The big story this week: Are GLP-1 drugs such as Ozempic an ‘existential threat’ to the food industry or an opportunity for some creative thinking? Elsewhere, Infinite Roots raised a cool $58m to scale its mycelium-based platform, AgFunder portco IGS netted $28.6m for vertical farming tech, Bluewhite raised $39m to expand its ag robotics operation, while Elo Life Systems bagged $20.5m to scale its plant breeding tech.

We've also got some highlights from the recent cell ag innovation day at Tufts University, while agtech editor Jenn Marston caught up with Roberto Viton at Valoral Advisors to explore why such a small percentage of global investment capital is going into agrifood, despite growing awareness of the industry's contribution to climate change.

Finally, does money really grow on trees? Yes, says agroforestry startup Propagate in this week's Meet the founder interview. But farmers looking to plant them need support and upfront capital.

Have a great weekend! Louisa, Elaine, and Jenn

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Industry news

​‘The largest investment in mycelium in Europe…’ Infinite Roots nets $58m to scale ‘asset-light’ operation​

At a time when many alt protein companies are struggling to raise funds, Infinite Roots (formerly Mushlabs) has netted $58m from investors including German food retail giant (REWE) and the holding company behind Haribo (HRH). By Elaine Watson

​Elo Life Systems raises $20.5m in series A2, aims to launch natural sweetener in 2026: ‘Everyone is trying to reduce sugar’​

The capital injection will also help advance work to develop Cavendish bananas engineered to resist the devastating fungal disease Fusarium wilt. By Elaine Watson

​Data snapshot: Agrifood-focused VC funds still just 2% of the global investment pool, says Valoral Advisors​

'This year is going to be the toughest one in my view,' says Roberto Viton at Valoral Advisors. By Jennifer Marston

​Ayana Bio signs JDA to develop saffron via plant cell culture, taps into interest in natural appetite suppressants​

The “seven-figure” JDA will develop saffron and other bioactives made via plant cell culture. By Elaine Watson

​The Week in AgriFoodTech: BlueWhite, Protix & IGS raise funding, Eatable Adventures program investing in agrifood​

Plus... fresh funding for whole cut alt meat startup Chunk Foods and precision fermentation co C16 Bio. By Jennifer Marston

Interviews, opinions and analysis

​From ‘GLP-1 companion foods’ to ‘Nature’s Ozempic…’ What the new breed of weight loss drugs means for the food industry​

Are GLP-1 drugs an ‘existential threat’ to the food industry or an opportunity for some creative thinking? By Elaine Watson

​Cultivated meat in the spotlight at Tufts cellular ag day: ‘Focusing on science experiments that cannot scale is misleading people’​

We’re kidding ourselves if we think we can make the unit economics add up for cultivated meat without deploying ‘much much larger’ bioreactors, says Ark Biotech. By Elaine Watson

​Meet the founder: Money really does grow on trees, says Propagate’s Ethan Steinberg. But agroforestry requires patient capital​
​AgFunder portfolio co!

Farmers looking to plant trees among their crops need support, and upfront capital, says Propagate CEO. By Elaine Watson

​Armed with $8.7m in fresh capital, Nasekomo builds insect ag franchise model​

Insect farming is not for the faint-hearted. So what business models make sense, and who is going to fund the next wave of facilities? By Elaine Watson

​Guest article: The greenwashing effect of GWP* – the new methane metric pushed by Big Agriculture​

Is GWP* the best way to measure of methane emissions? By AgFunderNews guest contributor Nusa Urbancic

In case you missed it

​Juice… with up to 80% less sugar? Ingredion Ventures leads series A at Israeli foodtech co Better Juice​

The startup's enzymatic technology converts up to 80% of the sugars in juice into dietary fibers and non-digestible sugars. By Elaine Watson

​Exclusive: Israel’s SeeTree banks $17.5m to expand its ‘tree intelligence’ platform for orchards and forests​

New funding will enable SeeTree to work with new crop types and expand into new territories. By Jennifer Marston

​How Ozempic changed my mind, body – and investment strategy​

By guest contributor Bharat Vasan

What we're reading

​The dubious climate gains of turning soil into a carbon sink​

Financial Times

​What the ill-fated Ron DeSantis campaign and plant-based meat have in common, according to a marketing expert​

Fortune

​Sea level rise is already changing what farmers can grow​

Civil Eats

​Scientists to USDA: Tackle America’s meat consumption, or the climate crisis will force you to​

Green Queen

​The start-ups making robots a reality AgFunder portfolio co!

GatesNotes

​Is cultivated meat a threat to farming? EU countries clash over cellular agriculture’s future​

FoodNavigator

​The next farm bill could fix checkoff programs​

Civil Eats

AgFunder research

​2023 Asia-Pacific AgriFoodTech Investment Report

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​2023 Africa AgriFoodTech Investment Report

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​2023 India AgriFoodTech Investment Report​

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​2023 Global AgriFoodTech Investment Report

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Jobs at AgFunder portfolio companies

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MycoWorks (Union, South Carolina)

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Greenlight Biosciences (Research Triangle Park, North Carolina)

​Financial controller​

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​Lab Scientist (intern)​

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