December investments round-up: The year of food techDecember investments round-up: The year of food tech
This December saw many investments in food tech innovations. An apt way to end 2022, as the hot topic was on every one's mind this year.
December 30, 2022
Each month, New Hope Network rounds up the must-know investments in the natural products industry. Through Nutrition Capital Network, New Hope Network editors follow investment news to see what financial moves could significantly influence the industry and identify trends with funding support. Check back each month to see the latest investments that caught our eye.
Food tech—controversial or necessary for the future of food? This has been a question every person in the natural products industry has pondered this year. Everywhere we look, new food tech innovations are popping up, and there are the finances to back them. Food tech companies have collectively raised millions of dollars in 2022 to invent new ways of producing food. Skeptics are calling for more transparency around ingredients and ethics. From alt-meat and precision fermentation to cell extractions and honey without bees, there is new science and technology to replicate foods potentially at risk of disappearing due to climate change. See the significant investments from this month that indicate the push for food tech is going strong in the new year.
Significant investments at the end of the year show a big push for food tech in 2023
Black Sheep Foods stands out to investors
Black Sheep Foods is a San Francisco-based food tech company that creates plant-based meats that resemble animal meat flavors. The company uses patent-pending technology to isolate flavor molecules in meat and identify the same molecules in plants. The company secured $12.3 million in funding from a Series A round. This brings the total funding to $18 million since 2019. Unovis led the latest round with participation from Bessemer Venture Partners, AgFunder and KBW Ventures.
Torr FoodTech completes $12M Series A round
Torr is an Israeli startup that comes through Strauss Group’s food-tech incubator, The Kitchen Hub. Torr uses technology that combines mechanical pressure and ultrasonic energy to press ingredients together for snack bars and other food products. The latest round secured the startup $12 million in funding and was led by Harel Insurance Investment and Financial Services. Additional participation in the round included existing investors Mondelēz International, The Kitchen Hub and Strauss Group.
Perfect Day acquires Sterling Biotech Limited
Precision fermentation brand Perfect Day has completed the acquisition of Indian firm Sterling Biotech Limited (SBL). SBL produces gelatin, dicalcium phosphate and pharmaceutical ingredients. The acquisition will double Perfect Day’s production capabilities and bring its animal-free dairy proteins to the Indian market.
Julienne Bruno raises £5M
Julienne Bruno is a food tech startup creating vegan cheese and dry-aged vegetables. The startup’s goal is to create delicious meat and dairy-free products that people who are not vegan will choose first over conventional products for their superb quality. Last year, Julienne Bruno raised £1 million in pre-seed funding led by Seedcamp. Lead investors in this round, including Seedcamp, were Cherry Ventures, Outsized Ventures and Nicoya.
MeliBio raises $2.2M
MeliBio is a food tech startup that creates plant-based honey without bees. Participation in the latest funding round included Collaborative Fund, Siddhi Capital, The Greenbaum Foundation and Seaspiracy. This round brings the company’s total funding to $9.4 million, and the new funding will be used to expand development efforts.
NotCo raises $70M Series D round
Food tech unicorn NotCo has raised $70 million to launch “Giuseppe,” its new B2B AI platform. NotCo designed the platform to foster innovation between CPG brands, ingredient suppliers and technology providers. Princeville Capital led the latest funding round, bringing NotCo’s total funding to $400 million. Previous investors have included Tiger Global Management, Union Square Hospitality Group, L Catterton, Trousdale Ventures and Jeff Bezos through Bezos Expeditions. In addition, the company has released a line of branded alt-meat/dairy products and is preparing for an IPO in 2025.
Arkeon Biotechnologies secures new €4M investment
Austrian startup Arkeon Biotechnologies brings its total investment to nearly €10 million after raising 6.5 million in seed funding in March and its last announcement of securing an additional four million. The startup uses technology to convert CO2 into proteins for food. Arkeon can generate all 20 essential amino acids by fermenting a specific microorganism while using significantly less land and water than traditional agriculture. Arkeon’s new investors were CL, aws Gründerfonds, FoodHack and Tet Ventures. The new funding will help expand its proprietary technology and create a new research and development center.
EvodiaBio Brews up $6.4M
Danish startup EvodiaBio has raised $6.4 million (45 million Danish Kroner) for its sustainable beer aromas. The startup uses precision fermentation to give non-alcoholic beers a more traditional fragrance. Funding support comes from Nordic FoodTech VC, Danish accelerator BioInnovation Institute and Symrise, a German flavor house.
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