12 notable deals and things to know this week (2024 โ€“ week #26)

Startup news and deals

๐Ÿ‡ฌ๐Ÿ‡ง๐Ÿฅฉ This, a UK-based startup, raised ยฃ20M for its plant-based meat alternatives. Thatโ€™s quite a feat in the current context of distrust around plant-based meat brands. It wants to grow its product range and presence in the UK market.

๐Ÿ‡ฆ๐Ÿ‡ท๐Ÿ’ง Kilimo, an Argentine startup, raised โ‚ฌ10M for its platform that helps farmers save water and get paid for their water-saving efforts.

๐Ÿ‡บ๐Ÿ‡ธ๐Ÿฅฉ Tender Food, a US-based startup, raised $11M for its plant-based meat products. It has developed a new texturisation technology that makes the products feel more like meat. Texture is one of the main areas where we still see investments and innovation in the plant-based sector (with players such as Umiami or Rival Foods).

๐Ÿ‡ซ๐Ÿ‡ทย ๐Ÿ“ฑNectarGo, a French startup, raised a new round (after an initial โ‚ฌ2M in 2022) for its platform to better connect suppliers and retailers at a local level. It seeks to simplify logistics and help retailers create differentiated offerings based on local suppliers.

๐Ÿ‡ซ๐Ÿ‡ทย ๐Ÿˆย Caats, a French startup, raised โ‚ฌ5M for its premium and personalised pet food brand (dedicated to cats).

๐Ÿ‡ซ๐Ÿ‡ทย ๐Ÿทย Onafis, a French startup, raised โ‚ฌ6M for its sensor that enables winegrowers to monitor how their wine is doing.

๐Ÿ‡ฎ๐Ÿ‡ฑ๐Ÿ– Ever After Foods, an Israeli startup, raised $10M for its innovative bioreactor for the cellular agriculture industry. It says its technology enables it to make cultivated meat 90% cheaper.

๐Ÿ‡ฎ๐Ÿ‡ณย ๐Ÿšš Zepto, an Indian startup, raised โ‚ฌ665M for its quick-commerce operations (10-minute grocery deliveries from its own micro-warehouses). Who said that quick commerce was dead? Itโ€™s over in developed economies, but it is doing really well in developing countries such as India, Latin America, and Africa.

๐Ÿ‡ฌ๐Ÿ‡งย ๐Ÿœย Beta Bugs, a Scottish startup, raised ยฃ1.7M for its insect breeding technology. It provides eggs and larvae to companies looking to grow insects for animal feed.

Industry news & trends

๐Ÿ‡ซ๐Ÿ‡ทย ๐Ÿฅ›ย Danone, in partnership with others, announced a โ‚ฌ16M investment to create an R&D centre focused on precision fermentation in France.

๐Ÿ‡ช๐Ÿ‡ธย ๐Ÿฅšย Palacios, a Spanish agrifood leader, announced a partnership with The Every Co, a US-based startup using precision fermentation on egg proteins. Multiple partnerships have been announced in the alternative protein space in the past weeks, showing that:

  1. startups have definitely moved from a B2C approach to a B2B business model where they supply ingredients to manufacturers.
  2. leading companies are ready to go beyond experimentation: they plan to launch products (mostly in the US), notably next year. This shows a shared belief in the potential of technologies such as precision fermentation to scale, delivery value, and to help them reduce their impact.

๐ŸŒŽย ๐Ÿฟย Private label brands are reinventing themselves: exit the mediocre copycat products โ€œinspiredโ€ by large brands. Now, with the inflationary pressure, the focus is on more innovative and more premium products. An example is Walmart, which launched Bettergoods, featuring items like cardamom, rose raspberry jam and oatmilk ice cream.


๐ŸŒฑ๐Ÿ” FoodTech in graphs: alternative proteins, land, and foodservice
๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ“Š Leading ecosystems in Europe

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