This week has been a whirlwind of activity in the agrifoodtech sector, marked by significant funding rounds, strategic acquisitions, and promising partnerships aimed at driving innovation and sustainability.
London-based Sunswap has made headlines by securing over $20 million to deploy its zero-emission transport refrigeration technology across Europe. This significant investment aims to decarbonize the cold chain logistics sector, which is crucial for transporting perishable goods. Sunswap’s technology promises to reduce greenhouse gas emissions and reliance on diesel-powered refrigeration units, marking a substantial step forward for sustainable logistics. The funding will allow the company to scale its operations and expand its footprint, potentially setting a new standard for eco-friendly transportation in the food industry.
Across the Atlantic, the US Department of Defense has made a noteworthy investment in the realm of alternative proteins. The department has backed The Better Meat Co. with $1.4 million to advance its mycoprotein technology. This move underscores the growing interest in sustainable protein sources and highlights the potential for mycoprotein to play a significant role in future food security and military supply chains. The investment is expected to accelerate research and development, bringing innovative meat alternatives closer to mainstream adoption.
In the world of mergers and acquisitions, the beleaguered fungi-based protein startup Mycorena, which recently filed for bankruptcy, has found a lifeline. Naplasol has acquired the company, aiming to bolster the mycelium and alternative protein market. This acquisition could rejuvenate Mycorena’s operations and contribute to the growing demand for sustainable protein sources. Additionally, Delivery Hero is planning an IPO for its Dubai-based subsidiary, a move that has already led to a rise in its shares. This strategic decision is expected to unlock further growth opportunities in the Middle East market.
Funding rounds have also been a highlight this week, with several startups securing significant investments. ZBiotics has raised $12 million in a Series A round for its genetically modified probiotics targeting gut health, hangovers, and more. This funding will enable ZBiotics to expand its product line and reach a broader audience, potentially revolutionizing the probiotics market. Similarly, New School Foods has landed additional funding from IKEA and other investors ahead of its commercial launch of plant-based seafood. This investment will support the company’s mission to offer sustainable seafood alternatives, addressing concerns about overfishing and marine ecosystem health.
In the agtech sector, Deere has led a $10 million Series A first close for HabiTerre, a startup focused on building the global standard for sustainability metrics. This investment underscores the importance of accurate sustainability data in driving environmental improvements across the agricultural sector. Another noteworthy funding round saw a startup, after 12 years of bootstrapping, harvest $7 million to advance its innovative solutions.
Meanwhile, Nordic SeaFarm has gained €2.1 million in backing from EIT InnoEnergy and Inter IKEA Group to advance its seaweed-based solutions and research and development efforts. Seaweed is increasingly recognized for its potential in sustainable food production and environmental benefits, making this investment particularly timely.
On the partnership front, General Mills and PepsiCo have joined the Trusted Advisor Partnership to help de-risk regenerative agriculture in Canada. This collaboration aims to support farmers in adopting sustainable practices, ultimately contributing to soil health and carbon sequestration.
In other notable news, the UK Government has invested £15 million to establish an alternative protein innovation centre with a global reach, further highlighting the momentum behind sustainable protein research. Pano AI has joined the Wildfire Industry Collective to bring advanced technology to the frontlines of wildland firefighting, showcasing the intersection of technology and environmental stewardship.
These developments reflect a broader trend towards sustainability and innovation in the agrifoodtech sector, with significant implications for the future of food production, logistics, and environmental impact.