Aspire cricket farm sold, Beyond Meat's debt plan, Bayer's new herbicide, agtech investing with Matt Crisp, Mondelēz's venture fund

Lots of action in the insect ag space this week, with a buyer emerging for debt-laden Aspire's cricket farm in Ontario, Canada, and a French court giving loss-making mealworm farmer Ÿnsect more time to restructure.

Innovafeed has in turn paused operations at its pilot facility in Illinois, but says plans to build a large-scale plant there are “very much alive.”

Beyond Meat’s move to restructure its debt did not impress one alt protein investor, meanwhile: “When you ask investors to swap into longer dated debt at 7% interest and shares of the company—which ostensibly is worth zero—it’s a tough pill to swallow.”

Elsewhere, Jenn Marston quizzed Bayer on the first novel mode of action for controlling weeds in more than three decades, and Elaine Watson caught up with Matt Crisp at World Agri-Tech to discuss the agtech funding landscape: “We’re skimming along the bottom…”

Have a great week! Louisa, Jenn, and Elaine...

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Exclusive: Aspire Food Group’s cricket farm sold to Halali as firm collapses under debt

The purchaser "intends to explore opportunities to source a commercial tenant for the facility so that it will continue to be used for industrial purposes, including, potentially, the insect agriculture business." Elaine Watson

Ÿnsect wins more time to restructure under court-supervised process; Innovafeed’s US plans ‘very much alive’

“Operational tests of a new breeding method have shown a reduction of more than 70% in the production cost of insect larvae, exceeding expectations," claims the firm. Elaine Watson

Debt deal buys Beyond Meat time, but there’s ‘no strategy to get out of the hole,’ says alt protein investor

Beyond Meat "has a negative net worth, declining sales, and no strategy to get out of the hole," said one alt protein investor. "It’s hard to see how they turn it around at this stage." Elaine Watson

David Protein: We’re under no obligation to sell EPG to others ‘indefinitely’

Epogee cannot be compelled to sell EPG to the plaintiffs or anyone else, claims David Protein. "As patent owners, defendants are free to choose to sell EPG only to non-competitors, or to refuse to sell EPG at all.” Elaine Watson

The Week in AgriFoodTech: SwarmFarm Robotics nabs $30m, DoorDash delivery ‘bots, new carbon fund from Cibus

Plus: Once Upon a Farm filed for IPO. Jennifer Marston

🎥 SnackFutures Ventures: How Mondelēz fine-tuned its approach to startup collaboration

SnackFutures Ventures' investment approval process is quite short, says Richie Gray. "It's weeks, not months. We pride ourselves on being efficient." Elaine Watson

Icafolin-methyl ‘a completion of glyphosate,’ not a replacement: in conversation with Bayer

The primary purpose of icafolin-methyl is "to bring back the controls that the farmers had at the beginning with glyphosate," says Bayer. Jennifer Marston

🎥 Matt Crisp on agtech investing: ‘We need to get small in order to get big again’

"A lot of capital has exited the space so it's forcing a range of new approaches and new operating models within companies," says Matt Crisp. Elaine Watson

More coffee growers turn to drip irrigation as ‘insurance’ against increasing climate challenges

Coffee growers are turning to the technology as climate-related events and trends threaten yields and impact quality, says Netafim. Jennifer Marston

🎥 Koppie’s secret weapon? A fermented ‘bean’ that roasts like coffee

Offering security of supply isn't enough for alt coffee players seeking to integrate their product into the coffee supply chain, says Koppie. "It has to be cheaper or at least at price parity with coffee." Elaine Watson

Guest article: AI in agriculture, five strategic signals for investors and industry

Companies and investors that act now will be the ones shaping how AI gets embedded into every acre and every deal. By guest contributor Vonnie Estes

Revol Greens makes ‘painful’ decision to close operations in California, chase efficiency gains in Texas

The site will close in November, says greenhouse operator FoodVentures, which was brought in by Equilibrium Capital to help turn things around. Elaine Watson

Agrifoodtech investment models need ‘a rethink’

Agritech can’t make the same promises around 10x returns in five or six years’ time, as is often seen with SaaS models. Jennifer Marston

‘Objectively unreasonable’: Onego Bio slams The Every Co in high-stakes patent fight

According to Onego Bio, “Every’s demands for resolution... have included a proposed merger with Onego at a severe devaluation." Elaine Watson