News for April 26, 2023

ClimateAi raises $22M

ClimateAi, a startup that uses artificial intelligence to help companies and governments mitigate the impact of climate change, has raised $22 million in Series B funding. Coatue, a technology-focused investment firm, led the funding round. ClimateAi plans to use the funding to expand its operations and accelerate the development of its AI-powered climate adaptation platform. 

New funding for powdered hydration

Cure Hydration, a health and wellness company offering hydration powders, has raised $5.6 million in Series A funding. Cure Hydration also aims to provide an alternative to sugary sports drinks. Venture capital firm Lerer Hippeau led the round, and Cure Hydration plans to use the funds to expand its retail presence and accelerate product development.

Insect farming on the rise

Ynsect recently raised $372 million in funding, one of the largest fundraising rounds in the European agri-tech sector. Ynsect, a French company, specializes in insect farming and produces insect protein for animal feed and plant fertilizers. However, despite this success, the company also announced that it would lay off 129 employees due to delays in constructing its new facility. The layoffs will primarily affect Ynsect’s research and development department. 

Koro raises €20M

The Berlin-based food startup, Koro, has raised an additional €20 million in a Series B extension round led by Index Ventures, with participation from existing investors. Koro is a direct-to-consumer brand that offers a range of better-for-you food products, such as nuts, dried fruits, and superfoods. The company plans to use the funding to expand its product portfolio, improve its supply chain and expand into international markets. Koro has seen significant growth over the past year, with revenue increasing by more than 300%.

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Successful Series A for mycoprotein

EniferBio, a Swedish biotech company specializing in mycoprotein production, has raised $11 million in a Series A funding round. Mycoprotein is a sustainable and nutritious alternative to meat produced using fungi. EniferBio’s proprietary technology allows for mycoprotein production at a lower cost and with a smaller environmental footprint than traditional production methods. EniferBio will use the funding to scale up production and expand EniferBio’s product portfolio.

A finger-licking good investment

VFC, a plant-based meat company, has raised $6 million in funding from Veg Capital to accelerate its global expansion. VFC is known for its vegan chicken products that closely mimic the taste and texture of real chicken. VFC will use the new funding to expand the company’s production capacity and reach new markets worldwide. VFC has already made a name for itself in Europe and is now targeting North America and Asia for its expansion plans.

Bimbo ventures invests in Olyra Foods

Olyra Foods, a food technology startup that produces plant-based ingredients, has secured an investment from Bimbo Ventures, the venture capital arm of Grupo Bimbo, a Mexican multinational bakery company. The investment amount has not been disclosed. Olyra Foods aims to use the investment to expand its product range and accelerate its international growth. 

Marubeni Corporation invests in KitchenTown

Marubeni Corporation, a Japanese multinational conglomerate, has invested KitchenTown, a US-based food tech incubator. KitchenTown provides resources and support to food startups to help them develop and bring their products to market. Marubeni’s investment will support KitchenTown’s efforts to expand and improve its services for food entrepreneurs

A functional food merge

GoodBelly and Cheribundi are two functional food and beverage companies merging under the parent company NextFoods. GoodBelly specializes in probiotic drinks and supplements, while Cheribundi focuses on tart cherry juices for sports recovery and sleep support. The merger aims to combine expertise and expand their product portfolios.

Colavita acquires O Olive Oil & Vinegar

Colavita, an Italian food company known for its olive oil, has acquired O Olive Oil & Vinegar, a California-based gourmet vinegar and oil product producer. With this acquisition, Colavita aims to expand its foothold in the American market and diversify its product offerings. O Olive Oil & Vinegar will continue to operate independently under the Colavita umbrella. Financial details of the acquisition were not disclosed

Bel Group going plant-based

Bel Group, known for its dairy products like Babybel cheese, is expanding into plant-based alternatives with the hopes of having 50% plant-based and 50% dairy-based products. Bel has announced that it is now backing Climax Foods. This food technology company uses artificial intelligence and data to create plant-based food products that mimic animal-based foods. The investment will allow Climax Foods to expand its operations and develop new products.

Two former Walmart buyers to launch a new frozen food startup

Frozen food startup, Counter, has raised $1.2 million in seed funding ahead of its launch in Sam’s Club stores nationwide this summer. Former Walmart merchants Jeff Ferrell and Benn Manning founded Counter to develop high-protein, low-calorie meals inspired by popular recipes on Instagram and TikTok in partnership with health and wellness content creators.

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