Poseidona raises funding for algal protein ingredients

© Poseidona

Female-Led Startup Poseidona Raises €1.1M for Innovative Algal Protein Ingredients

Spanish food tech company Poseidona has raised €1.1 million in a pre-seed funding round, with the aim of further developing its innovative and sustainable algal protein ingredients. The round was led by climate tech and blue economy VC fund Faber. Other participants included Dozen Investments, Sprout & About, Proveg International, and WA4STEAM (Women For STEAM). Poseidona uses algal sidestreams and invasive seaweeds to create cost-effective proteins with significantly lower water use, land use, and carbon emissions than animal-based or conventional plant-based proteins. Currently, the company is focusing on side streams from the production of gellifiers, but it also plans to begin using Rugulopterix Okamurae, an invasive seaweed in the Mediterranean. This will contribute to the management of marine ecosystems, and could be expanded to use …

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New Zealand’s ANDFOODS Raises $2.7M for Legume-Based Dairy Alternatives

New Zealand startup ANDFOODS, a spinoff from Massey University and the Riddet Institute, has raised $2.7 million in seed funding for its technology to produce legume-based dairy alternatives. The startup has developed plant-based creams and milk powders, produced by using fermentation to remove flavour off-notes while retaining excellent nutritional benefits and functional properties. The creams are claimed to have “eclipsed all other plant-based creams” in testing, with an overrun (ability to take on air and maintain shape) comparable to the UHT dairy creams used by commercial kitchens and food manufacturers. The products are also allergen-free. The funding round was led by Icehouse Ventures, and the capital will be used to commercialise the dairy alternatives and accelerate R&D. ANDFOODS launched less than a year ago, but …

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Two Opalia product mockups

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Opalia Receives Investment from Dairy Supplier Hoogwegt Group for “Cow-Free” Cell-Based Milk

Opalia, previously BetterMilk, reportedly the only company developing cell-based milk in Canada, has secured CAD$2 million to accelerate the development of its first milk product and establish a commercial strategy. The financial round was led by the Netherlands-based Hoogwegt Group, the world’s largest independent supplier of dairy products and ingredients, operating since 1965 and with a presence in over 130 countries. Other investors including Ahimsa Foundation, Box One Ventures, Cycle Momentum, Kale United, and the Québec government’s Impulsion PME program, also backed the cell-based milk startup. Opalia has received additional funding from Natural Products Canada through its Proof of Concept Program. Jennifer Côté, Opalia’s CEO, shared: “With Hoogwegt leading our round, we’ve not only gained essential customer validation but also tapped into their extensive network and global market expertise, setting …

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Beyond Meat stock chart on mobile phone

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Examining the Beyond Meat Stock Surge After the Earnings Call

It is too early to say if Beyond Meat is bouncing back, but the brand did enjoy a small rally since its earnings call last week. Far from being out of the woods, why did The Street respond positively to CEO Ethan Brown’s call?  Here are VegTech™ Invest CEO Elysabeth Alfano and Chief Investment Officer Sasha Goodman’s comments on analysts’ response to Beyond Meat, including a bit of the stock’s history. Wild Ride IPO Beyond Meat IPO’d during an exuberant time in 2019 with the stock rising 163% in one day, the largest rise of an IPO stock since 2008.  It was exciting, to say the least.  The valuation back then, however, was more aligned with the tech companies of the DotCom bubble than with …

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Primient investment

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Primient Invests $700 Million to Advance Plant-Based Ingredient Production in the US

Primient, a plant-based food and industrial ingredients supplier, has earmarked an investment surpassing $700 million to bolster sustainable ingredient production across its operational network in the United States to be rolled out over the next five years.  This financial commitment was announced at the “Rooted in Renewal” celebration, held at one of the company’s administration buildings in Decatur, Illinois, and attended by elected officials and industry leaders.  The strategic investment aims to upgrade and advance production assets and methodologies to achieve unparalleled product quality and ensure the longevity of its production capabilities. Notably, the investment encompasses significant enhancements to the company’s Decatur, Illinois facility, with $400 million allocated over the next five years for infrastructural and operational improvements. Jim Stutelberg, CEO of Primient, notes, “The …

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Umaro bacon in sandwich close up

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Umaro Foods Raises $3.8M for Seaweed Bacon, is “Laser Focused on Undercutting Hormel and Smithfield on Cost” 

Berkeley California’s Umaro Foods, producer of bacon from the proprietary red protein, Umaro, announces a raise of $3.8 million following a reported sixfold growth in sales. With the financing — a combination of equity and grant funding — Umaro is set to launch its innovative, patent-holding product into retail and expand its seaweed platform technology platform. The equity funding round was led by AgFunder with participation from Alexandria Venture Investments, Climate Capital Bio, Ponderosa Ventures, and early investor and NBA athlete Chris Paul. The company states that this Seed 2 equity funding round, along with a grant from the DOE’s ARPA-E program for the application of Umaro’s seaweed processing technology to new products, “not only validate Umaro Foods’ innovative approach but also secure its position …

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Governor JB Pritzker iFab tech hub illinois

Governor JB Pritzker © @GovPritzker on Twitter

Illinois Invests $680M in Biotechnology Sector to Enhance Biomanufacturing and Precision Fermentation Capabilities

The state of Illinois is set to advance in the biotechnology sector through a substantial government investment strategy, enhancing its biomanufacturing and precision fermentation capabilities. The initiative, led by Governor JB Pritzker in partnership with Innovate Illinois, involves an allocation of $680 million to create the Illinois Fermentation and Agriculture Biomanufacturing (iFAB) Tech Hub, supported by both public and private funding. Governor Pritzker claims that the vision for iFAB is to support the state’s broader goals of becoming a central figure in the global biomanufacturing landscape over the coming decade. He states, “Home to world-class institutions, modernized infrastructure, and first-rate research centers, Illinois is transforming technology, biomanufacturing, and innovation at every turn.” The governor further underlined the transformative potential of iFAB, positioning it as a …

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Food Brewer Secures Over CHF 5M for Cell Cultured Cacao & Coffee

Food Brewer AG, a biotech startup leveraging plant cell culture headquartered in Campus Horgen, Zurich, Switzerland, has raised over CHF 5 million in a seed round.  Various investors, including family offices from Switzerland and the USA, the Zürcher Kantonalbank, and chocolate manufacturer Max Felchlin AG, backed the startup’s biotechnological approach to making alternatives to cocoa, coffee, and sustainable fats.  With the new funds, Food Brewer will invest in R&D for its cell lines, expand to a production facility, and develop its business model, reported Startupticker. The challenges of agriculture Founded in 2021 by Yannick Senn, Géraldine Senn, Christian Schaub, Corinne John, Stefan Bingisser, and Klaus Kienle, the startup focuses on developing a platform for large-scale production of key commodities harnessing the potential of plant cell culture. By utilizing new …

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Avena Foods oats and pulses

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Protein Industries Canada Announces $19.2M Investment in Canadian Plant-Based Ingredients Project

Global innovation cluster Protein Industries Canada has unveiled a $19.2 million investment initiative to develop innovative Canadian ingredients for new snack and food options. Avena Foods, a key player in this project, will leverage the funding to create oat and pulse ingredients that will replace processing aids in products by Big Mountain Foods, Danone Canada, and Old Dutch Foods. This will lead to new consumer offerings, including allergy-friendly alternatives. The Honourable François-Philippe Champagne, Minister of Innovation, Science, and Industry, stated, “The global food market is in need of sustainable and nutritious ingredients, and Canada is helping meet that demand. By supporting projects like this one, Protein Industries Canada, one of Canada’s global innovation clusters, is securing Canada’s position as a global supplier of plant-based ingredients.” Protein …

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VFG group acquires Tofutown

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VFG’s Strategic Acquisition of TOFUTOWN to Boost Group Revenues Over €100M, Further M&As on Horizon

Vegan Food Group (VFG), the recently rebranded holding company formerly known as VFC Foods Ltd, announces it is on track to becoming one of Europe’s largest plant-based manufacturers with the acquisition of TOFUTOWN, a German producer with revenues of €60 million. Following the group’s revelation of its intentions to create a “vegan Unilever” at the start of this year, VFG’s fourth acquisition, following Clive’s Purely Pies, Meatless Farm, and its chick*n brand VFC, creates a major European CPG company boasting 80 SKUs in the UK and EU across 21,000 distribution points. The combined entity of the four brands is already poised to achieve profitability in 2024, with a clear line of sight for scaling group revenues beyond €100M. This is just the start of VFG’s …

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Cultivated ingredients producer Simple Planet

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Simple Planet Raises $6M for Cultivated Ingredients in Oversubscribed Funding Round

South Korea-based Simple Planet, a producer of cultivated ingredients, has raised $6 million in an oversubscribed pre-series A round. Participants included POSCO CAPITAL, DCP Private Equity, EASY Holdings, Hyundai Venture Investment, and more. A previous $1.5 million investment led by Pulmuone takes Simple Planet’s total funding to $7.5 million, which is particularly impressive in light of the challenging investment climate. Some of the funding will be used to build a facility for the mass production of Simple Planet’s high-concentrate cultivated meat powder. The remainder will be used to optimize development processes, enter global markets, and gain regulatory approvals. Simple Planet’s technologies include a suspension cell-culture platform with 13 cell lines from cows, pigs, chickens, and fish. The company launched a convenience food brand, Balboa Kitchen, …

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Prefer bean-free coffee

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Prefer Raises $2M for Bean-Free Coffee Made With Upcycled Ingredients & Fermentation

Singapore-based startup Prefer has raised $2 million to scale up the production of its bean-free coffee. The round was led by Forge Ventures, with participation from Better Bite Ventures, Sopoong Ventures, SEEDS Capital, Entrepreneur First, and Pickup Coffee. Prefer’s coffee alternative is made by using microbes to ferment upcycled ingredients such as waste bread, soy milk pulp, and spent brewer’s grain. The resulting mixture is then roasted and ground, using a proprietary process that provides a similar taste and aroma to conventional coffee. Sustainable and affordable The aim is offer a more sustainable alternative to coffee, which has a high carbon footprint and is heavily affected by climate change. Changing weather patterns and increased demand are expected to drive up coffee prices in the coming …

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Spacegoods products

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Functional Mushroom Brand Spacegoods Raises £2.5M to Solidify Leadership Position in UK & Europe

Spacegoods, a London-based wellness brand specialising in functional mushrooms and nootropics, announces it has secured £2.5M in a seed round led by FoodTech specialist venture capital firm Five Seasons Ventures, with participation from Redrice Ventures, Slingshot Ventures, and G-FUND. Combining adaptogen mushrooms with nootropics such as ashwagandha and lion’s mane, the products are available in a chocolate flavour and are all vegan, cruelty-free, and can be enjoyed with water or milk or added to teas or protein shakes. The company states It has gained significant momentum since its foundation in 2021, gaining impressive growth primarily through DTC sales, and says it has achieved a strong position in the UK as well as in the Netherlands and Germany. The capital will enable Spacegoods to solidify its …

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GEA

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GEA Announces $20 Million Investment in Wisconsin Alternative Protein Technology Center

GEA, a global leader in engineering systems for the food, beverage, and pharmaceutical industries, has revealed plans to invest EUR 18 million (approximately USD 20 million) in a state-of-the-art technology center focused on alternative proteins in Wisconsin, USA.  The new facility, to be located on the GEA Campus in Janesville, will specialize in piloting microbial, cell-based, and plant-based food technologies. The construction is scheduled to begin in spring 2024, and with an anticipated opening in 2025, the center aims to bridge the current gap in the market for industrial-scale production of alternative proteins. The technology center will help gear the company up to support the industry’s anticipated growth, as indicated in a GEA survey last year, which found that chefs expect a quarter of meals …

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Cellva ingredients secures R$6.5 million to cultivated pork fat

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Brazil’s Cellva Raises R$6.5 Million to Develop Cultivated Pork Fat

Cellva Ingredients, the first startup in Brazil to develop and produce cultivated animal ingredients, starting with pork fat, has raised R$6.5 million in its first financial round.  Seed4SCience from Fundepar led the round with the participation of ProVeg Incubator, the Spanish fund Rumbo Ventures, and the Rio Grande do Sul angel investor network EA Angels. Cellva expects to close the round by March 2024, aiming to raise R$10 million. The startup was part of the 11th cohort of the ProVeg Incubator, joining a cluster of aspiring entrepreneurs determined to address some of the biggest challenges in alternative proteins. Cultivated pork fat in 21 days Sérgio Pinto (CEO), a former BRF executive, and Bibiana Matte (CSO), a cell culture and tissue engineering researcher, founded Cellva in Porto Alegre, Rio …

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US Government Amplifies Support for Alternative Protein Industry with New Funding Initiatives

The United States Department of Energy’s (DOE) Industrial Efficiency and Decarbonization Office (IEDO) has officially released a Funding Opportunity Announcement (FOA), unveiling a $83 million funding opportunity designed to target emissions reduction in the industrial sector, with a significant focus on the alternative protein industry. The IEDO’s announcement highlights its intention to support 3-8 proposals in the Food and Beverage industry, offering awards ranging from $500,000 to $7 million. In December 2023, The Good Food Institute hosted a webinar with the IEDO to discuss how this funding opportunity specifically earmarks a portion for the decarbonization of alternative protein production, recognizing the sector’s potential to contribute to a more sustainable and climate-friendly food system. The department has identified alternative protein production, including plant-based, precision fermented, and …

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Konscious Foods

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Protein Industries Canada Partners with Konscious Foods to Elevate Plant-Based Seafood

Protein Industries Canada has introduced a significant initiative for the Canadian alternative seafood sector with its collaboration with Konscious Foods, Avena Foods, and Canadian Pacifico Seaweeds (CPS). Leveraging the success of Konscious Foods’ frozen and ready-to-eat plant-based sushi, this project aims to enhance the nutritional value of existing plant-based seafood products while also developing novel offerings. The project has already garnered praise from government officials for its contribution to addressing the global demand for seafood alternatives and bolstering Canada’s position in the plant-based food market. François-Philippe Champagne, Minister of Innovation, Science and Industry of Canada, stated, “There is an ever-growing global demand for seafood, and this project is helping to meet that demand by offering an alternative plant-based option that expands the range of healthy …

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Chef Woo noodles beef in bag

© Chef Woo / Borealis Foods

Borealis Foods Inc, Maker of Gordon Ramsay-Backed Chef Woo Vegan Ramen, Announces NASDAQ Listing

Ontario-based Borealis Foods, a food tech company focused on vegan ramen products, announces today that it will commence trading on the Nasdaq under the ticker “BRLS” on February 8, 2024, following the closing of its previously announced business combination (“the Business Combination”) with Oxus Acquisition Corp. (“Oxus”). Borealis explains its focus on ramen products, stating that the noodles are enjoyed by over 5 billion people in a $40B global market, making it the most widely consumed packaged food on the market. “It is shelf-stable, convenient and offers one of the highest turnover for retailers. The category is ripe for disruption in a market limited by product differentiation, low retail profit margins, lackluster new product development and poor consumer perception,” says the Canadian brand. Ramsay’s touch …

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United States Department of Defense logo

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US Department of Defense Investment Program Opens Opportunities for Food Tech Innovation

The United States Department of Defense (DoD) has unveiled the Distributed Bioindustrial Manufacturing Investment Program (DBMIP), offering a new funding avenue for food technology companies, including those in the alternative protein sector. This initiative is part of the country’s effort to support the advancement of biotechnology and bolster the nation’s defense capabilities. The DBMIP is set to distribute Defense Production Act funding to fortify domestic supply chains, specifically targeting the biomanufacturing industry. Under the program, the DoD is calling for proposals from businesses capable of developing bioindustrial manufacturing facilities. These proposals are required to outline both business and technical plans, with a submission deadline set for March 6, 2024. The department expects to grant awards to approximately 30 proposals in May, with each selected project …

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Strawberries with robotics, an image from Future Food Fund

© Future Food Fund

Netherlands: The Future Food Fund II Closes With Target of 40 Million Euros

The Future Food Fund II is supported by, among others, impact-oriented entrepreneurs and prominent investors as well as the European Investment Fund. The Future Food Fund II (FFF II), a Dutch agricultural and food technology investor with an ecological influence, has reached its preliminary target and was able to raise 40 million euros. This important milestone was achieved with the support of entrepreneurs and organizations such as the European Investment Fund (EIF), which reiterates its confidence in the vision of FFF II and its potential to reshape the future of food and agriculture. Since its inception, FFF II has focused on transforming food and agriculture systems and investing in seed and Series A companies in Western Europe that are transforming the food and agriculture value …

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