Source: Ÿnsect
Every week we track the business, tech and investment trends in CPG, retail, restaurants, agriculture, cooking and health, so you don’t have to. Here are some of this week’s top headlines.
French startup Ÿnsect has raised $224 million to build out the world’s largest insect farm. It has raised $425 million to date, which is more investment than the entire global insect protein sector has raised to date.
The Trump administration has cut off relief negotiations with House leaders, creating panic among restaurants hoping for a cash infusion from the RESTAURANTS Act, a $120 billion fund that would go to independent restaurants and bars with less than 20 locations.
Last but not least, NASA will be sending soil to space for the very first time. A shipment will be heading up to the ISS on September 29th.
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Check out our weekly round-up of last week’s top food startup, tech and innovation news below or peruse the full newsletter here.
1. France: Ÿnsect, the Makers of the World’s Most Expensive Bug Farm, Raises Another $224M – TechCrunch
Upfront Ventures and FootPrint Coalition participated in the round. The startup will be using funds to build the world’s largest insect farm in Amiens, France – set to open in early 2022.
2. What Is the RESTAURANTS Act — and Can It Really Save the Hospitality Industry? – Grubstreet
If passed in the Senate, it would provide $120b in relief through a grant program administered by the Treasury Department.
3. Restaurant Industry Scrambles for Solutions As Trump Administration Waffles on Stimulus Talks – Washington Post
President Trump cut off talks on federal relief, sending the restaurant industry reeling.
4. Good Old-Fashioned Earth Soil Will Be Heading to Space for the First Time – Modern Farmer
Hydroponics and various artificial media have been the standard option for growing plants in space until now.
5. Indoor Dining Returns to New York City, but Will Customers? – New York Times
The restaurant industry, battered by the pandemic, is hoping indoor dining will help ease months of hardship, even as questions remain.
6. AppHarvest to Go Public Through Merger Valuing Company at $1B – Food Dive
The greenhouse developer and operator is merging with Novus Capital in order to allow it to go public and list its stock on Nasdaq. The transaction will provide $475m in gross proceeds to the company.
7. With $68M in Fresh Funding, Revol Greens Plans to Build the World’s Largest Indoor Farm – AgFunder
Equilibrium Capital led the round. The company plans to build an 80-acre greenhouse complex in Texas, the largest such facility globally.
8. ShipBob Raises $68M in Series D Funding – Finsmes
SoftBank Vision Fund 2 led the round. The new capital will help bring its solutions to more customers, accelerate growth, expand its software platform and scale its global fulfillment network.
9. GrubMarket Raises $60M As Food Delivery Stays Center Stage – TechCrunch
Funding came from BlackRock, Reimagined Ventures, Trinity Capital Investment, Celtic House Venture Partners and others. The company provides a B2C platform for grocery delivery and a B2B service to supply companies with products to resell.
10. Helping Brands Sell Online: Shogun Raises $35M Series B – Crunchbase
Accel led the round. Funding will be used to scale its platform, further develop existing products and build out its teams.
11. UK: The Meatless Farm Raises $31M for Production to Keep Up with Post- COVID Demand – Vegconomist
The investment came from both existing and new private and family office investors. Funding will be used to support the Meatless Farm’s global growth strategy.
12. Nearly 20K US Amazon Workers Test Positive for Coronavirus – Retail Dive
The United Food and Commercial Workers International union slammed the outcome and called for action by federal regulators.
13. Nobel Prize in Chemistry Awarded to Two Women Who Developed CRISPR, a Revolutionary Gene-Editing Tool – Washington Post
Since its discovery eight years ago, the tool has been widely deployed in research laboratories for a variety of applications from plant breeding to cancer therapy.
14. Food & Ag Anti-Racism Resources + Black Food & Farm Businesses to Support
Check out our list of resources to learn about systemic racism in the food and agriculture industries. We also highlight Black food and farm businesses and organizations to support.
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The post Ÿnsect Raises $224M for World’s Largest Insect Farm, NASA to Send Soil to Space + More appeared first on Food+Tech Connect.