Beyond Meat, the popular plant-based meat company, has announced that it will be reducing its workforce by 19% following a weak third quarter. This decision comes as a result of the company’s failure to meet growth expectations during this period. The layoffs will primarily affect non-production roles within the company.
In the world of agtech, sustainable materials company Fibmold has successfully raised $10 million in funding for its plastic alternative. Fibmold specializes in manufacturing molded fiber packaging as a sustainable alternative to single-use plastics. This funding will enable the company to further develop its innovative solution and contribute to reducing plastic waste.
Another agtech company making waves is Bioomix, which recently secured €6.3 million ($6.7 million) in funding. Bioomix focuses on developing natural, microbial products for agriculture, food, and health. This funding will support the company’s ongoing research and development efforts, allowing them to continue providing innovative solutions for the industry.
In an effort to address environmental concerns, Athian and Elanco Animal Health have teamed up to reduce methane emissions. Methane emissions from livestock are a significant contributor to greenhouse gas emissions. The collaboration between Athian and Elanco aims to develop feed management products that can help reduce methane emissions from livestock, ultimately contributing to a more sustainable agricultural industry.
In a surprising move, Doritos, the popular snack brand, is using AI technology to “silence” the crunch of its chips. This new software is aimed at catering to gamers who may find the sound of chips crunching distracting during gameplay. While this may seem like a lighthearted development, it highlights the role of technology in shaping consumer experiences and preferences.
In the realm of funding and partnerships, biotech startup Triplebar has raised an impressive $20 million to expand its biomanufacturing platform. This funding will enable Triplebar to further develop its innovative technology and contribute to advancements in the biotech industry.
Additionally, Fibmold secured $10 million in funding from Omnivore and Accel to support its plastic alternative solution. This funding will help Fibmold scale its operations and meet the growing demand for sustainable packaging options.
Furthermore, agrifintech startup Verqor has secured $7.5 million in funding to connect more farmers with credit options. This funding will enable Verqor to expand its services and provide farmers with greater access to financial resources, ultimately supporting their growth and development.
It is worth noting that the Bill & Melinda Gates Foundation has granted $4.5 million to animal health biotech company BiomEdit. This partnership aims to develop microbiome-based solutions that reduce methane emissions from cattle in Africa and Asia, addressing a significant environmental challenge.
In the world of grants and accelerators, agrifood investor VisVires New Protein has rebranded as Clay Capital and closed a new fund worth $145 million. This fund will support food-focused startups in Europe, Israel, and Asia, fostering innovation and growth in the industry.
Furthermore, the John Deere Foundation has announced that it will award $19 million in grants to initiatives aimed at boosting food access and supporting smallholder farmers. This funding will support organizations such as the World Food Program USA, the One Acre Fund, and The Nature Conservancy in their efforts to address food security and sustainability.
In conclusion, the agtech industry continues to witness significant developments and investments. From Beyond Meat’s layoffs to the funding secured by Fibmold and Bioomix, these developments highlight the dynamic nature of the sector. Partnerships, such as the collaboration between Athian and Elanco, demonstrate the industry’s commitment to addressing environmental challenges. Furthermore, grants and funding initiatives, such as those by the John Deere Foundation, play a crucial role in supporting innovation and sustainability in agriculture.