FoodTech Weekly #208 by Daniel S. Ruben

FoodTech Weekly #208

Hi there,

OK, I’m definitely taking a little vacation break with FoodTech Weekly now. I’ll be back in your inbox on Aug 16 — I think 🙂 Wear sunscreen.

This week's rundown:

• Zoe pulls in $15M to help you understand your microbiome, and provide personalized dietary advice

• Gourmey applies for EU regulatory approval for cultured foie gras

• The new €10K schnitzel bonus in Austria

Let's go!

Conversations

Noteworthy

• U.K. gut health startup Zoe has scooped up $15M in Series B, raised entirely from U.S. VC Coefficient Capital. The company provides microbiome testing and a diet advice app that provides personalized dietary recommendations. Zoe now wants to expand in the U.S.

• InnerPlant has harvested $30M in Series B funding from e.g. an alliance of large North American growers. The company genetically engineers plants so that they can send clear signals to growers/farmers when under stressors such as pests, fungi, or lack of nutrients. InnerPlant says these signals can occur weeks before any other existing technology would be able to alert growers/farmers of a problem.

• French cultivated meat startup Gourmey has applied for market approval in the EU for its cell-based foie gras product, becoming the first company to do so in the union. Gourmey has also applied for market access in e.g. the U.K., Switzerland, Singapore, and the U.S.

• Swedish FoodTech company Melt&Marble, which uses precision fermentation and microbial engineering to develop alternatives to animal fats, palm oils, and other ag-derived lipids, has been approved for €2.76M (appr. $3M) in EU grants.

• PheroSyn, which develops insect pheromones that can protect crops without using harmful chemical pesticides, has bagged funding from Canadian VC firm Tall Grass Ventures. I interviewed Mary Ellis, CEO of PheroSyn, in FoodTech Weekly #162 back in Sept last year.

• Swedish startup Millow, which produces minimally processed meat alternatives from oats and mycelium, has secured a €2.4M (appr. $2.6M) grant from the European Innovation Council (EIC) Accelerator, with a potential of up to €15M (appr. $16.3M) in equity funding from EIC Fund (contingent on co-investment from private investors).

• Vertical farming company Infarm, which filed for bankruptcy after having raised $600M+, is back again (in Toronto), Sifted reports.

• Singapore has approved 16 species of edible insects, as the Little red dot aims to produce 30% of its food needs domestically by 2030.

• Siddhi Capital has raised $135M for its Fund II, which will invest 2/3 in CPG / FMCG brands, and 1/3 into FoodTech companies.

• German grocery chains Aldi and Rewe are piloting food vending machines offering fresh produce and staples, 24/7 (solutions like this is of course especially useful in countries that restrict market hours on e.g. Sundays).

• Poland’s first cultivated meat startup, LabFarm has scored a PLN 9M (appr. $2.2M) grant from the National Centre for Research and Development, the executive agency of the Polish MInistry of Education and Science. The company focuses on cultivated chicken.

• Terrantic of Seattle has fetched $3.5M in Seed funding; the company develops a software that helps food growers, packers, and processors improve the quality and yield of their products — e.g. figuring out the best way to store apples based on real-time data, or how to reduce waste in processing lines.

News from the FoodTech Weekly community

• Perfat Technologies (Finland) is recruiting a Food tech R&D Specialist… Melt&Marble (Sweden) is hiring a CTO and a Lab Manager… Mosa Meat (The Netherlands) is looking for a CFO.

• Cranfield University is inviting food companies to participate in a research project aimed at supporting your company in improving its digital transformation maturity of supply chains. Gain a comprehensive analysis and tailored recommendations for free—just provide access to your team. The study will run from August to the end of December 2024. Ensure your company stays ahead in the digital age while maintaining full anonymity. Interested? Contact Shiyi Wang for more details.

• Nurasa is launching a sugar reduction innovation challenge - the Sweet Swap Challenge — looking for sugar reduction tech companies globally, and cool, up-and-coming Food & Drink brands across Asia. Prizes include $50K innovation funding from Nurasa, an LOI from Givaudan, a free 1-month listing at Little Farms, and an Investor networking event. Apply here.

• The winners of FoodShot Global’s latest challenge have been announced.

Want to share some FoodTech news/project with other FoodTech Weekly subscribers? Hit reply.

Random Stuff

• How long do residential solar panels last? A 20-year-old solar panel was found to be capable of retaining 90% of its original capacity (pretty cool!)

• Grocery store tourism is the latest trend on TikTok (h/t Marie Dollé).

• Restaurants in Austria will start receiving a €10K ‘schnitzel bonus’ thanks to a €4M (appr. $4.3M) government grant scheme of the Lower Austria region to promote traditional Austrian food. The governor of the region, Johanna Mikl-Leitner, says: ‘Sausage and kebab stands are excluded here. We don't want the population - if I can put it in an exaggerated way - to be able to look at the last schnitzel in a museum at some point.’

​I love you.
Daniel

- - -

This issue was produced while listening to saudade, saudade by MARO. Follow me on LinkedIn and Twitter. Did your brilliant friend forward this to you? Subscribe here.

Disclosures: I'm founder of Solvable Syndicate. I’m an operating advisor to VC/investment firms Nordic FoodTech VC, Mudcake, and Blume Equity. I'm a mentor at accelerators Katapult Ocean, Big Idea Ventures, and Norrsken Accelerator. I'm an advisor to BIOMILQ, FoodHack, Hooked, Ignitia, Improvin, IRRIOT, Juicy Marbles, Lupinta, NitroCapt, Oceanium, petgood, Rootically, Stockeld Dreamery, Transship, VEAT, and Volta Greentech; in some of these startups, I have equity.

Boring disclaimer: The newsletter content is intended only to provide general and preliminary information to folks interested in FoodTech, and shall not be construed as the basis for any investment decision or strategy. I assume no liability in regards to any investment, divestment, or retention decision taken by readers of this newsletter content.