Capagro’s $200 Million Fund, Animal-Free Cheese: The Week at Agrifoodtech

This week, PepsiCo. ADM made a significant announcement that could advance renewable farming practices in the United States, while President Biden signed an executive order affecting farmed meat. French company Capagro has launched a $200 million agri-food technology fund, and animal-free cheese developments have proliferated.

Food Technology Financing

🇫🇷 Standing Ovation snatched 12 million euros ($12 million) in Series A from PeakBridge and others. The startup makes animal-free casein, an important protein for cheese and the cheese-making process. (Take Crunch)

🇫🇮 Onego Bio is getting €4.5 million ($4.5 million) from Business Finland to acquire animal-free egg whites. The funding, which comes on the heels of a €10 million ($10 million) increase, will speed up product development. (Arctic startup)

🇺🇸 PeakBridge is leading a $15 million raise for personal nutrition startup InsideTracker. Series B funds will allow for further research and development efforts, scaling up of marketing, and support for operations. (PR Newswire)

🇬🇧 Independent food market DELLI has raised 6.2 million pounds ($7.2 million) from Balderton & HV Capital. Individuals and independent restaurants can sell food on DELLI through the “drop” model used by fashion brands. (UKTN)

🇭🇰 Hot food vending machine startup Wada Bento snags $2.8 million from Series A first round. Investors include Golden Resources Development Limited, Gravity Capital Partners, and others. (Global TechNode)

🇺🇸 Biotech company Prolific Machines grew out of stealth with $42 million in seed funding and Series A. It plans to reduce the cost of manufacturing farmed meat with biotechnology and machine learning techniques. (AFN)

🇪🇸 Coffee startup GoodNews brews an 11 million euro ($10.9 million) e-commerce concept for a coffee kiosk. Desigual founder Thomas Meyer and Barlon Capital led the round that will go into European expansion. (

🇨🇭 Cultured Biosciences has announced $1.3 million in pre-seed for its alternative dairy ingredients. Participating in the round were FoodHack, Wingman Ventures, Big Idea Ventures, Blue Horizon, and others. (Global FoodHack)

🇫🇷 Nutropy secures €2 million ($2 million) to start its production of animal-free cheese and dairy products. Beast, Big Idea Ventures and Trellis Road led the financing. (protein report)

🇳🇴 Food waste software startup TotalCtrl receives investment from Newday. The funds will be directed towards accelerating the company’s growth both nationally and internationally. (silicone channels)

🇺🇸 Next Level Burger makes $20 million. QSR Plant Foods will put the funding toward its goal of opening 1,000 units across the United States. (Nation Restaurant News)

🇩🇪 Neggst Bags for a vegan egg startup €5 million ($5 million) for a whole vegan egg. The Green Generation Fund led the founding round. (stadium book)

Agtech Finance

🇺🇸 Gotham Greens has secured $310 million in Series E funding to expand the greenhouse network across the United States. BMO Impact Investment Fund and Ares Management led the round. (AFN)

🇦🇺 Lleaf raises $3.5 million to bring light-emitting plastics to indoor farming. Danish investment firm ALFA Ventures and 2 Degrees led the bridge tour. (Daily startup)

🇮🇳 Cold chain startup New Leaf Dynamic Technologies gets $900,000 in pre-Series A funding. The fund was led by former Facebook co-founder Dustin Moskovitz. (VC . circuit)

🇺🇸 Aqua Yield closes $23 million in first round of nanotechnology products enhancing agricultural inputs. Larry H. Miller led the tour, joined by Penny Newman Grain and JH Partners. (AFN)

Mergers, acquisitions, public offerings and partnerships

🇺🇸 PepsiCo. & ADM is a partner in the goals of renewable agriculture. The two companies are set to implement “climate-smart” agricultural practices on 2 million acres of US farmland by 2030. (Bloomberg)

🇺🇸 Wicked Kitchen acquires vegan seafood brand Good Catch. The all-share deal does not include the UK brand Good Catch, which will remain part of Gathered Foods. (food diving)

🇨🇦 Walmart Canada & Software Focal Systems brings artificial intelligence to stores across the country. The system helps the mega retailer to discover products that are low in stock or out of stock in real time. (progressive grocer)

🇬🇧 LettUs Grow and Fruit Bardsley England growers collaborate to grow trees by indoor planting. The companies will be experimenting with apple whip propagation using previous aeroponic cultivation technology. (iGrow News)

Chests, grants and accelerators

🇺🇸 Powerplant Partners unveils $330 million fund for growth stage startups. PPV Fund III will invest between $15 million and $40 million in healthy, sustainable food brands. (vegan expert)

🇺🇸 The US Department of Agriculture is awarding $2.8 billion in cost-sharing grants to climate-smart agriculture. Over the next five years, 70 projects will provide technical and financial assistance to farmers implementing practices that reduce carbon emissions in the United States. (successful farming)

🇲🇹 🇨🇭 PeakBridge VC & Edmond de Rothschild Private Equity complete the first closing of PeakBridge Growth II. The fund has made two investments in alternative protein technologies: Netherlands-based Rival Foods and France’s Standing Ovation. (AFN)

🇫🇷 Capagro has launched the €200 million ($200 million) Capagro Agri-Food Innovation Fund to support start-ups in the field of food and health agriculture. The fund’s first investment is €10 million ($10 million) in personal nutrition startup Cuure. (silicone channels)

Other news

🇺🇸 In a win for grown meat, President Biden signed an executive order to boost biotechnology. The new initiative aims to make the United States a leader in biotechnology, including “alternative food source farming.” (vegetables)

🇳🇱 Renewable Agriculture and Food Systems Summit He faces protests and accusations of green washing. Demonstrators objected to some of the main sponsors of the event including Nestlé and Syngenta. (AFN)

🇺🇸 So much for investing $300 million in the “world’s largest indoor vertical farm campus”. Several large-scale vertical farms will produce more than 20 million pounds of strawberries, leafy greens, tomatoes, and other crops annually. (food diving)

🇨🇭 Switzerland may ban factory farming. Next week, the country will vote on an initiative that calls for the dignity of farm animals to be constitutionally protected. (vegan expert)

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