Weekly Update: eGrocery Funding and Industry Developments

In a significant week for the food tech sector, Indian eGrocery service Zepto has successfully secured additional funding through a Series G round, pushing its total capitalization past the $2 billion mark. Meanwhile, across the pond in the United States, notable funding announcements came from Hyphen, known for its automated makeline technology used at Chipotle, and Geltor, a pioneer in animal-free collagen production.

Industry Highlights

In other news, the alternative asset manager Proterra acquired farmland manager AcreTrader. Conversely, indoor farming startup Vertical Future faced administration, while the UK government ramped up efforts to regulate illegal food delivery drivers.

Funding News

Here’s a look at the latest funding rounds in the industry:

• 🇺🇸 BinSentry secures $50 million to expand its AI-based feed logistics platform.
• 🇮🇳 Zepto raises ₹400 Cr (approximately $46 million) from Motilal Oswal.
• 🇺🇸 Equatic raises $11.6 million in Series A funding for its innovative carbon dioxide removal and green hydrogen technology.
• 🇳🇴 Saga Robotics secures $11.2 million to expand its fleet of robots that control powdery mildew using UV-C light.
• 🇺🇸 Cava joins Chipotle in providing $10 million support to Hyphen.
• 🇸🇬 Prefer raises $4.2 million, launching a range of soluble bean-free coffee and cocoa powders.
• 🇮🇳 Fairdeal, an Indian B2B commerce platform, secures $3 million in Pre-Series A funding.
• 🇦🇹 Revo Foods completes a crowdfunding campaign with €1.6 million raised.
• 🇺🇸 Geltor receives funding to pursue global expansion of its AI-led designer proteins.
• 🇺🇸 Colorcon Ventures invests in Phytolon to promote natural colorants.

Mergers & Acquisitions, IPOs, and Partnerships

Notable moves in the market include:

• 🇺🇸 Proterra expands into US farmland through the acquisition of AcreTrader.
• 🇺🇸 Pairwise licenses its gene-editing platform to Mars, focusing on cacao research and development.

Funds, Grants & Accelerators

Investment opportunities and grant announcements this week include:

• 🇺🇸 RA Capital launches a $120 million fund targeting planetary health alongside profitability.
• 🇬🇧 £500k grant awarded to assist crops in combating pests and diseases.

People Moves

Several notable personnel changes occurred:

• 🇺🇸 Meristem strengthens its North American operations with a new hire.
• 🇺🇸 Ramsay Huntley joins Yield Lab Institute as senior advisor for innovation and strategy.
• 🇺🇸 Jose Zaragoza is welcomed to Switch Bioworks as a senior research associate.

Other News

This week also saw a range of significant updates from various regions:

• 🇮🇩 Former eFishery CEO Gibran Huzaifah has been detained over alleged financial fraud.
• 🇩🇪 Rewe Group announces an ambitious goal to have 60% of its products plant-based.
• 🇬🇧 The UK government has arrested 280 individuals in a crackdown on illegal food delivery riders.
• 🇲🇾 Biotech company Seadling launches a new facility in Malaysia focused on functional seaweed ingredients.
• 🇺🇸 Danone introduces Oikos yogurt drink targeted at GLP-1 users.
• 🇺🇸 Amazon expands its same-day perishable food delivery service to over 1,000 cities and towns.
• 🇬🇧 Vertical Future has officially entered administration.
• 🇦🇺 🇺🇸 Nourish Ingredients has been cleared to sell animal-free meat fat in the US.