Startup news and deals
๐ฌ๐ง๐ฅฉ This, a UK-based startup, raised ยฃ20M for its plant-based meat alternatives. Thatโs 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.
๐ฆ๐ท๐ง Kilimo, an Argentine startup, raised โฌ10M for its platform that helps farmers save water and get paid for their water-saving efforts.
๐บ๐ธ๐ฅฉ 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).
๐ซ๐ทย ๐ฑNectarGo, a French startup, raised a new round (after an initial โฌ2M 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.
๐ซ๐ทย ๐ย Caats, a French startup, raised โฌ5M for its premium and personalised pet food brand (dedicated to cats).
๐ซ๐ทย ๐ทย Onafis, a French startup, raised โฌ6M for its sensor that enables winegrowers to monitor how their wine is doing.
๐ฎ๐ฑ๐ 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.
๐ฎ๐ณย ๐ Zepto, an Indian startup, raised โฌ665M for its quick-commerce operations (10-minute grocery deliveries from its own micro-warehouses). Who said that quick commerce was dead? Itโs over in developed economies, but it is doing really well in developing countries such as India, Latin America, and Africa.
๐ฌ๐งย ๐ย 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
๐ซ๐ทย ๐ฅย Danone, in partnership with others, announced a โฌ16M investment to create an R&D centre focused on precision fermentation in France.
๐ช๐ธย ๐ฅย 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:
- startups have definitely moved from a B2C approach to a B2B business model where they supply ingredients to manufacturers.
- 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.
๐ย ๐ฟย Private label brands are reinventing themselves: exit the mediocre copycat products โinspiredโ 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.
