11 notable deals and things to know this week (2024 โ€“ week #28)

Startup news and deals

๐Ÿ‡ง๐Ÿ‡ท๐ŸŒฑ Genica, a Brazilian startup, raised $12M for its bio-based products for agriculture, including bio-inoculants, bio-stimulants, and bio-pesticides.

๐Ÿ‡บ๐Ÿ‡ธ๐ŸŽ Foodsmart, a US-based startup, raised $200M for its telenutrition services. It supports people with diet-related health conditions, and beyond recommendations, it offers grocery discounts.

๐Ÿ‡ช๐Ÿ‡ช๐ŸŒพ eAgronom, an Estonian startup, raised โ‚ฌ10M for its carbon credits marketplace. It already helps more than 3,000 farmers to create additional revenue streams while adopting more sustainable practices. After a wave of startup creation in this space over the past couple of years, we now observe a consolidation around a handful of players, notably Europe-based companies. The next 12 to 18 months will be key in deciding who will lead this space.

๐Ÿ‡ฉ๐Ÿ‡ชโ™ป๏ธ Vytal, a German startup, raised โ‚ฌ6.2M for its reusable food containers for takeout and delivery.

๐Ÿ‡บ๐Ÿ‡ธย ๐Ÿฝ๏ธ Local Kitchens, an American startup, raised $40M to expand its hybrid model restaurant model. It operates what we could call micro food halls, enabling online and in-person customers to choose among multiple bands operated by its own staff (hence, it is quite a different model from the current consensus in the virtual restaurant and ghost kitchen ecosystems). Such a hybrid, while slow to scale (as it requires opening locations and training staff), could be a winning model.

๐Ÿ‡ซ๐Ÿ‡ฎย ๐Ÿฝ๏ธ Cluby, a Finnish startup, raised โ‚ฌ2.9M for its loyalty platform, connecting restaurants with customers through membership cards.

๐Ÿ‡ฌ๐Ÿ‡งย ๐Ÿ“‰ย This, a British plant-based meat startup, recently raised ยฃ20M. This is good newsโ€ฆ until you dive into the details: the valuation decreased by about 70% from last yearโ€™s last roundโ€ฆ which happened on a crowdfunding platform. Beyond that, a large part of the funding was used to cash out (buy the equity of) the founders. Thatโ€™s quite a shock for these small investors who bet on a brand they loved and may now feel angered.

๐Ÿ‡ณ๐Ÿ‡ฑย ๐Ÿ“ธ Aurea Imaging, a Dutch startup, raised โ‚ฌ2.8M for its sensor systems and software for precision farming dedicated to orchards to enhance yield and reduce chemical use.

๐Ÿ‡จ๐Ÿ‡ทย ๐Ÿ› ProNuvo, a Costa Rican startup, raised $2M to produce insect-based animal feed and organic fertiliser, using waste as an input.

Industry news & trends

๐Ÿ‡จ๐Ÿ‡ญ๐Ÿ’‰ย Nestlรฉ Health Science is launching a GLP-1 platform. It is dedicated to people using GLP-1 drugs (such as Ozempic; these drugs help their users to lose weight fast). It provides access to a food supplements marketplace (from collagen to probiotics) and educational content and will include consultations with โ€œnutrition coachesโ€. Beyond the opportunity to sell more value-added products, people undergoing a GLP-1 treatment are also re-examining their relationship with food, so using this moment of their life to grab their attention with quality content could be a smart move.

๐ŸŒŽย ๐Ÿ“ˆย Climate change is causing persistent food price inflation. Indeed, major crops like wheat, rice, soybeans, corn, and potatoes face yield reductions due to rising temperatures and extreme weather events. Food inflation rates could rise by up to 3.2% per year within the next decade as global temperatures rise faster than expected. Many solutions are advanced, from price controls to subsidies, but no consensus has yet emerged beyond a rising wave of protectionism that some predict could lead to โ€œfood warsโ€.

๐Ÿ“Š ๐Ÿ’ธ Already $7.3B invested in FoodTech in 2024
๐ŸŒฑ๐Ÿšœ Bioinputs: making agriculture more sustainable

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