This week witnessed significant developments in the AgriFoodTech sector. Cropnosys, an Indian agrochemical company, secured a substantial $45 million investment from Kotak’s alternative investment fund
, aimed at scaling up operations and introducing biofertilizers to the market. In the realm of foodtech funding, Milano Vice, a digital pizza delivery startup, raised an impressive $9 million in a Series A round led by Coefficient Capital, while cultivated meat startup Clever Carnivore garnered $7 million in a seed round led by Lever VC, with participation from McWin Capital Partners and Stray Dog Capital.
Other notable funding rounds include fermentation startup Farmless, which secured €4.8 million ($5 million) in seed funding from World Fund and Vorwerk Ventures to build a protein brewery, and cultivated meat startup Meatiply, landing a $3.75 million seed round led by AgFunder and Wavemaker Partners, with support from SEEDS Capital.
On the agtech front, Carbon Maps, a company aiding food companies in measuring their environmental impact, received a €3 million ($3.2 million) pre-seed round from Back Market and Daphni. Meanwhile, Lignovations, a biomaterials startup, closed a €2.2 million ($2.4 million) seed round led by biorefinery Borregaard, focusing on utilizing lignin—a polymer found in plant cell walls—for alternative packaging, adhesives, and other products.
In parallel news, Rockstart VC announced the launch of its second agrifoodtech fund, indicating a commitment to supporting innovation in the agriculture and food technology space. Additionally, Dave Friedberg, associated with The Production Board, assumed a new CEO role, marking a notable development in the industry.
Mergers and Acquisitions, IPOs & Partnerships:
- In the UAE, ReFarm collaborates with the FoodTech Valley to establish a circular, closed-loop “GigaFarm” aimed at enhancing food security. Intelligent Growth Solutions (IGS), a vertical farming technology company, will provide the necessary infrastructure for the farm. (AgFunderNews)
- Improved Nature, a plant-based protein company, forms a partnership with Nutricell, an animal health company, with the joint goal of addressing food insecurity in Indonesia. (AgriFoodTech Expo)
- CropX, an Israeli agtech company, acquires Green Brain, a digital irrigation management startup. This marks CropX’s fifth acquisition and signifies its expansion into the Australian market. (CropX)
Funds, Grants & Accelerators:
- Rockstart launches its second agrifood fund with a target final close of €50 million ($54 million). The firm plans to invest in up to 50 startups over the next five years. (Silicon Canals)
- Wavemaker Impact concludes its debut fund at $60 million, intending to expand its portfolio of climate-focused startups and contribute to a 10% reduction in global emissions by 2035. (Tech in Asia)
- Big Idea Ventures introduces its third portfolio company through the Generation Food Rural Partners Fund. Nexture Bio specializes in developing novel technologies for alternative meat, including scaffolding. (Vegconomist)
People Moves:
- Dave Friedberg assumes the role of CEO at Ohalo, an agriculture gene editing company. Friedberg highlights the company’s focus on creating new plant varieties in major crops that were previously not feasible. (Dave Friedberg on X)
- Anastasia Pavlovic becomes the CEO of Eion, a startup specializing in enhanced rock weathering. Former CEO Adam Wolf transitions to the role of Chief Innovation Officer, concentrating on Eion’s architectural aspects. (Business Wire)
Source: agfundernews