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- FoodTech Weekly #82 by Daniel S. Ruben
FoodTech Weekly #82 by Daniel S. Ruben
News on FoodTech, food, and society
Daniel S. Ruben
January 14, 2022 • Estimated Reading Time: 12 minutes
FoodTech Weekly #82
Hi there,
The Norrsken Impact Accelerator is open for applications. Accepted startups receive a $125,000 investment, access to unicorn founders as mentors, exposure to 100+ top investors, and tons of advisors (I'm one of them). Last year, FoodTech and AgTech startups like Nilus (Argentina) and Sensegrass (India) participated. More info here.
Trellis Road, where I'm an advisor, just announced they've raised a $18M micro fund. The fund invests in high-impact foodtech startups globally, and was started in 2020 by Anna & Erik, two ex-founders with a strong focus on impact. They typically invest $200k-$500k in pre-seed and seed rounds of extremely ambitious startups. So far they've invested in 16 startups on 4 continents, including companies like QOA, Bluu, Bond, Mission Barns and Hier. I think Anna & Erik are fantastic, and more than anything, they're human (what other fund managers do you know who'll bring their toddlers on Zoom calls when needed?)
Anna, Erik, and their Chief Messiness Officers
Last week I mentioned this new report on the alt protein sector in the Netherlands, but messed up the name. The magazine is called 'Future Protein NL', and it was published by Larive International.
Finally, I had a chance to try LAORI alcohol-free rum and gin. The alcohol-free segment is apparently a billion dollar (and growing) market, but I have to admit I was a bit skeptical. However, I followed the instructions and mixed some drinks using ginger beer and tonic water respectively, and my friends and I all sort of enjoyed the experience. In terms of score, I give this 4 designated drivers out of 5.
LAORI. Nope, I'm not sponsored. And don't send me stuff, I'm not Fluffy.
This week's rundown:
Nothing fishy: eFishery raises $90M Series C, Plantish release plant-based whole-cut salmon fillet, and Japanese researchers CRISPRs fish to grow faster and bigger
Indoor vertical farming growth: Swedish startup Ljusgårda secures $19M in new funding
G'day, mate: Australian parrots get drunk on mangoes, and then fly under the influence
Let's go!
Conversations
Noteworthy
Swedish indoor vertical farming startup Ljusgårda has raised SEK 170 million ($19M) in fresh funding, at a valuation of SEK 1 billion ($112M). Some of the investors include Back in Black Capital, Philian (Karl-Johan Persson, H&M Chairman), Per Brillioth (VNV Global) and the Jula corporation. Ljusgårdaaims to raise another round later in 2022, and keep growing in Europe.
eFishery of Indonesia has announced what it claims is the largest-ever funding round for an aquaculture tech company anywhere in the world: A $90M Series C, led by Temasek, SoftBank's Vision Fund, and SequoiaCapital India, with support from existing investors such as Northstar Group, Go-Ventures, Aqua-Spark, and Wavemaker Partners. eFishery started out doing automated feeding devices (now used by 30K farmers across Indonesia), and has since expanded into software and financing solutions for shrimp and fish farmers. The company now plans to expand to 10 new countries, including India and China, and reach 1 million farmers by 2025.
Speaking about fish, Japan has approved the sale of two species of CRISPR-edited fish; a tiger puffer, and a red seam beam. The fish have been designed to grow bigger (up to 1.9 times) and faster than their conventional counterparts. This is expected to reduce production costs of farming the fish (which will be grown in tanks on land).
As Scooter once said, 'How much is the fish?'
More fish: Israeli startup Plantish has released pictures of its whole cut plant-based salmon fillets, which will launch at pop-up stores this year, and officially launch in 2024. The company targets the U.S. as its primary market, and raised a $2M pre-seed round last year led by TechAviv Founder Partners. According to GFI, plant-based seafood currently just make up 0.1% of total U.S. retail seafood sales. Plantish claims its plant-based salmon, which is made with 3D printing using legume proteins and algae extract, has the same nutritional value as a conventional salmon.
Image: Plantish
Researchers at the University of Helsinki and VTT Technical Research Centre of Finland have produced ovalbumin (egg white) using precision fermentation. The scientists produced it in a powder form suitable for large-scale industrial production. For further reading on alternative eggs, check out this new briefing from FoodHack.
John Deere has unveiled the first fully autonomous tractor for large scale farming production. What will it mean for farmers? And what will it mean for sustainability?
Canadian company Relocalize, which builds automated micro factories for food, raised a $1.4M pre-seed round in Q4 2021. The company plans to deploy thousands of such micro factories at grocery distribution centers across North America, to cut down on CO2 emissions from long-hail transportation. First up is ice, in Florida; each of Relocalize's microfactories will produce, package, palletize and store up to 1.6M bags of ice per year, supplying 100-200 local retail stores.
Scientists from NTU-Harvard T.H. Chan School of Public Health have developed a smart food packaging made from a corn protein, starch and other biopolymers, that is biodegradable, sustainable, and kills microbes that are harmful to humans (such as E. coli and Listeria). And the packaging could also extend the shelf-life of fruit by 2-3 days. The researchers believe the packaging could potentially be used for ready-to-eat foods, raw meat, fruits, and vegetables.
More science: A researcher at the Hebrew University in Israel has used CRISPR to 'program' lettuce to produce nutrients such as vitamin B, vitamin C, and beta-carotene, in higher quantities.
Swedish smart irrigation startup IRRIOT has done 100+ installations in 12 countries (full disclosure: I'm an advisor to IRRIOT). The company now works with a Swiss sensor-maker than specializes in harnessing and filtering distress signals from plants (sent out as electromagnetic impulses). IRRIOT hopes to integrate sensors so that plants will be able to 'signal' that they're e.g. low on nitrogen or water; the system can then automatically deploy the right amount of water or nutrient. The aim is to have the solution commercially available by the end of 2024.
News from the FoodTech Weekly community
FoodShot Global has launched its new FoodShots: BioActive Foods, Precision Protein Deep Dive, and Innovating Soil 3.0 Deep Dive. FoodShot pulls together a consortium of VCs, banks, corporations, foundations, universities and non-profits who fund the GroundBreaker Equity Award (up to $10M in equity to innovative businesses) and the GroundBreaker Prize ($500K+ in philanthropic grants) to researchers, early-stage entrepreneurs, and policy advocates. More info here.
The 3rd Rising Tide open office hours will take place on Jan 20, 2022, starting with two inspirational talks followed by an open floor to entrepreneurs to meet some of the many investors behind the Rising Tide Collective.
Torr FoodTech (Israel) is hiring a Food Scientist... Ellen McArthur Foundation (UK) is recruiting a Food Initiative Lead... Libre Foods (Spain) is looking for a Head of Product... Hooked Foods (Sweden) wants to find a Creative Content Associate... Klimato (Sweden) wants to bring on a Product Designer... BettaFish (Germany) is recruiting a Head of Marketing... WWF (US) is hiring a Food Waste Commitment Manager... Umami Meats (Singapore) wants a new colleague - in particular, a Research Assistant, Media Development. And Stockeld Dreamery (Sweden) has a number of open roles, including in Food Science, R&D, and Product/Marketing.
Peter Specht of Creandum has pulled together a great list of resources for startups, including fundraising guides, building a deck, and metrics.
The VEGPRENEUR Summit is a 2-day virtual conference bringing together founders, investors, and thought-leaders who are pushing forward sustainable, plant-based innovation around the world. Tickets here, and use the code FOODTECHWEEKLY for 10% off.
Want to share some FoodTech news/project with other FoodTech Weekly subscribers? Hit reply.
Random Stuff
This (ugly designed) timeline shows when various foods were found, cultivated or invested. Nachos have been around since 1943, while polenta goes back to 900 BC.
Parrots in Australia are getting wasted on rotting mangoes (undergoing natural fermentation) in Western Australia, flying while drunk and colliding into doors and windows.
Snoop Dogg seems to be planning to launch a hot dog brand called (you guessed it) Snoop Doggs.
I'm rooting for this little penguin re-enacting the Ice Age movie:
A Chinese woman went on a blind date with a guy who cooked her dinner at his place, when a lockdown was imposed -- she was stuck there for four days.
Saw this. I'm all for AgTech and FoodTech, but here's a crazy idea: Unless a blizzard is raging, maybe let the cattle actually graze outside instead?
I love you.
Daniel
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This issue was produced while listening to Hang with Me by Robyn. Follow me on LinkedIn and Twitter. And here's the Appetizer which I co-host. Did your brilliant friend forward this to you? Subscribe here.