Babylon MicroFarms Closes $3M Seed Round23 Mar 2021
Virginia-based agtech company Babylon Micro-Farms announced that it raised $3 million in a seed funding round with participation from existing its investor, the Center for Innovative Technology, as well as new participants, including Hull Street Capital, Venture South and the CAV Angels group.
The funds will be used to help the company continue to develop its growing technology as well as move into the national market. In conjunction with the funding round, the company also moved its headquarters to Richmond, VA where it says it intends to triple its workforce, exceeding its original staffing projections for 2022.
Babylon said that it expects to realize triple-digit revenue growth in 2021 due to its successful strategy of targeting foodservice establishments as clients for its indoor farming units. What was once a business specializing in table-top hydroponic stations, Babylon has expanded to focus on fully-controlled grow systems that can support a variety of leafy greens as well as flowers. The company’s hardware is licensed out to foodservice operations where Babylon continues to monitor the light, water and nutrient levels in the system, alerting the people on the ground caring for the plants when they are primed for picking so that crop harvesting occurs only when necessary.
This push for indoor-grown local produce is not unique to Babylon. Other companies like Farm.One and Grönska also offer complete systems for foodservice vendors. However, Babylon may not intend to compete long term for the best hardware, The Spoon reported. Instead, the company has the opportunity to focus on providing its expertise in software to grow its indoor farming platform as more businesses and individuals seek to grow their own fresh produce.
For the time being, the company said it will spend its efforts expanding the licensing of its farm units at a national scale. “2021 is on track to be a year of accelerating growth and major market penetration through national distribution as we continue to focus on deploying our indoor farming service,” said company CEO Alexander Olesen in a statement.
DSM acquires Amyris’ bio-based flavors and fragrances business
9 Apr 2021
Netherlands-based Royal DSM acquired the flavor and fragrance bio-based intermediates business of California-based Amyris in order to extend the Dutch corporation’s presence in bio-based flavor and fragrance ingredients. The transaction was completed o...Read more
‘Bread as good as veg’: Modern Baker makes bread better with science-based Superloaf
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Packing in 12 high-fibre, plant-based ingredients and no additives, Modern Baker’s Superloaf claims to be as healthy as eating vegetables, and has won the praise of ‘gut guru’, Dr Tim Spector.Read more
Danone Manifesto Ventures makes first UK-based investment
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AeroFarms goes public through merger with Spring Valley Acquisition
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Vertical farm company AeroFarms merged with the publicly traded special purpose acquisition company (SPAC), Spring Valley Acquisition in order to continue the expansion of the greens grower both in terms of production and distribution. The transaction ...Read more
Topo Chico finally debuts its hard seltzer
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Chobani enters into pilot program with PepsiCo
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Unilever and Nestlé petition to phase out caged hens in Europe
29 Mar 2021
In a letter to the European Commission, major food titans called on the government to end the practice of raising hens in cages in the European agricultural sector. To accomplish this push, industry heavyweights Unilever and Nestlé partnered with the o...Read more
Alaska takes on 21 companies in a $1 billion price-fixing lawsuit
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The state of Alaska filed a lawsuit a $1.05 billion lawsuit against 21 chicken producers, accusing these companies of price fixing. In its filing, the State of Alaska is asking for $50 million in damage and restitution payments from each defendant.Read more
Swiss cultivated meat start-up raises $2.2m; aims for 2022 product launch
26 Mar 2021
This month, Swiss cell-cultured meat start-up Mirai Foods announced it raised US$2.2 million in a second seed round, bringing the total seed financing raised in 2021 to $4.5m.Read more
Givaudan launches new digital sensory insights tool
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Givaudan Taste & Wellbeing has introduced a new digital tool which uses AI and aroma technology to enhance its understanding of consumer preferences.Read more
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