Agtech Action | Week of 05.07.22 - 05.13.22
Agtech Action is a weekly newsletter highlighting current events in the world of agtech, and some light-hearted commentary
Coors gets into the plant-based milk business, baby formula shortages and the Biden admin wants farmers to ‘double crop.’ Derecho hits the plains and upper Midwest, growing crops with soil from the moon, and a satellite claims to detect cow farts from space.
With several key agtech fundraises among other notable news, the theme of the agtech week is impact. As in agrifoodtech is poised to have financial, social and broader impact on the world. We look at a few stories this week to illustrate that point. Enjoy!
Food and the World:
Corn Belt Sees a Significant Reduction In Drought Intensity
White House sets anti-hunger conference for September
Inflation the likely cause in April’s e-grocery sales drop
Shortage of baby formula (0:35 mark); some states completely sold out
KSU Researching Virtual Fencing’s Influence on Grassland Conservation, Cattle Business
Just 22% of the U.S. Corn Crop is in the Ground, USDA Reports
Diesel Prices Just Hit a New Record High, Here's Why a Diesel Shortage May Be Next
Biden Encourages Larger U.S. Crops to Feed World, Blunt Inflation
Two Reasons to Keep U.S. Tariffs on Chinese Imports
Biden: Double Crop Because 'We Can't Take Any Chances'
Carolina growers cope with inflation squeeze
U.S. Cuts Red Tape to Increase Food Production, Fill Ukraine Gap, says Biden
Prime Corn Yields are Likely Gone for Iowa Farmers, Agronomist says
White House announces production plan (0:00 mark)
Mondelez to sell chewing gun business (0:35 mark)
California is moving toward food assistance for all populations—including undocumented immigrants
The pandemic has transformed America’s dining landscape into an oligopoly dominated by chains
Parents are now swapping, sell and offer left over supplies to each other (0:30 mark)
Beyond Meat losses mount on product launches, deep discounts; shares slump
Meatpackers Drafted Trump Order on Meat Plants During Covid-19
Corn Belt Sees Improving Drought Conditions Thanks to Precipitation
Why messaging matters with greenhouse-grown produce
SEC gets aggressive in demanding climate data
An Iowa Powerbroker Plans to Make a Windfall From Piping Ethanol Emissions
Tunisia to raise the prices of some foodstuffs after farmers' protests
Zimbabwean farmers hope for whiff of cannabis boom
Statement by President Joe Biden on Funding for COVID-19 and Ukraine
Ukrainian Farmers Dodge Landmines and Rockets as World's Farmers Offer Help
Derecho hits Northern Plains and upper Midwest (0:00 mark)
Agtech in the News:
AGCO Ransomware Attack Disrupts Tractor Sales During U.S. Planting Season
Gene editing of animals and plants to get go-ahead
Red list rescue: Singapore’s Umami Meats focuses on endangered species for cultivated fish success
Mega deals in Africa (Big Four with Ghana rising)
Lab-Grown Meat Can Help Save Our Planet—if We Can Get People to Eat It
Saudi entrepreneur intends to invest in growing agricultural products in Uzbekistan
Land-building marsh plants are champions of CO2 capture
NASA climate research scientist wins World Food Prize
As drought crisis deepens, government will release less water from Colorado River reservoir
Eating 20% less beef may halve deforestation by 2050, claims study
Melt&Marble advances in the production of fermentation-derived animal fats – and secures a €5M round
IICA announces 15 startups offering digital solutions for agriculture in Americas
Oatly the 'fastest turning national brand in US milk category' in Q1 says firm; US revenues up 40%
In the Future, Leather Will Be Grown in Labs
A Gene Hack Might Save the Wine Industry from Disease-Carrying Bugs
Did the Earth moo-ve? Satellites detect cow burps from a herd in California for the first time, providing a new way to track a major source of methane from agriculture (cue the skepticism; I can think of other more significant sources of emissions worth measuring)
Projected environmental benefits of replacing beef with microbial protein
The Biggest Potential Water Disaster in the United States
Freshgro aims for world’s first carbon-neutral carrot
Building Industrial Economies in Africa through Mechanization of Agriculture
How technology is changing the game in greenhouse grown
Food prices continue to rise, food at home up 10.8% (0:00 mark)
Fun:
Why Farm Moms Who Always Put Themselves Last Shouldn’t
Molson Coors to help make plant-based milk (0:35 mark)
Plants from Moon soil (1:05 mark); the plants sprouted but their growth stunted
A Dream Come True? Busch Light And John Deere Serve Up Limited Edition 'For the Farmers' Beer Can
Young consumers place heavy emphasis on attention to sustainability
March was best month ever for casinos (1:05 mark)
The kitchen that keeps on giving
Helpful Resources:
Which tech investing strategies win when the markets lose?
Pitchbook Analyst Note: ESG, Impact, and Greenwashing in PE and VC
Interesting Reads:
Lessons from a rotisserie fueled flywheel
UN reports ‘anecdotal evidence’ Russia looting Ukrainian grain supply
SEC Extends Comment Period on Climate-Reporting Rule
NPPC weighs in on EPA formaldehyde risk assessment
Waiting For the Million Dollar Rain
What’s the best alternative to clingfilm?
Why Is It So Hard to Get a Restaurant Reservation Right Now?
Senators urge shipping carriers to move California ag products
Recycler's checkered past is weaponized in plastics fight
Smoking Hot Land Prices Continue to Soar, no Softening in Sight
Patmore to invest millions in organic fertiliser | News
No-palm palm oil? These 8 startups are looking for a sustainable substitute | FoodHack
Photosynthesis unaffected by increasing carbon dioxide channels in plant membranes
Regenerative ag seen as key by General Mills exec
Newborn dairy calves fed probiotic were healthier in crucial first weeks, student research shows
Ocean organism could be key to animal-free meat
Kevin Hart & Beyond Meat Roast Climate Change
Never leave the country’s cash crop in foreign investors’ hands
World's ocean is losing its memory under global warming
Now is the time to invest in UK protein crops
Is the U.S. Running Out of Farmland?
These Mushrooms Borrowed the Same Deadly Toxin from a Mysterious Source
Ukraine calls for moves to unblock ports and prevent global food crisis
The Skinny on Fat: Two Startups Close Funding to Advance Alternative and Cultured Fats
Carnarvon banana growers turn to gut health theory in trial of biomineral fertiliser
Rare pest stopped at the border (1:00 mark); a cocoa bamba beetle was spotted
Finance:
Absolute raises $100 million in funding led by Sequoia Capital, Alpha Wave, Tiger Global
Lightsmith backs farm management software with $60M
With A $120 Million War Chest, Brightseed is Unlocking the Fat-Fighting Power Of Hemp
Micro-climate technology startup Sencrop raises $18 million led by JVP, will expand into Israel
Gresham House to launch €500M global forestry fund
Growth in Australian farmland values is not done yet
Purina backs protein and technology firm
Heifer International invests $1 million in Hello Tractor to boost agribusinesses in Africa
Omnivore targets $130M for third Indian agtech fund
Mitsui & Co invests in Admantem Capital’s Climate Friendly
Voyage Foods Closes on $36M Series A to “Future-Proof” Classic Foods
VitroLabs scoops $47M of funding to build 'world first' lab-grown leather plant
AXA, Unilever and Tikehau Capital partner for €1B ag impact fund
Kubota Invests in US-based AgTech Startup
Theme of the Agtech Week: Impact
Several stories encapsulate the theme of the week—impact—; let’s start with the Unilever news. Unilever announced that they are joining several partners to launch a €1B ag impact fund. Furthering this point, Brightseed’s latest $120M round shows the demand by investors for technologies that are making an impact. Brightseed is an AI/ML startup that can identify compounds in plants that can be isolated, manufactured for nutrition and health purposes (‘food as medicine’ play).
A General Mills executive was quoted during their investor event that regenerative agriculture is key for the company to accomplish its GHG and environmental goals. This is noteworthy that during an investor event that environmental impact was discussed; but if you’ve been watching the SEC’s aggressive push for climate reporting, this does not surprise you. When you have key food and ag conglomerates invest in impact, and technologies that drive forward impact, you can see a paradigm shift in real time. If this is not a clear message to startups, innovators and entrepreneurs in food and ag that impact goes beyond income statements, I don’t know what is. Impact is measured in the eyes of the beholder.
Thanks for reading and please share your thoughts.
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. The views, opinions and commentary expressed are solely those of Brandon Day.