India’s SAEL, a company specializing in converting agricultural waste into renewable energy, has secured the largest funding round this week. The company received a significant investment from Norfund’s Norwegian Climate Investment Fund, amounting to $60 million. SAEL’s innovative approach to utilizing agri-waste for renewable energy production has caught the attention of investors, highlighting the growing interest in sustainable solutions within the agriculture sector.
Another notable fundraising event occurred in the precision fermentation sector, with Bon Vivant raising $15.9 million for its animal-free dairy protein. This seed round was oversubscribed, with participation from Sofinnova Partners and Sparkfood. The success of Bon Vivant reflects the increasing demand for alternative protein sources and the potential for fermentation technology to revolutionize the food industry.
In the field of artificial intelligence (AI) imaging for agriculture, Orbem secured €30 million ($32 million) in a series A round led by 83North. The funding will support Orbem’s development of AI-powered imaging solutions for the agrifood and medical sectors. This investment highlights the importance of AI technology in enhancing efficiency and productivity in agriculture.
Latin America’s restaurant tech sector also received a boost, as Yooga raised $2.3 million in a seed round led by SaaSholic. Yooga’s restaurant management system aims to streamline operations and improve customer experience in the region’s thriving culinary industry. This investment demonstrates the potential for technology to drive innovation and growth in the Latin American food sector.
The cultivated seafood industry also saw significant funding, with BlueNalu raising $33.5 million in a series B round. The company is scaling up its production capabilities to launch its cultivated fish products on a larger scale. This investment highlights the growing interest in sustainable alternatives to traditional seafood production methods.
Meanwhile, in Spain, Incapto closed a €6 million ($6.4 million) round led by P101. The funds will support the expansion of Incapto’s specialty coffee subscription service in Italy, France, and Portugal. This investment reflects the increasing popularity of specialty coffee and the potential for innovative business models in the coffee industry.
In regulatory news, California has implemented a ban on four food ingredients, including brominated vegetable oil, potassium bromate, propyl paraben, and Red Dye No. 3. The ban will take effect from January 1, 2024, as part of the California Food Safety Act. This move highlights the state’s commitment to improving food safety and consumer health.
Overall, this week’s funding activities and regulatory developments demonstrate the diverse range of innovations and challenges within the agrifoodtech industry. From renewable energy solutions to alternative protein sources and AI technology, investors are increasingly recognizing the potential for disruptive technologies to transform the agriculture and food sectors.