Weekly Update: Agrifoodtech Funding and Activity
As summer heats up, funding in the agrifoodtech sector has cooled, with only a few notable capital raises making headlines this week. Meanwhile, the mergers and acquisitions (M&A) landscape experienced a notable surge, highlighted by the long-awaited merger completion between Bunge and the grain network Viterra.
Highlights in the Consumer Packaged Goods Space
This week, Mars took a significant step by launching a “Sustainability Solutions Fund” aimed at tackling carbon emissions. However, the company has yet to announce any plans to eliminate synthetic dyes from its products, leaving some consumers concerned.
Olo Goes Private Again
In restaurant technology news, Olo, which gained prominence during the pandemic, revealed its decision to transition back to a private company.
Startup Funding Developments
- 🇮🇩 KIS secures $23M in debt from responsAbility for biogas projects in Indonesia Deal Street Asia
- 🇮🇳 Agritech startup Eeki raises $7M from Sixth Sense Ventures Entrackr
- 🇮🇳 Loopworm raises $3.25M to innovate protein production using silkworms Indian Startup Times
- 🇨🇦 Algocell secures $2.8M in pre-seed funding for AI-driven bioprocessing optimization Vegconomist
- 🇳🇱 Rockstart invests in BugBiome, a biopesticide startup Rockstart
Mergers, Acquisitions, IPOs & Partnerships
- 🇺🇸 Bunge finalizes the long-awaited mega-merger with Viterra Reuters
- 🇨🇦 🇺🇸 Miraterra acquires Trace Genomics, a soil DNA startup, citing unsustainable independent growth AgFunderNews
- 🇪🇺 New €700,000 initiative enhances climate-neutral technology on dairy farms Tech.eu
- 🇨🇭🇨🇩 Nzatu Food Group and Synature team up for biodiversity monitoring in regenerative coffee farming Nzatu
- 🇮🇱 ICL, a specialty chemicals manufacturer, acquires Lavie Bio from Evogene AgFunderNews
Funds, Grants & Accelerators
- 🇺🇸 Mars launches a $250M Sustainability Solutions Fund ESG Today
- 🇳🇱 National Growth Fund invests €196.4M in Amsterdam’s Biotech Booster Programme Silicon Canals
People Movements
- 🇫🇷 Micropep appoints former Indigo and Syngenta executive as CEO AgTech Navigator
- 🇬🇧 Kynetec names Ines Kapphan as Chief Operating Officer, Agriculture Kynetec
Additional Notable News
- 🇺🇸 Olo is acquired for $2 billion by Thoma Bravo Restaurant Dive
- 🇮🇳 Rebel Foods closes offices amid restructuring efforts Restaurant India
- 🇳🇱 Cultivated seafood company Upstream Foods to cease operations Upstream Foods
- 🇦🇺 Aussie Plant-Based Co relaunches with new offerings after nine months of liquidation Green Queen
- 🇬🇧 UK food agencies approve Gourmey’s cell-cultivated meat application Vegconomist
- 🇺🇸 M&M’s and Skittles resist calls to eliminate synthetic dyes from their products New York Post
- 🇺🇸 AgroSpheres and Wilbur-Ellis unveil FUN-THYME™, a new biofungicide utilizing AgriCell® technology AgroSpheres
