ingredients’ $2 million funding focused on fermented proteins. Green Queen
- 🇷🇴 Terra Wave’s €1.2 million EU grant to push forward fermented protein technology. Protein Production Technology
- 🇮🇱 Finally Foods raising $1.2 million, and securing a deal with CBC Group. AgFunderNews
- 🇮🇳 Biokraft Foods’ $230,000 for cultivated meat. Vegconomist
- 🇦🇺 Two circular farming startups from Victoria raising $35,000. Startup Daily
- 🇨🇦 Cellar Insights securing an oversubscribed seed round to enhance AI-powered potato storage across North America. Potato Pro
Mergers & Acquisitions, IPOs, and Partnerships
- 🇺🇸 Ahold Delhaize USA’s mission to decarbonize dairy. Progressive Grocer
- 🇫🇷 🇺🇸 Danone abandons its acquisition of Lifeway Foods. Food Dive
- 🇺🇸 🇲🇽 CoryPro Ingredients is establishing a guar protein facility in Mexico through a new partnership with Polymerals. AgFunderNews
Funds, Grants & Accelerators
- 🇸🇬 Asia Ocean Fund receives backing from Octave Capital, aiming to raise $96 million for marine health initiatives. Straits Times
People Moves
- 🇬🇧 Will Shu, founder of Deliveroo, will step down as CEO. CNBC
- 🇨🇠Nestlé’s Chairman, Paul Bulcke, is stepping down, with Pablo Isla succeeding him on October 1. Global Newswire
- 🇺🇸 Checkerspot appoints Casey Lippmeier as their new CTO. Business Wire
- 🇺🇸 Inari has named Rob Dunlop as their new chief commercial officer. Inari
Other Noteworthy News
- 🇺🇸 Wild Fork Foods has ceased selling foie gras in North America. Feed Stuffs
- 🇺🇸 Shinkei Systems doubles its headquarters size after a spike in demand for its processing equipment. Seafood Source
- 🇺🇸 Corteva is exploring the possibility of a breakupWSJ
- 🇸🇬 Terra Oleo emerges from stealth mode with a fermentation platform designed to produce high-value fats using microbes. AgFunderNews
- 🇮🇳 Swiggy launches its new budget food app, Toing. Tech in Asia
- 🇺🇸 McDonald’s launches their $200 million grassland conservation initiative. Restaurant Dive
- 🇺🇸 Revol Greens has made the difficult decision to close its California operations to focus on efficiency gains in Texas. AgFunderNews
- 🇺🇸 California Cultured has gained a patent for cocoa butter via plant cell culture, marking a significant innovation in food technology. AgFunderNews
- 🇺🇸 FarmTogether has launched Innovation Labs to trial new technologies on professionally managed U.S. farmland. FarmTogether
- 🇺🇸 A legal dispute intensifies as VTT challenges Every Co’s egg protein patent in Europe. AgFunderNews
