Agtech Action | Week of 03.05.22 - 03.11.22
Agtech Action is a weekly newsletter highlighting current events in the world of agtech, and some light-hearted commentary
RNA vaccines for plants, bird flu outbreaks affecting poulty operations in the US and several scientist debunk a death by red meat study. A popular vodka gets rebranded, coal mines transformed into solar farms, and the US frozen food renaissance.
The theme of the agtech week is validation and the theme is inspired by this week’s news about the SEC Sunshine Act Notice for amendments on ESG reporting. It provides a valuable lesson for all food and ag stakeholders—all will be validated. Stay safe and enjoy your weekly wrap up of the agtech news.
Food and the World:
How Important Is Ukraine to Global Agriculture and the Commodities Markets?
Russian invasion threatens global food and fertilizer supplies
USDA looking into business practices of retailers, seed companies
One-Month Bird Flu Toll: 12 States, 1.9 M Birds
Food Price Index Is Highest Ever, War in Ukraine A Factor
Organic avocados remain consumer favorites
2021 drought cost California ag industry more than $1B
Global food prices at all-time high (0:00 mark); increased 3.9% last month
Popular vodka rebranding (0:35 mark); will be known as Stoli
Mental health and pandemic stress (1:10 mark); 40% of ag students with moderate to severe depression
Fluctuating Grain Prices Cause Co-Ops to Limit Buying
USDA warns of possible phishing scheme targeting its food purchase programs
U.S. sweet potato acreage and production down in 2021, but value up
Higher pay, better benefits, and full disclosure define a post-pandemic restaurant
Meat remains top dog for Americans
As the pandemic ebbs, surviving restaurants face a new challenge: each other
For some families, gardening starts with SNAP benefits
4 Factors That Are Driving a Crazy Commodities Market
Second Bird Flu Outbreak in Missouri in Two Days
Ivory Coast tests new cocoa traceability system to fight deforestation
Malaysian firm launches first online market for sustainable palm oil
China agriculture minister says winter wheat condition could be worst in history
Ukraine War Hits Farmers as Russia Cuts Fertilizer Supplies, Hurting Brazil
US beef industry emerges from Biden’s climate pledges ‘relatively unscathed’
Vilsack talks about American food security response to Ukraine (0:00 mark)
Some Russian ag ships allowed to leave ports (0:35 mark)
F.B.I. Sees ‘Massive Fraud’ in Groups’ Food Programs for Needy Children
Western Growers: FDA will not conduct broad sampling of leafy greens in the Salinas Valley in 2022
Agtech in the News:
Koch Ag & Energy Solutions to acquire 50% stake in JFC III from OCP
Gene-edited beef cattle receive regulatory clearance in U.S.
AfDB to boost food production in Africa with smart technologies, cut on imports
CRISPR Technology Global Market Report 2022
Guinness launches agriculture programme to cut carbon footprint of pints
The hidden footprint of low-carbon indoor farming
The 10 most innovative food companies of 2022 (Benson Hill makes the list!)
Creve Coeur firm harnesses method to improve crop yield, stave off pests (Congrats to Plastomics)
Happy anniversary CRISPR: Transformative gene editing technology is 10 years old. What’s next?
Fun:
Meet 5 Remarkable and Award-Winning Farmers
Food sensitivity test (someone shares theirs on social media)
Vidalia onions being shipped April 12th (1:00 mark); available at limited time, typically are shipped when Spring arrives
Giant spiders to fall from the sky on the East Coast (1:05 mark); Note: they are harmless to humans
Helpful Resources:
Analysis of Public US PE Firm Earnings: Q4 2021
'Pandemic platforms' offered a new vision of the internet
A Strategic Approach to Coal Phase-Down for China
How will Iowa’s new tax law affect retired farmers?
Interesting Reads:
What Does the End of Beef Mean for Our Sense of Self? (opinion piece, and wishful thinking from the author)
California VC firm backed by Russia navigates a global crisis
Western Growers releases inaugural Harvest Automation Report
What happened? What’s next? - Seeking higher grades for school milk, dairy exports
What do your VCs care about and does it matter?
How Cleantech is the New Conservation
Food Labels as a Business Opportunity in the Caribbean: Thinking Outside the Package
Sustainability gets baked into food design
Bird Flu Toll Leaps to 2.8M Chickens and Turkeys
The US is experiencing a frozen food renaissance
In Virginia, abandoned coal mines are transformed into solar farms
McD’s to temporarily close restaurants in Russia (0:00 mark)
Small business optimism falls, lowest level in more than a year (0:35 mark)
Increase U.S. Food Production in Response to War in Ukraine, says Key Senator
FDA Clears CRISPR Cattle for Meat Production
Don’t make these 5 big mistakes when answering VC/Customer questions
Young consumers place heavy emphasis on attention to sustainability
USDA and EPA recognize new U.S. Food Loss and Waste 2030 Champions
Retailers have even more tools to handle soaring produce prices
Ag water proposed rule draws industry focus, draws some pushback
How Russian-Ukrainian Conflict May Impact Crop Insurance Decisions Before the March 15 Deadline
War to cut Ukraine and Russia Wheat Exports by 12%
Seaweed farming has vast potential—but good luck getting a permit
G&R Farms helps Jose Andres feed Ukrainian refugees, urges produce industry to join fight
Progress of Energy Transition Accelerates in America
Tyson Ventures Launches First Open Innovation Call for Sustainability Solutions
Scientists grow spinach out of desert air
What Does the End of Beef Mean for Our Sense of Self? (Huh?!)
Finance:
Umami Meats secures US$2.4M seed funding to scale its cultivated seafood business in Singapore
Australia changes carbon market rules to allow more private sales
Briefing: Gresham House launches in-house ‘Forest Charter’
Thera Capital Management passes A$100M in AUM
Fundraising in Africa by location of the CEO’s university, 2021
Tnuva launches foodtech VC fund
UK breaks new ground with biodiversity credit
‘LPs ask us for carbon credits from our investments,’ say Equilibrium
UK breaks new ground with biodiversity credit
Craigmore permanent crop fund hits NZ$300M hard cap
Nori Raises $7M Series A Investment As It Scales Its Groundbreaking Carbon Removal Marketplace
In Ovo Raises €34M Series B to Stop Culling Male Chicks Through In-Egg Identification
Mycorena Raises Largest Ever Alt Protein Series A in The Nordic Region
How Ag Fintech Is Transforming Brazilian Agribusiness and Its Access to Rural Credit
Tastewise Secures $17M to Bring Ai-Driven Insight to the Food and Beverage Industry
Amsterdam’s Source.Ag Raises $10M in Seed Funding for AI-Driven Indoor Farms
Sunshine Act Notice (SEC to hold open meeting about public companies and reporting their ESGs, emissions, etc.)
Theme of the Agtech Week: Validation
The big story, in my opinion, this week came from the financial reporting world. Specifically, the SEC released a Sunshine Act Notice, which is an open meeting to discuss the impending new rules, and amendments to those rules, that registrants (public, regulated and traded companies) will have to share climate disclosures to their investors. I feel the news is not that they will have to start disclosing climate exposure of investments, but that eventually those disclosures will have to be validated. As in, if said investment in a smart climate technology (see carbon credits, or soil remediation) that claims to reduce carbon by X amount, someone or something (a system, technology or standard) is going to have to validate that claim. There are two schools of thought: this can be viewed as another obstacle for investors and innovators to overcome; or it is a unique opportunity to provide value and validation to a space that is hot and needs measurable standardization.
For food and ag stakeholders, the lesson here is that no matter the technology, solution you are developing, building or pitching, if you claim to do X, you better be able to validate that you can do X with data, insights, testimonials or other 3rd parties. For example, if your solution claims to reduce food waste by 20M lbs, then back it up with case studies, examples and data! Moreover, if you claim that your technology serves and creates value for farmers, then you better go talk, sell and solicit feedback from farmers. For food and ag multinationals, there will be a day where all these carbon initiatives will be validated, and I hope that the story told is a compelling impactful one (see Guinness program to cut pint carbon footprints, Maple Leaf Foods, or a more comprehensive list of these initiatives can be found here).
Validate, and when you think you’ve validated, continue to validate some more.
Always be validating! Have a wonderful weekend and thank you for your continued readership.
BD
Brandon Day is the Chief Operating Officer of the Yield Lab Institute, the global agtech think-tank, non-profit arm of The Yield Lab global network of venture capital funds and accelerator programs.