Producing upcycled broccoli protein

© upp

Upp Raises £500K for AI-Harvested Upcycled Broccoli Protein

UK agritech specialist upp has secured £500,000 from impact investor Elbow Beach Capital. The funding will be used to pilot upp’s unique technology for producing upcycled broccoli protein. The UK is a major broccoli producer, but currently the crop must be hand-harvested by seasonal workers. With these increasingly scarce due to factors such as Brexit and the pandemic, many farmers are struggling. Additionally, 80% of the broccoli plant — including the stem, leaves, and root — is currently wasted, despite being food-grade. Upp has set out to solve both of these issues. The company has developed a new type of harvesting equipment that uses cameras and machine learning to detect when a plant is ready, even if it is partially obscured. A tractor-towed tool, which …


Daiz Miracle Meat logo

© Daiz

Japan’s Daiz to Expand its “Miracle Meat” Internationally Through Roquette Deal

Plant protein leader Roquette announces an investment and business partnership with the Japanese plant-based meat ingredients company Daiz, referred to as the Impossible Foods of Japan. Through the business alliance, the companies will produce the pea-based Miracle Meat  — a texturized vegetable protein originally developed using soy — as part of Roquette’s pea protein portfolio development and Daiz’s market expansion goals. Pierre Courduroux, CEO of Roquette, said: “Our objective is to be the best partner for our customers as they develop delicious products that will encourage more consumers to enjoy plant-based food more often. This investment in Daiz reflects our commitment to developing plant-based ingredients to meet those expectations.” The Impossible Foods of Japan Daiz’s proprietary technology, Ochiai Germination Method, uses plant seed germination and extrusion process …


Love Cocoa

James Cadbury. © Love Cocoa

James Cadbury’s Love Cocoa Raises £4.25M in Round Led by Richard Koch

Love Cocoa, the UK-based chocolate company founded by James Cadbury, has raised £4.25 million from investor and bestselling author Richard Koch. The company will use the funding to open several new retail stores in London, increase distribution of its plant-based HiP Chocolate brand, and hire a new finance director and head of marketing. Love Cocoa and HiP are now said to have a combined retail value of more than £10 million, with over 300% growth achieved in the past two years. The company’s founder, who is a descendant of Cadbury’s chocolate founder John Cadbury, said Love Cocoa had previously been bootstrapped since it was launched in 2016. The business has rejected investments numerous times, including on the TV show Dragons’ Den, but Cadbury said on …


Grillido hybrid

© Grillido

BENEO Buys 14% Stake in Grillido, Producer of Hybrid, Vegetarian & Vegan Products

BENEO, a leading manufacturer of functional ingredients, announces it is taking a 14% stake in German startup Grillido, a producer of hybrid, vegetarian and vegan products, marking the next step in the company’s plant-based protein strategy. Munich-based Grillido is focused on the development, production, marketing and distribution of meat alternative products, as well as other products linked to BBQ foods, and employs around 30 staff. Next to e-commerce, its multi-channel sales approach also covers retail and foodservice sales. The development follows several steps in the plant-based arena from BENEO. In May of 2022, the company revealed plans for a new €50 million fava bean processing plant to strengthen its portfolio and meet the growing demand for plant-based proteins. Just days later, BENO announced the acquisition …


jimi biotech's company banner

Image courtesy of Jimi Biotech

Jimi Biotech: Producer of First Cultivated Beef in China Closes Angel Round, Has Sights on Unicorn Status?

Jimi Biotech, a company that states that it unveiled the first cultivated beef in China four months after it was founded, announces the completion of an angel round of RMB20 million (around $3 million) to accelerate cultivated meat production in the country. The round was led by Plum Ventures, and Fanqie Capital, and included Green Leaf Ventures and Joyvio Capital. Former Alibaba engineer and founder of NYSE-listed company Mogujie, Chen Qi, invested in the company’s seed round. According to the company, the fresh funds will be invested in its R&D and HR departments. Leadership position Plum Ventures co-founder, Shichun Wu, commented: “In the fast-moving cultivated meat industry, Jimi has established its leadership position in cultivated meat technologies. With its strong capabilities in R&D and commercialization, …


Alvyn Severien. © Algama Foods

Seafood Giant Thai Union Invests in French Microalgae Producer Algama Foods

The corporate venture capital fund of global seafood company Thai Union has announced an investment in Paris-based microalgae producer Algama Foods. Through the investment, Thai Union is looking to grow its alternative proteins business, with the aim of becoming more sustainable. The company has been working towards this goal for some time, last year forming an alliance with Chicken of the Sea and The ISH Food Company to invest in sustainable seafood alternatives. Thai Union has also invested in another algae ingredients producer, Mara Renewables, and has signed a memorandum of understanding with Aleph Farms with the goal of bringing cultivated meat to the APAC region. Strong tech and commercial capabilities “At Thai Union, we are committed to ‘Healthy Living, Healthy Oceans’, and algae, as …


Project Eaden meat cuts

Image courtesy Project Eaden

Project Eaden Unveils Highly Realistic Alt Meat Tech, Extends Seed Round to €10.1M

Berlin-based food tech startup Project Eaden has revealed an innovative fibre technology that it claims can exactly replicate the texture and appearance of animal meat. The scalable technology is similar to that used to produce synthetic fibres, but Project Eaden has adapted it to use pea protein and other organic materials. The technology allows the properties of the fibres, such as elasticity, water binding ability, and strength, to be precisely designed. The resulting fibres, which are just 100 micrometres thick, can be bundled to replicate muscle strands. They can then be combined with vegetable fats to produce highly realistic marbled plant-based meat. Currently the startup is focusing on a steak alternative as its debut product launch. “Our ultimate goal is to offer consumers a product …


The founders turning carbon dioxide into protein

Arkeon founders. © Arkeon

Arkeon Biotechnologies Secures Over €‎10M to Convert CO2 Into Food

Vienna’s Arkeon Biotechnologies, a startup converting CO2 into functional, carbon-negative ingredients for food; raised seed funding of €‎6.5 million last March and now announces it has secured another four million euros. Arkeon’s technology uses gas fermentation to transform CO2 into proteins and the process, according to the company, generates all 20 essential amino acids using a microorganism that produces them in just one fermentation process. The resulting proteins require 99% less land and only 0.01% of the amount of water used by conventional agriculture. New investors include ICL, aws Gründerfonds, FoodHack and Tet Ventures, with the fresh funds going towards the expansion of its proprietary technology as well as the planning of a new R&D centre. “We are very pleased to have the support of …


Big Mountain Foods

©Big Mountain Foods

Protein Industries Canada: Canada’s Plant Protein Sector Gained Strong Momentum in 2022

As 2022 comes to a close, Protein Industries Canada (PIC), a consortium working to advance Canada’s plant-based foods sector, is celebrating a highly successful year. Now in its fourth year, the organization says Canada’s plant-based industry continues to gain strong momentum, and reflects on the significant milestones its group recently achieved. Earlier this year, PIC announced a $4.1M investment in a project to develop novel oat products and ingredients, including Canada’s first oat-based protein. PIC also joined with other Canadian investment firms to raise $200M in capital to finance the next generation of plant-based food processors. Investing $477M “Over the past four years, Protein Industries Canada and our industry partners have made tremendous progress, including investing more than $477 million into Canada’s plant-based food, feed …


Angelo Vegan Cheese

© One Good/Angelo

One Good Acquires Fellow Bengaluru-Based Brand Angelo Vegan Cheese

Indian alt dairy brand One Good has announced the acquisition of vegan cheese producer Angelo, which is based in the former’s home city of Bengaluru. Described by One Good as “the most delicious vegan cheese in India”, Angelo’s products are made with fresh, natural ingredients such as cashews, peanuts, and coconut oil. There are currently four cheeses in the range — Classic Vegan Mozzarella, Melty Vegan Mozzarella, Truffle Vegan Mozzarella, and Vegan Parmesan. Angelo’s products will now be manufactured and delivered by One Good, and will be listed on the latter’s website. Previously, the cheeses were only sold in Bengaluru, as founder Adi Fer made each batch at home. Despite demand from other cities, Fer lacked distribution and warehousing and was unable to get his …


Damien Clarkson and Judy Nadel, The Pack founders

Damien Clarkson and Judy Nadel, founders of THE PACK

THE PACK Raises £835K for Nutritionally Complete Plant-Based Dog Food

UK plant-based dog food brand THE PACK has raised £835,000 in its seed funding round. The round took place both privately and through vegan investment platform Vevolution, which originally founded by THE PACK’s founders Damien Clarkson and Judy Nadel. Participants included Scelta Mycofriends B.V., Veg Capital, Kale United, and Akoleo, along with alt protein angel investors Simon Newstead, Alicia Robb, Simon Day, Victoria Betoski, and Leo Groenewegen. Additionally, an investment was made through Silicon Valley VC’s Accel early-stage scouting program. Investors from petcare accelerator Leap Ventures, including the Mars Petcare Companion Fund, also contributed. The funding will support THE PACK in launching its nutritionally-complete oven-baked dry food in early 2023. It follows the launch of the brand’s plant-based meat stew wet food, which was claimed …


Soy plants/ crops

© Equinom

Equinom Closes $35M in Funding to Scale Minimally Processed, Non-GMO Plant Protein

Israeli nutrition company Equinom announces the close of $35M in funding to bring its more optimized plant proteins to market. The round brings the company’s total funding to date to $71M.  Equinom will use the capital to accelerate the commercialization of its plant protein ingredients, which will be sold to food companies via established multinational suppliers.  Equinom specializes in breeding new non-GMO varieties of important proteins used by the plant-based industry, such as soy and pea, that are optimized for food production and require less processing. These improved proteins are said to offer better taste and nutrition while reducing production costs and complexities. According to Equinom, this thus enables food companies to develop tastier and more affordable alternatives to meat and dairy. “Today’s food system …


© Belong Capital

SPAC Belong Capital to Merge With Unnamed Plant-Based Food Company

Belong Capital — a special purpose acquisition company (SPAC) focused on high-potential tech-enabled businesses — is set to merge with a plant-based food company. As reported by Seeking Alpha, Belong said it had signed a non-binding letter of intent to combine with the unnamed company, which has an annual revenue of more than $50 million. A closing is expected in the second quarter of next year, with the plant-based company set to execute an agreement at some point over the next month. Further details will be published after the agreement. The news comes following Belong’s $150 million raise when it went public last year. Speculation While the identity of the plant-based company is unknown, Seeking Alpha appears to hint that it could be Impossible Foods, …



Karim Pichara & Matias Muchnick © NotCo

NotCo Raises $70M to Catapult New B2B Platform Ahead of IPO

NotCo announces it has closed $70M in Series D1 funding to “catapult” a new B2B unit and accelerate the transformation of the industry, with Forbes suggesting today that the Chilean unicorn is “actively preparing for an IPO likely in 2025”. “These partnerships will help diversify and accelerate our impact while scaling the accessibility of truly delicious plant-based options to further propel the industry forward” The new platform will enable other CPG brands, ingredient suppliers and tech providers to leverage NotCo’s AI platform “Giuseppe” for their own innovations, while NotCo will continue to operate its branded business, NotCo Food, offering products like NotMilk™, NotBurger™ and NotChicken™ through both retail and food service across the US. Kraft Heinz Not Company The news comes three days after the …


the fruit of the palm oil used for palm oil production

© Clean Food Group

German Ingredients Supplier Doehler Invests in Cultivated Palm Oil

Doehler Ventures, the investment arm of German ingredients supplier Doehler, has announced an investment into British startup Clean Food Group (CFG). CFG is developing cultivated palm oil to address the deforestation caused by the conventional palm oil industry. This loss of habitat endangers important species such as orangutans and pygmy elephants, while also releasing considerable amounts of carbon dioxide into the atmosphere. Along with providing capital, Doehler will support CFG as it works to increase production to a commercial scale. In future, the two companies say they may collaborate further to address other environmental issues. Cultivated palm oil production CFG’s cultivated palm oil is produced through the fermentation of a proprietary strain of yeast. The eco-friendly fermentation process is fuelled by renewable energy, with food-safe …