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The Week in Food Tech Funding: Double (Alt) Cheese Funding & Big Money for Misfits

by Michael Wolf
September 19, 2021September 19, 2021Filed under:
  • Funding
  • News
  • Venture Capital
  • Week in Food Tech Funding
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Fall is upon us in the Pacific Northwest, and alongside autumn colors and windy weather is lots and lots of food tech venture capital. This week’s funding news includes not one but two alt-mozzarella startups, a monster round for ugly produce online retailer Misfits Market, and three pieces of food robot funding news.

On to it:

Plant-Based Food

Sophie’s Kitchen – $5.6 Million: Sophie’s Kitchen has raised $5.6 million to fund the growth of its plant-based seafood lineup of products. The company, founded in 2010, offers a line of alt-seafood products, including crab cakes, shrimp, salmon, and tuna. Billy Goat Brands led the round, a Canadian venture fund focused on sustainability. Sophie’s Kitchen products can currently be found at Walmart, Sprouts, and Wegmans. The funding continues the momentum for the plant-based seafood category, which saw $116 million in funding in the first half of 2021 (compared to $26 million for the whole of 2020).

Growthwell – $22 Million: Singapore-based plant-based seafood and chicken maker Growthwell has raised a $22 million Series A led by Creadev. The company, which raised $8 million last year, “owns a portfolio of alternative protein companies aimed at Southeast Asian consumers, including OKK (plant-based meat), Su Xian Zi (vegan mutton), and gomama (ready to eat dishes made from plants).” They also sell a chickpea protein powder called ChickP for use in meat and dairy alternatives.

NUMU Food Group: Plant-based cheese startup NUMU has raised early in September. The amount of the funding was undisclosed. The company makes plant-based mozzarella from potato starch, soybeans, and coconut oil. Started a former DJ named Gunars Elmuts, NUMU sells its cheese to food service providers in shreds and blocks.

Precision Fermentation

Formo – $50 Million: Berlin-based Formo announced it had raised $50 million in Series A funding. The investment in the maker of animal-free cheese was led by EQT Ventures, with Elevat3 Capital and Lowercarbon Capital. Formo uses a precision fermentation process to make animal-free dairy cheese with animal identical proteins. The company plans to use the funding to “With the resulting increase in R&D capacity, Formo intends to expand its product portfolio to represent a wide variety of European dairy specialties such as mozzarella and ricotta, with techniques designed in collaboration with artisan cheesemakers.“

Food Robots

Pudu Robotics – $78 Million: China-based Pudu Robotics announced this week it had raised a $78 million C2 found of financing, matching the same dollar amount for its May C1 funding round. In total, the company has raised $156 million in Series C financing. The company makes a few different types of bots, including a front-of-house bot called the Bellabot, a cleaning bot, and two models of delivery bots.

Keenon Robotics – $200 Million: Another China-based robotics startup Keenon Robotics has raised an impressive round with its $200 million Series D. Its round was led by Softbank. Like Pudu Robotics, Keenon also makes food delivery and front-of-house food service bots and robots for hospitals.

Daxbot – $211 Thousand Crowdfunding: This week, Daxbot, a maker of sidewalk food delivery robots, launched its equity crowdfunding raise. Like many food robot startups, Daxbot is using StartEngine for its raise, and the company has already (as of this writing) raised $211 thousand from 136 investors. Today the company’s robots are being used for food delivery in Philomath, Oregon.

Online Grocery

Misfits Market – $225M Series C-1: Online grocer Misfits Market announced it had raised almost a quarter billion in new funding via a Series C-1 round. It’s a quick turnaround for more capital for the sustainability-focused online grocer that works with farmers and food producers to save ugly produce and food that otherwise would go into the compost bin; the company raised a $200 million Series C in April. Misfits Market joins fellow ugly food retailer Imperfect Foods as one of the companies that have tapped investor interest in the food waste space.

Smart Vending

Foodles – €31 million: Smart corporate food vending/catering startup Foodles has raised a €31 million Series B round from InfraVia Growth and Bpifrance via its Large Venture fund, and follow on rounds from existing investors, Creadev, DN Capital, and Adelie. The French company offers connected fridges, which it calls canteens that it supplies with food. According to the company, each fridge can provide food to up to 59 employees. The company hopes to disrupt a European contract catering market worth 240 billion euros.

Food Supply Chain Software

Grubmarket – $120 Million: Grubmarket, a provider of software and services to enable food producers, has raised a $120 million Series E round. The company’s software enables food producers and distributors to manage inventory, pricing, customer relations, and other company-related operations. The company’s announced hinted in the announcement that they will likely expand from just software into robotics in the future: “GrubMarket will likely also start to explore connected hardware to help those customers, too: robotics for picking and moving items” related to those activities managed by its supply chain oriented software.

Restaurant Tech

SpotOn – $300 Million: Payments software startup SpotOn announced this week it has raised a $300 million Series E to help finance the acquisition of Appetize, a mobile and digital payments startup focused on sports and entertainment venues, amusement parks, and zoos. Mega-VC Andreessen Horowitz led the deal (as they did SpotOn’s last round). A16z’s eagerness to inject more capital into SpotOn probably has a lot to do with the company’s tripling of revenue over the past 18 months. SpotOn, which has traditionally focused on SMBs (the segment of the restaurant space that has been the most aggressive in modernizing its tech stack during the pandemic), will now be able to sell into the enterprise market with the newly acquired Appetize.


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Tagged:
  • Daxbot
  • Food Tech Funding
  • Foodies
  • Formo
  • GrubMarket
  • Keenon Robotics
  • Misfits Market
  • NUMU
  • Pudu Robotics
  • Sophie's Kitchen
  • SpotOn
  • The Week in Food Tech Funding
  • venture capital

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