In a significant move for India’s agrochemical sector, Cropnosys, an agrochemical firm, has secured a substantial $45 million investment from Kotak through its alternative investment fund. This funding is a clear indication of the growing interest in sustainable agriculture practices, as Cropnosys plans to use this capital infusion to scale its operations and introduce biofertilizers to the market. Biofertilizers, known for enhancing soil fertility and plant growth without the environmental downsides of chemical fertilizers, represent a step towards more sustainable and eco-friendly farming practices. This could potentially lead to increased agricultural productivity while reducing the carbon footprint and chemical runoff associated with conventional farming.
The investment in Cropnosys is just one part of a broader trend in the agrifoodtech sector, which has seen a flurry of activity this week. The burgeoning industry, driven by a combination of venture capital interest and the urgent need for innovation in food production, is attracting diverse investments across various startups and technologies.
Meanwhile, Milano Vice, a digital pizza delivery startup founded by two former Deliveroo employees, has raised a €8.3 million ($9 million) Series A round led by Coefficient Capital. The company will use the funding to scale its operations, signaling a growing demand for tech-enabled food delivery services that offer convenience and efficiency to consumers.
On the alternative protein front, Clever Carnivore has bagged a $7 million seed round to bring its cultivated pork products to the market. The investment, led by Lever VC with participation from other capital partners, reflects the increasing consumer interest in alternative proteins that offer a more sustainable and ethical option compared to traditional animal farming.
Another notable raise in the fermentation space is Farmless, which secured €4.8 million ($5 million) in seed funding to build a protein brewery. The investment, co-led by World Fund and Vorwerk Ventures, highlights the potential of fermentation technology in creating alternative proteins that could contribute to a more sustainable food system.
In the cultivated meat sector, Meatiply has landed a $3.75 million seed round to advance its technology. The support from AgFunder, Wavemaker Partners, and SEEDS Capital underscores the potential of cultivated meat to revolutionize the meat industry by producing meat directly from cells, without the need for raising and slaughtering animals.
On the environmental front, Carbon Maps has raised €3 million ($3.2 million) in a pre-seed round from Back Market and Daphni. The startup’s mission to help food companies measure and manage their environmental impact is critical as the industry increasingly seeks to reduce its carbon footprint and improve sustainability.
In the biomaterials realm, Lignovations closed a €2.2 million ($2.4 million) seed round led by biorefinery Borregaard, emphasizing the shift towards sustainable materials in packaging and products, thus reducing reliance on fossil fuels.
The agrifoodtech ecosystem is also witnessing strategic partnerships and expansions. ReFarm and the FoodTech Valley have joined forces to build a GigaFarm in Dubai, which is set to enhance UAE’s food security through a circular, closed-loop farming system. The venture will leverage Vertical farming technology from Intelligent Growth Solutions, showcasing how collaborations can lead to innovative solutions in agriculture.
Furthermore, Rockstart VC has announced the launch of its second agrifoodtech fund, aiming to invest in up to 50 startups over the next five years, while Wavemaker Impact has closed its debut fund at $60 million, poised to support climate-focused startups.
In the realm of leadership transitions, Dave Friedberg has taken on the CEO role at Ohalo, a gene editing company in agriculture, promising new plant varieties with previously unattainable traits. Similarly, Anastasia Pavlovic has been appointed CEO of Eion, a startup focused on enhanced rock weathering for carbon capture.
These developments, along with the expansion of vertical farming company Oishii’s product availability and Tyson Foods’ launch of a highly automated chicken facility, indicate a dynamic and rapidly evolving agrifoodtech landscape. The sector continues to attract investment and talent, driven by the imperative to meet the global food demand sustainably and efficiently. As these innovations and investments come to fruition, they hold the promise of reshaping the future of food and agriculture.