burger menu
✕
Subscribe
✕
Subscribe

10 notable deals and things to know this week (2024 – week #23)

Published on June 4, 2024

Startup news and deals

🇸🇦🌞 Iyris, a Saudi startup, raised $16M for its innovative solar glass technology designed to enhance the growth of fresh produce inside greenhouses in challenging climates.

🇬🇧 📦 Kelpi, a British startup, raised £4.3M for its seaweed-based alternatives to plastic. Its bio-coatings have multiple applications, notably to protect fresh fruits.

🇲🇦🌾 YoLa Fresh, a Moroccan startup, raised $7M for its platform, which facilitates the relationship between fresh produce farmers and food sellers (such as restaurants).

🇦🇪🍴GrubTech, an Emirati startup, raised $15M for its set of tools to help restaurants manage their operations from deliveries to inventory. We observe the emergence of an interesting ecosystem of Agri-FoodTech startups in the Gulf region. This is supported by state funds, which heavily invest in order to attract talent. It’s a space to put on the map and which we hope to hear more about in the future.

🇪🇬🌾 OneOrder, an Egyptian startup, raised $16M to simplify supply chain management for restaurants and hotels. The startup wants to streamline this supply chain by centralising orders in its own warehouses and then delivering them in a single time to clients.

🇺🇸 🐟 Shinkei, a US-based startup, raised $6M for its fish processing technology, which combines both advanced automation and traditional Japanese ancestral techniques to achieve higher quality.

Regulation & public report

🇺🇸 🐮 The FDA approved the use of DSM Bovaer’s ingredient in US dairy farms. This ingredient (based on algae) reduces the amount of methane cows emit and is among the growing number of solutions experimented with to address one of the biggest “climate problems” of the food value chain.

Industry news & trends

🇦🇹 🐶 BioCraft Pet Nutrition, an Austrian startup applying cellular agriculture for pet food, says it has reached price parity with “premium animal meat” pet food. While the production is yet to be scaled up and the commercialisation to be authorised, this is good news in an otherwise quite gloomy alternative protein ecosystem. Also, we are getting more and more signals that pet food and higher-value ingredients (fats, sugars, chocolate…) may lead the way in terms of scale for cellular agriculture rather than meat.

🇵🇭 🍚 A genetically modified rice (called Golden Rice) developed to combat vitamin A deficiency (a cause of thousands of deaths and disability among children) was blocked from being planted in the Philippines. This follows a campaign by Greenpeace and local farmers.

🇮🇹 🍫 Ferrero announced that it will launch a plant-based Nutella in Italy this fall.

Subscribe to our weekly newsletter

Abonnez vous à notre NL mensuelle en Français

Related posts

You're in a good company

Join the 60+ clients of Digital FoodLab: leading agrifood companies, retailers, banks, investors, startups, and public organisations.

✕

Use case: project for a global F&B company looking to map its AgTech innovation ecosystem and the best startups to partner with

What we did:

  • Mapping of the AgTech ecosystem: startups, research regulators, and other leading companies.
  • Discussion to select areas to focus on.
  • Analysis of the information to reveal the trends and a model to analyse eventual partners.
  • A workshop to validate the opportunities based on our recommendations.
  • Scouting of relevant partners followed by introductions.

Results:

  • Mapping the different categories of innovations in AgTech that should be considered now to create long-term benefits for the business.
  • Identification of key partners (an incubator and a couple of startups).
✕

Use case: project for a CPG company on the healthy ageing ecosystem

What we did:

  • Education of the board through a couple of workshops to define the perimeter
  • Identification of key opportunities and threats created by long-term evolutions (technologies, business models, behavioural changes).
  • Deep dives on each of the priority categories.
  • Co-construction of a vision on how the company should address these challenges.
  • Identification of partners (startups, incubators, funds) to move forward.

Results:

  • Creating a consensus on which categories to prioritise and how to address them.
  • Implementation of an open innovation strategy through the development of partnerships.
✕

Use case: project for a global CPG company to develop a strategy on the healthy ageing ecosystem

What we do (ongoing mission on a subscription model):

  • Kick-off where we present an overview of the AgriFoodTech ecosystem to select with the client the categories to cover and for each, the level of information required.
  • Monthly newsletter: each month we send a newsletter with the articles that we have gathered ranked by relevance, their summaries, and a layer of analysis.
  • Database: we set up a personalised database that will be filled month after month with the information gathered on the companies identified for the watch.
  • Workshops: twice a year with the client’s innovation team and other “innovation curious” team members, we present an overview of the evolutions, key trends and a dashboard of the topics followed by the watch.

Results:

  • A clear, regular and evolutive tool to follow what is happening in terms of innovation on key topics.
  • A forum (through the workshops) to discuss innovation trends and new opportunities.
✕

Use case: opportunity screening for an ingredient company

What we did:

  • Kick-off to define the perimeter of the ecosystem studied.
  • Mapping of the different trends shaping the innovation ecosystem of the client.
  • Analysis of the trends on DigitalFoodLab’s trend curve and other relevant frameworks.
  • Workshop to discuss DigitalFoodLab’s recommendations on key trends to prioritise

Results:

  • Shared view of the innovation ecosystem for the client with a view of the trends to prioritize.
  • Clear document (personalised trend curve) that can be easily shared internaly to explain the company’s innovation choices and which can be then updated each year.
✕

Use case: scouting for an agriculture coop

What we did:

  • Kick-off to define the perimeter of the client, the goals of the scouting (partnerships) and the criteria on which startups should be evaluated.
  • Set-up scouting: we selected the first batch of 20+ key startups following the criteria of the client.
  • On-going scouting: then we set up a quarterly scouting of about ten startups.
  • For each scouted startup, we created an ID card with key information such as the business and technological maturity, funding, and corporate partnerships. We also added an explanation of why we selected this startup.

Results:

  • An ongoing and evolutive scouting are matching the client's criteria and its capabilities in terms of deal flow.
✕

Use case: working on an acquisition process for a CPG company

What we did:

  • Kick-off to define what the client is seeking, notably in terms of maturity.
  • Workshop with the client based on a mapping of the different innovation ecosystems adjacent to its activities to select some priorities and discuss inspiring examples of startup acquisition stories.
  • Identification of 20+ targets.
  • Workshop to select the most relevant to engage with.
  • DigitalFoodLab worked as a sparing partner during the acquisition process, notably to help design how the acquired startup could be integrated into the overall company’s strategy.

Results:

  • Different results from traditional M&A processes with a focus on the client’s innovation strategy.
  • Identification of a good match for an acquisition.
✕

Use case: market due diligence on sugar alternatives

What we did:

  • Kick-off with the client to discuss its interest on this category, its expectations and existing level of information (notably on the target company).
  • Mapping of the ecosystem to analyse the different existing alternatives and technologies to compare them.
  • Interview (calls) with relevant startups made by our internal biotechnology expert.
  • Recommendation on whether to invest or not.

Results:

  • Clear view of the ecosystem and of the reasons to believe (or not) in each sub-category.
  • Enforceable recommendations based on facts and expertise.
✕
Get in touch

5 rue Paul Dupuy
75016 Paris, France