This week, URB-E, the renowned e-scooter company, made a surprising shift in both its business strategy and brand identity. Despite the challenging economic climate, several agritech startups managed to secure new funding rounds. Overstory, a climate-tech startup, raised $14 million in a Series A round led by B Capital and The Nature Conservancy. FarmInsect, a company that converts bugs into livestock feed, secured €8 million ($8.4 million) in a Series A round led by Sandwater and Bayern Kapital’s growth fund. Paris-based CarbonFarm Technology raised €2.5 million ($2.6 million) in a seed round, with participation from Racine2, Ponderosa, and AgFunder. Amatera, a French startup specializing in climate-smart perennial crops, closed a €1.5 million ($1.6 million) pre-seed round led by PINC. Montinutra, which converts forest industry side streams into biochemicals, raised €2 million in a pre-Series A round with participation from Metsä Spring and private investors.
In the foodtech sector, GoodBytz, a robotic kitchen developer, secured €12 million ($12.6 million) in a Series A round led by Oyster Bay. This funding will allow GoodBytz to produce over 100 Robotic Kitchen Assistants and expand internationally. Bev tech startup Sidework, now known as Backbar, closed an undisclosed new funding round led by Cherubic Ventures, bringing its total funding to over $10 million. Plantible Foods, a company that extracts a protein called RuBisCO from duckweed, partnered with ICL Food Specialties to create a clean-label alternative to methylcellulose, which will be available in the US in 2024.
In terms of mergers, acquisitions, and partnerships, Alveo and Corteva announced a collaboration to expand the availability of Alevo’s molecular sensing and disease diagnostics technology for crops. Sustainable packaging startup Mi Terro teamed up with tea giant Lipton to develop dissolvable tea pods as a replacement for petrochemical-derived films. Agtech company Ever.Ag acquired AI data science firm Austin Data Labs to strengthen its suite of agriculture technologies. Plantible Foods also partnered with ICL Food Specialties to create a clean-label alternative to methylcellulose.
In the funding and accelerator space, SLM and Impact Ag launched the SLM Agri Carbon Fund, which will establish carbon projects on farms in Australia. Wadhwani AI, a nonprofit organization, received a $3.3 million grant from Google.org to further develop its technology for detecting pests in agricultural settings. Notpla, a company focused on plastic-alternative packaging, secured a £1 million ($1.2 million) grant from Innovate UK. Better Bite Ventures made investments in Fattastic, Pivot Eat, and Everything But as part of its early-stage First Bite initiative.
In other news, URB-E, the e-scooter maker, rebranded as Llama to focus on urban logistics and improve last-mile delivery in cities. Astanor Ventures, a venture capital fund, achieved B Corp certification for its impact investment focus in the agrifood sector. AgBiome, an ag biotech company, hinted at possible layoffs due to difficulties in raising capital. HelloFresh, a food delivery company, announced a €150 million ($158 million) buyback of shares following lower earnings and a decline in customers. Ayana Bio launched new bioactives made via plant cell culture, including ingredients such as dog rose, hedge nettle, and sage. Smashmallow, a snackable marshmallow brand, was awarded $21 million in a legal battle against an equipment manufacturer. Tnuva, a food manufacturer, established a NIS 15 million ($3.7 million) fund to support dairies near Gaza that were affected by the ongoing conflict. Finally, Shipt, an e-commerce company owned by Target, laid off 3.5% of its staff due to lower consumer demand for online shopping.
Overall, despite the challenging economic climate, the agritech sector continues to attract funding and partnerships. These investments will support the development of innovative solutions in agriculture, climate-tech, foodtech, and sustainable packaging. The rebranding of URB-E to Llama reflects the growing focus on urban logistics and last-mile delivery. As the industry evolves, it is crucial for companies to adapt and find new ways to meet the changing needs of consumers and businesses alike.