$100m for grocery startup Swiftly, Pano’s $20m: The Week in Agrifoodtech

This week, retail and food tech startup Swiftly bagged a mega round, while front-of-house restaurant software startup Zenchef prepared new funding to expand its footprint. In the agtech space, Pano raised funds to help fight wildfires with AI, and Land O’Lakes’ Truterra arm received a grant from the USDA.

Foodtech Funding

🇫🇷 PSG Equity lists 50 million euros ($49 million) for Zenchef. The latter will scale its front-of-house restaurant tech software across Europe and the US thanks to the new funding. (Yahoo Finance)

🇬🇧 Food tech startup Swiftly raises $100 million from BRV Capital Management and others. The Series C round pushes Swiftly’s valuation above the $1 billion mark. (WSJ)

🇳🇱 Restaurant tech startup Formitable raises €8 million ($8 million). Funding from mobile payment startup Mollie founder Adriaan Mol will go toward Formitable’s pan-European expansion. (Tech.eu)

🇬🇧 Kate Farms lands $75 million in Novo Holdings-led Series C Kate Farms specializes in herbal formulas for tube and oral feeding in healthcare settings such as hospitals. (PR Newswire)

🇮🇱 Profuse Technology raises $2.5 million to help cover cultured meat costs. The New York-based Green Circle led the round that Profuse will push toward R&D and commercialization, among other things. (The spoon)

🇿🇦 De Novo Dairy receives an undisclosed investment from UM6P Ventures. De Novo uses precision fermentation to develop cruelty-free dairy products. (Techcabal)

Agtech Funding

🇮🇳 Farm-to-Consumer Product Platform Deep Rooted Secures $12.5M Series A Round. IvyCap Ventures led the round with participation from existing investors such as Accel, Omnivore and Mayfield. (VC circle)

🇬🇧 Pano raises $20 million to use AI to detect and fight wildfires. Initialized Capital led the Series A round, which will support Pano’s market expansion into high fire risk areas in North America and Australia. (business journals)

🇮🇩 Agridesa Lands $200,000 Pre-Seed Round Led by Triputra Group. The startup will cultivate five hectares of land in West Java with its “closed” farming system that connects landowners and farmers. (incubators)

🇲🇽 Produce procurement startup Alima raises $1.5 million. Soma Capital, Y Combinator, Dorm Room Fund and others led the seed round. (LatamList)

🇫🇷 French insect protein startup InnovaFeed lands a $250 million Series D round. The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, led the investment. (AFN)

🇬🇧 MicroHarvest awarded €8.5 million ($8.5 million) Series A led by Astanor Ventures. The precision fermentation startup plans to build “the world’s fastest protein production system.” (vegetarian)

🇸🇮 Pest monitoring and forecasting platform Trapview snags €10 million ($10 million) for Series B. The funding, led by the European Circular Bioeconomy Fund, will spur commercial development of Trapview in Europe, Brazil and the United States. (Tech.eu)

🇮🇩 Koltiva collects undisclosed amount from Silverstrand Capital and others. Koltiva offers a range of software products to support the digitization of global supply chains. (technology in Asia)

M&A, IPOs & Partnerships

🇧🇷 🇺🇸 The Production Board (TPB) is investing $100 million in Brazil’s largest agricultural retailer, Lavoro. The SPAC deal will list Lavoro shares on the Nasdaq exchange. (AFN)

🇬🇧 Bayer and Perdue AgriBusiness announce collaboration in regenerative agriculture. The partnership aims to reduce carbon emissions at scale and create a model for a more sustainable food value chain across Perdue’s grain network. (Successful farming)

Funds, Grants & Accelerators

🇪🇺 🇮🇱 EQT Growth raises €2.4 billion ($2.4 billion) to support European and Israeli startups. Climate-focused companies and technologies, including foodtech, are one of the fund’s main investment areas. (sieved)

🇬🇧 Truterra, Land O’Lakes’ sustainability arm, received $90 million from the United States Department of Agriculture (USDA). Funds will go toward scaling the company’s regenerative agriculture-focused pilot. (Truterra)

🇪🇸 BioTech Foods receives €750,000 ($750,000) grant from Spanish Institute of Foreign Trade. The grant will fund BioTech Foods’ investMEAT project, which is researching cell lines, culture media and biomaterials for cultured meat. (vegetarian)

Other news

🌎 Vertical farming companies sign the Vertical Farming Manifesto to set standards for the sector. Bowery, AeroFarms and YesHealth Group are among the participating companies. (Pernicious News)

🇬🇧 Starbucks is exploring “load balancing” technology to help with “barista burnout.” The technology aims to help stores cope with the flood of digital orders. (Yahoo Finance)

🇺🇸 🇨🇦 Instacart launches Connected Stores to help retailers create personalized purchases in stores and online. The tool suite is now available for grocery stores in the US and Canada. (TechCrunch)

🇬🇧 Liquor brand Beam Suntory is investing $400 million to make Jim Beam more sustainable. That includes expanding distillery capacity by 50% while halving greenhouse gas emissions, the company said. (food dive)

🇺🇸 🇫🇮 Perfect Day launches Biotech-as-a-Service business. The service, dubbed nth Bio, will help other companies in the industry scale up, starting with egg white protein maker Onego Bio. (food dive)

🇪🇸 Ekonoke presents beer made from indoor hops. The Respect!” The limited edition beer is made from hops grown hydroponically through farming in a controlled environment. (Nature)

🇬🇧 Agri-EPI Center establishes Agritech Investment Advisory Ltd. The new advisory service aims to close the gap between investors and innovative agricultural and food start-ups. (Agri-EPI Center)

🇸🇬 🇺🇸 Singapore’s Next Gen Foods selects Chicago as US headquarters. The startup’s new Chicago R&D center will be located within the facilities of food business incubator The Hatchery Chicago. (ChicagoTribune)

🇪🇸 Spain has fined grocery delivery service Glovo $78 million for violating labor laws. Glovo says it will appeal the decision, which alleges the service failed to pay Social Security, among other things. (Reuters)

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