11 notable deals and things to know this week (2023 – week #21)

Published on May 23, 2023

🇺🇸 🌱💪 Resurrect Bio, a US-based startup, raised $2M to build up plants’ immune systems against diseases and pests.

🇺🇸 🚚 🤖 Nuro, the US-based autonomous delivery startup, announced a restructuring and paused its commercial expansion. This is the second time in less than a year that Nuro has laid off workers.

🇧🇪 🍔 💬 Deliverect, a Belgian startup that streamlines the online ordering process for restaurants, acquired Chatfood. Chatfood is a UAE startup that enables consumers to order food directly through social media apps.

🇺🇸 🧬 Pairwise, a US-based startup, rolled out its first CRISPR-edited produce to US restaurants. The startup aims to use CRISPR gene-editing technology to create new and improved varieties of fruits and vegetables, addressing issues such as taste, shelf-life, and disease resistance.

🇺🇸 🌱🥩 Prime Roots, a US-based startup, raised $30M for its plant-based deli meat and expand its operations. The raised capital will be used to invest in research and development, enhance manufacturing capabilities, and expand distribution channels.

🇨🇦 🌱 ChrysaLabs, a Canadian startup, raised $15M CAD ($11M) for its AI-powered soil data platform. The fund will be used to further develop the startup’s AI technology and expand its services, aiming to help farmers unlock valuable insights from soil data for improved agricultural practices.

🇩🇪 🚁 Wingcopter, a German startup, raised €40M for its drone deliveries of essential supplies in remote areas.

🇳🇬 📊 Figorr, a Nigerian-based startup, raised $1.5M for its data-driven perishables insurance platform that aims to provide comprehensive coverage and risk management solutions for the cold chain industry.

🇭🇺 🌱 Proofminder, a Budapest-based agtech startup, raised €400K for its agtech solutions, aimed at improving agricultural productivity and sustainability.

🇺🇸 🤖 🍽️ Incentivio, a US-based startup, raised $10M for its AI-driven restaurant revenue and guest engagement platform through personalized experiences.

🇫🇷 ♻️🍸 Pernod Ricard invested in Ecospirits, a French startup that raised €10M for its sustainable spirits packaging solution.

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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.