Mars Introduces Sustainability Fund: Highlights from the Week in AgriFoodTech

Key Takeaways

Funding in agrifoodtech remains slow, with limited capital raises but notable M&A activity.
Bunge completes its long-awaited merger with Viterra, marking a significant industry consolidation.
Mars launches a $250 million fund to promote sustainability, yet continues to use synthetic dyes in its products.

Funding Developments

This week in agrifoodtech has been marked by fewer funding announcements amidst the summer slowdown. Notable capital raises included:

KIS, an Indonesia-based firm, secured $23 million in debt financing from responsAbility to advance its biogas projects.
Agritech startup Eeki raised $7 million in funding from Sixth Sense Ventures, aimed at enhancing its agricultural technologies.
Loopworm, focusing on protein production using silkworms, attracted $3.25 million to support its innovative approach.
In Canada, Algocell successfully obtained $2.8 million in pre-seed funding to leverage AI for optimizing bioprocessing.
Dutch firm BugBiome received an investment from Rockstart to further its biopesticide solutions.

Mergers, Acquisitions, and Partnerships

M&A activity surged this week, highlighted by the completion of significant mergers and acquisitions:

Bunge has finalized its long-delayed mega-merger with Viterra, a major step in consolidating grain handling operations.
Miraterra has acquired Trace Genomics, a soil DNA startup, citing unsustainable independent growth as a reason for the acquisition.
A new initiative in Europe has dedicated €700,000 to advance climate-neutral technologies in dairy farming.
In a strategic partnership, Synature and Nzatu Food Group aim to enhance biodiversity monitoring for regenerative coffee farming.
In the specialty chemicals sector, ICL has acquired Lavie Bio’s operations from Evogene, strengthening its portfolio.

Funds and Accelerators

This week, notable funding initiatives were launched:

Mars unveiled a $250 million Sustainability Solutions Fund, designed to confront carbon emissions in its supply chain, although the company has yet to phase out synthetic dyes from products like M&M’s and Skittles.
The National Growth Fund in the Netherlands has committed €196.4 million to boost Amsterdam’s Biotech Booster program, aiming to foster innovation in the sector.

Executive Changes

Shifts in leadership were also notable:

In France, Micropep appointed a former executive from Indigo and Syngenta as its CEO, aiming to enhance its strategic direction.
Kynetec welcomed Ines Kapphan as the new Chief Operating Officer, focusing on agriculture initiatives.

Additional Highlights

Other significant developments in the industry include:

Restaurant technology firm Olo announced its intent to go private after a sale valuation of $2 billion.
Rebel Foods has shut down offices and is reconsidering its involvement with Smoor amid its restructuring efforts in India.
Cultivated seafood company Upstream Foods is winding down operations, while Australian brand Aussie Plant-Based Co has relaunched with new offerings post-liquidation.
Gourmey received approval for its cell-cultivated meat application from UK food agencies, a step forward in the alternative protein sector.

Overall, this week’s developments reflect a mix of cautious capital movements and strategic consolidation within the agrifoodtech industry, with a growing emphasis on sustainability solutions and technological innovation.

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