Agtech Action | Week of 03.19.22 - 03.25.22
Agtech Action is a weekly newsletter highlighting current events in the world of agtech, and some light-hearted commentary
Maple syrup cola, broccoli may help in fight against COVID (eat your vegetables!) and 1 in 10 Americans say they don’t eat meat. Seafloor fertilizer factory, big fundraises in African agtech and shrinkflation (notice the smaller soda cans and chip bags?).
Special circumstances is the theme of the agtech week, prompted by Ukraine conflict and the need for more land to be put into agriculture production. There is always a lesson to be learned as a startup and innovator, and I share that in this week’s newsletter. Read on.
Food and the World:
‘Without Fuel, They Cannot Do It,’ says Ukraine Ag Official
Double Farm Transition Leads Couple from Virginia to Kansas and Back
U.N. to Keep Beasley at WFP as Food Crises Roil the World
Concerns Over Dry Conditions for Second Corn Crop in Central Brazil
Canada's CP Rail to Resume Operations After Arbitration Agreement
FDA Makes Breakthrough Decision on Genome Edited Livestock
Study measures extent of foodservice losses during COVID-19 pandemic
Produce’s double-digit inflation shows ‘no signs of slowing down’
US may give food aid to Ukraine (0:00 mark)
Women’s wages (in the US) up 4.4% in February (0:40 mark)
A Third of Fields in Occupied Areas, Hostile Zones will not be Planted, says Ukrainian Ag Journalist
Texas Tornado Destroys Ag Shop, But Doesn’t Stop FFA Members from Helping Community
4 of 10 Rural Bankers Project Jump in 2022 Farm Income
Walmart Details Its Push to Engage Ranchers, Supply Chains on Regenerative Practices
Instacart launches new platform for Publix, Aldi, Bristol Farms, others
‘God Forbid we have a Weather Problem this Year’
U.S. Farm Groups Urge Sowing on Protected Land as War cuts off Ukraine Supply
Nestle suspends selling some brands in Russia (0:00 mark)
Bird flu concerns grow, can infect chickens, turkeys and ducks (0:00 mark)
Plant-based jerky unveiled by Beyond Meat (0:45 mark) (made from peas and mung beans)
Europe to till Fallow Land to Offset Food Shortages from War in Ukraine
Food at home could increase between 3% and 4% (0:00 mark)
Dairy industry criticizes FDA's process of regulating yogurt
The shrinkflation phenomenon (noticing the smaller chip bags, soda cans?)
New study finds PFAS in food wrappers from Chick-fil-A, Burger King, McDonald’s
Frutura to acquire Uruguay’s Citrícola Salteña
Lebanon plans tender for Indian wheat, minister says
UK farms race to recruit harvest pickers as Ukrainians trapped by war
Corn Belt Sees Some Relief as Planting Season Edges Closer
From All Angles: Food Chain Mandates Threaten Producers, Impact Consumers
Egypt fixes price of bread as Ukraine war hits wheat supply
Urban evolution: How species adapt to survive in cities
Inflation Already Costing Consumers, USDA Makes Large Upward Revisions in Food Price Forecast
EXCLUSIVE Ukraine 2022 spring crop sowing area could be halved - minister
Agtech in the News:
UK: Gene Editing Gets Parliamentary Approval
Arva Intelligence, Growers Partner to Help Ag Retailers Prepare Customers for Carbon Markets
In meat-loving China, mavericks see future in plant-based protein
ASABE to Develop Standard on Mapping Yield, Associated Data
Apeel creates retail advisory board to expand fresh produce innovation
Appeals court turns down request to halt chlorpyrifos ban on food crops
As Regenerative Agriculture Takes Root, Let’s Hold Corporates Accountable
Pluton BioSciences and Phospholutions are the Winners of the Radicle Carbon & Soil Challenge by UPL (congrats to Pluton, a STL agtech startup!)
What Farmers Should Know About Carbon Markets
John Deere Expands Access to Self-Repair Resource Service
To raise a fund, this agtech outfit built a content company first (now it has $60M to put to work)
$29M project seeks to create a better plant-protein ingredient
Agriculture Giants Stay in Russia Despite Calls to Exit Over Ukraine War
How Impossible vs Motif lawsuit could influence plant-based opportunities
The EVERY Co. Unveils “World’s First” Animal-Free Egg White, Debuting in Iconic French Macarons
There Are Now Fewer Than 30,000 Dairy Farms in the US (I wonder how dairy production is affected, are we producing the same dairy with less farms? Ripe for innovation and value add)
Aqua-Spark expands its reach with new Bangkok office
"Seafloor fertiliser factory" helped breathe life into Earth
Chinese Ministry of Agriculture and Rural Affairs to ban four highly-toxic pesticides
Eiwa Vault Webinar (new data solution from an emerging LATAM agtech startup)
Fun:
Catching Up with a Successful Farming Cover Girl
Maple syrup cola (1:00 mark); Pepsi and IHOP collaboration
The Husband and Wife Whose Restaurant Gave the World Tiramisu
Scientists create pig translator that decodes emotions from grunts
Wartime Farm Women Fought from Home
Prolific restaurant developer Andy Nguyen plans first restaurant tied to Bored Ape Yacht Club
Helpful Resources:
Do VC Industry Specialists Outperform?
Private equity investment in foodtech is powered by macro trends
How to Navigate Herbicide Shortages
2022 AgFunder AgriFoodTech Investment Report
Interesting Reads:
Don’t Downplay "Farm Kid" Experience
When did beef become a four-letter word?
1 in 10 Americans say they don’t eat meat – a growing share of the population
NPC: “Disappointment” in USDA, Prince Edward Island potato move
Ukraine’s Chefs Are Determined to Fight
The deceptively simple plan to replenish California’s groundwater
Chemical found in broccoli may help fight COVID; called sulforaphane (1:05 mark) (eat your vegetables! Now you have another reason to)
‘Crime against nature’: the rise and fall of the world’s most notorious succulent thief
In a Starving World, Is Eating Well Unethical? (so the solution is?)
Colorado’s curious case of a crypto mine that no one is really sure exists
Local farmers read stories to raise awareness for agricultural literacy
Time is right to share beef’s sustainability story
The benefits of Venture Capital in Web3
Commodity Partnership Aims to Establish 30M Acres of Cover Crops by 2030
The perfect start up name (great newsletter on Africa deals)
1 out of 3 earn less than $15 per hour (1:05 mark)
Colorado Animal Activist Kessler Charged with Animal Cruelty
Adios to the Ag Dollar: A Farmer’s Story on Inflation and Inputs
Data-driven study digs into the state of U.S. farm livelihoods
USDA Unveils Pandemic Cover Crop Program for 2022
These cattle ranchers are raising better beef, spending less — and reducing carbon emissions
The Netherlands Edges Closer to Cultivated Meat Approval with Samples Now Legalised
Eat Just Breaks Ground on Largest-Ever Plant-Protein Factory in Singapore
Coalition of Cell-Based Leaders Form APAC SCA to “Kick-Start & Harmonise” Cell Ag in Asia Pacific
‘It’s Like a Driver’s License for Cows’: Why One Wyoming Company is Creating NFTs for Cattle
Farmers Seek Relief from Soaring Fuel Prices, Supply Shortages
3 factors that stop farmers from adopting your solution
Fighting misinformation or fighting for reliable information in food and ag?
Energy Prices and Electric Vehicle Adoption
Op Ed: Sustainability – Its Meaning, Its Measurement, Its Uses – In the Agricultural Context
IFC, African and European Partners Launch Alliance to Support Private Sector Growth in Africa
China, the birthplace of fake meat
Nigeria's Huge Dependence on Imported Agricultural Products to End Soon - Buhari
‘Climate smart’ policies could increase southern Africa’s crops by up to 500% (let’s see the data validate this claim)
Why global warming threatens east African coffee
Finance:
Lever joins UC Davis in chickpea startup’s $4.5M seed round
British wine regions may be in for a rise in value
Intelliculture Closes $1.7M Emmertech-Led Seed Round to Scale Farm Management Platform
Aquaconnect raises $8M funding
Catalyst Fund selects 4 agrifood-focused startups to join its latest fintech cohort
Ohio Police and Fire backs Proterra credit fund with $50M
Australian farmland rounds out 2021 with strong return – ANREV
Proterra puts last Australian farmland assets up for sale
The Enhancement and Standardization of Climate-Related Disclosures for Investors (I reported on this in last edition of newsletter, more news here)
Breedr closes a $12M funding round to help farmers, their livestock, and the environment
MaC Venture Capital leads seed round in BCM
Nutrien, Mosaic, CF extend multiyear highs but analyst grows cautious
Israel’s Tnuva to Launch Food Tech Venture Fund Tnuva Next
Exclusive: Venture lenders turn more conservative on deal terms as startup valuations cool off
Foreign ownership of Australian farmland: 2021 statistics
Theme of the Agtech Week: Special Circumstances
Talk of putting protected conservation land in the US back into production, as well as tilling fallow land in Europe sparks the theme of the agtech week—special circumstances. To make the connections to current events (see Ukraine conflict), with one of the largest wheat and corn producers (I believe Ukraine is #4 globally) effectively taken out of the market, that global wheat supply needs to be replaced (hence the US or Europe pick up the slack). Or we can forecast, and anticipate, shortages in wheat, corn which is a staple input for breads, cereals, animal feed among many others, the effects of which will ripple through other food products (see price of red meat, popular consumer products). This special circumstance has caused us to consider putting more land into production, in stark contrast and counter to a growing push to ‘grow more with less (land, inputs, resources, etc.)’ (see any regenerative ag story).
But there is a lesson to be learned if you are an agtech startup, founder, innovator, entrepreneur, and that lesson is be flexible. Moreover, be flexible to another business model, a new market, a pivot in mission as real world conditions unfold. I have plenty of stories of agtech startups that initially started out with a specific market, customer and completely pivoted to another market, which led to increased sales, customers and more venture funding. As an agtech innovator, you may have a vision for what your customer and market is, or how your solution will respond to the market, but until it goes through real time conditions, or special circumstance like we described, you won’t know. So be willing to be wrong and adapt accordingly. That’s how you avoid joining the graveyard of startups.
Have a safe Friday and weekend.
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.