☀️ 25 largest FoodTech fundraises of summer 2024

September is just around the corner, and you’ve hopefully taken a few days / weeks / months* to relax and enjoy the summer at home or abroad _{*delete as appropriate}

While you were away, there’s been no shortage of startup and scaleup funding announcements in AgriFoodTech. Here at FoodHack, we’ve covered the millions of capital funding startups’ growth trajectory.

Including the mainstays of speedy grocery deliveries, infant formula, plant-based meat and alcohol-free beer.

To the hidden gems of proteins from light, microbes to upcycle industrial CO2 into protein and spinning plant fibres.

So if you’ve just got back from your holidays and wading back into work waters, here’s a 3 minute read on the biggest FoodTech startup fundraises 🛹

Tip: To get the latest FoodTech funding announcements straight to your inbox each week, sign up here.

25 Largest FoodTech Fundraises of Summer 2024

🛵 Speedy grocery delivery company Zepto, based in Mumbai, secured a whopping $665 million, more than doubling its valuation to $3.6 billion. The rapid-delivery model is thriving in India, and Zepto is aiming to expand its network of dark stores to over 700 by March 2025.

🇹🇷 Turkish food delivery giant Getir raised $250 million in a funding round led by Abu Dhabi wealth fund Mubadala Investment Co, and announced that it is splitting into two businesses: a food delivery business in Turkey and a separate standalone business that includes all of its other assets.

🛒 Czech grocery delivery company Rohlik secured $170 million, having served 800,000 customers in 2023. It plans to launch in ten more European cities in the next six years and will launch its tech platform licensing initiative later this year.

🦄 Agrovision secured $100 million and hit unicorn status following a period of ‘meteoric growth’ and international expansion. The berry supplier will use the funds to further expand its operations.

🍼 New York-based ByHeart, which makes infant formula, secured $95 million to support its continued launch in the US, plus its plans for product development.

🧬 Californian biotech Prolific Machines raised $55 million Series B1 funding for its photomolecular platform, which uses light to develop novel proteins for the food and medicine industries at significantly lower costs.

🫐 US-based alcohol-free brewery Athletic Brewing Company secured $50 million in a funding round led by General Atlantic. It will use the funds to double its US brewing capacity over the next 18 months. 

📲 Local Kitchens, based in San Francisco, raised $40 million in a Series B funding round led by General Catalyst. It has developed a digital format to manage mobile app orders for multiple brands from a single kitchen, and will use the funds to further expand its operations.

🇸🇬 Singapore’s Oatside, which makes oat milk designed for the Asian palate, raised $35 million in its ongoing Series B round, with the potential to reach $74 million. 

🥣 Oats Overnight, which makes spoon-free, high-protein overnight oatmeal, raised $35 million in a Series B funding round led by Enlightened Hospitality Investments to further expand its manufacturing capacity.

🐟 Indonesian aquaculture company eFishery secured $30 million from HSBC Indonesia to accelerate the roll out of eFeeder, its automatic feeding product for small-holder farmers, which speeds up the crop cycle by up to 74 days.

🛍️ The Rounds, based in the US, secured $24 million Series B funding. It delivers recurring grocery and household essentials in reusable packaging via a subscription-based service, and will use the funds to expand into new markets.

🥖 San Francisco-based Hero Bread™ secured $21 million Series B funding to support the expansion of its better-for-you bakery items, made with 0-2g net carbs, 0g sugar, fewer calories and more protein and fibre per serving.

🥓 British plant-based meat startup THIS secured £20 million in a Series C funding round led by Planet First Partners. Its meat alternatives are already available in supermarkets across the UK, and it will use the funds to further expand its range.

🦠 Californian startup NovoNutrients raised $18 million in a Series A funding round led by Woodside Energy and CM Venture Capital. It uses microbes to upcycle industrial CO2 waste into a sustainable protein that can be used in food and animal feed.

🇮🇳 India’s Agrim raised $17.3 million in a funding round led by Asia Impact. It is building a just-in-time supply chain to help agri-input retailers buy seeds, agrochemicals, nutrition and tools from a specific manufacturer.

🍅 Iyris raised $16 million Series A funding to make fresh produce easier to grow in difficult climates. Its flagship tech involves adding an additive to polyethylene manufacturing, which blocks near-infrared radiation, significantly reducing heat while allowing photosynthetically active radiation, meaning farmers can reduce cooling costs, water usage, and electricity consumption.

🩸 British wellness app Zoe, which creates personalised gut health nutrition programmes after providing at-home testing kits for customers to find out their blood fat, blood sugar, and gut health, raised $15 million to support its US expansion plans.

🇫🇮 Finland’s Onego Bio secured €14 million from the European Innovation Council Accelerator program and additional Series A investors to scale production of its precision fermentation egg protein, Bioalbumen.

🇧🇷 Genica, based in Brazil, raised $12 million in a funding round led by Mitsubishi’s Agrex Group, and claims it’s the largest amount raised so far for ag biologicals in the country this year.

🇺🇸 San Francisco-based ZBiotics closed its Series A funding round with $12 million for its ‘proudly GMO’ probiotics, designed to target gut health, hangovers, and more.

🧀 California-based Plonts emerged from stealth with $12 million in funding to launch its “stinky” vegan cheese, made with fermented soy milk, into restaurants in San Francisco and New York City.

🦀 US-based Tender Food Inc., formerly Boston Meats, raised $11 million in a Series A funding round led by Rhapsody Venture Partners. Its technology involves spinning plant protein fibres to create structured cuts of meat, and its range already includes beef short rib, pulled pork, chicken breast and crab.

🍫 David raised $10 million seed funding to develop science-based high-protein food products. Its first product, a protein bar, will offer the highest amount of whey protein per calorie on the market.

US-based HabiTerre secured $10 million at the first closing of its Series A funding round, led by John Deere. Its environment systems models are designed to deliver actionable insights to improve agricultural productivity, efficiency, and environmental outcomes.

🧫 Israeli cultivated meat startup Ever After Foods received a $10 million investment from Pluri Inc. to further scale its technology, which includes a B2B version that demonstrates the natural production of muscle and fat tissues for various animal cells.

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