Category: 2024

Maia Farms to expand mycelium production with $1.7M in pre-seed round
The completion of a $1.7 million seed round by Maia Farms will allow the Vancouver, Canada company to scale up its production platform, delivering higher yields for its mycoprotein products. The company won the Canadian grand prize in the Deep Space Food Challenge with partner Ecoation in April. Joyful Ventures, PIC Group and Koan Capital led the round, which was also supported by angel investors within the Creative Destruction Lab. The company also received funding from the Canadian Food Innovation Network, the National Research Council of Canada, MITACS and the Canadian Space Agency.

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Kiosk-ordering software firm Bite secures $9M in Series A funding
Bite, a U.S. company specializing in kiosk software for restaurant and convenience store brands, secured $9 million to help fuel growth and invest in its patented AI technology, called Bite Lift. The technology analyzes customer orders in real time and drives upselling through personalized order suggestions. Stanley Capital led the round, with participation from Graham Partners, Food-X, One Way Ventures and Tamarisc Ventures.

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Wonder secures $700M funding
Wonder, a food hall business with 11 units, secured a massive $700 million in funding, including investments from various shareholders and new backers. The company, led by Marc Lore, plans to aggressively expand to 90 units by 2025, focusing on culinary innovation, technology enhancements and partnerships with renowned chefs to stand out in the competitive delivery-centric restaurant market.

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AI Palette secures $5.7M
Singapore-based startup AI Palette has secured $5.7 million in funding to expand its AI-powered platform for food innovation, with plans to broaden into beauty and personal care. The platform, already utilized by major players like Nestlé and Diageo, incorporates a chatbot named FoodGPT and aims to accelerate product development by analyzing vast data sets to identify trends and generate tailored concepts rapidly.

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Investment in TWF Flours
Zerodha’s Rainmatter has invested Rs 12 crore ($1.4 million) in food tech startup TWF Flours, marking the company’s first institutional funding round since its establishment in 2019. TWF Flours, which focuses on enhancing flour nutrition and quality through innovative milling technology, plans to allocate the funds primarily for research and development. The investment aligns with Rainmatter’s focus on health and wellness startups, expanding its portfolio in fintech, health tech and storytelling sectors.

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AtmosZero closes $21M Series A
AtmosZero has secured $21 million in Series A funding, co-led by Engine Ventures and 2150, to accelerate its Boiler 2.0 technology to decarbonize industrial steam production without emitting carbon. The round saw participation from key investors such as Constellation Technology Ventures and Energy Impact Partners. AtmosZero’s innovative approach targets diverse sectors such as food and chemical manufacturing, offering a scalable, drop-in replacement for fossil-fueled boilers crucial for achieving global emission reduction goals. CEO Addison Stark emphasizes the company’s vision to eliminate emissions from fossil-fueled boilers, receiving strong validation and support for their mission from leading US and European investors.

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More mushroom money
Organic mushroom provider M2 Ingredients secured investment from Meaningful Partners, alongside support from White Road Investments and InvestEco. The investment underscores the growing interest in sustainable food practices and highlights confidence in M2’s mission and potential for growth in the organic food market.

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Grupo Bimbo acquires Amaritta
Mexico’s Grupo Bimbo has acquired Spain-based, gluten-free bakery company Amaritta, marking an expansion into the gluten-free bread segment. The financial details of the deal were not disclosed. Grupo Bimbo, the world’s largest bakery company, expressed its commitment to adapting to the diverse needs of consumers. Amaritta, based in Córdoba, Spain, is described as having a leadership position in the gluten-free bakery category there, with a manufacturing space capable of producing 10 million units of gluten-free products.

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DayDayCook acquires Yai’s Thai
The content-driven food brand DayDayCook will acquire Yai’s Thai, a Thai American food brand known for its pantry staples like curries and stir-fry sauces. The acquisition, financed through a mix of cash and stock, is expected to be finalized by the end of the year. Yai’s Thai, founded in 2014, will expand DayDayCook’s presence in key U.S. retailers, including Costco, Whole Foods Market, Safeway, Sprouts and Kroger. The move aligns with DayDayCook’s strategy to grow its Asian convenient meal solutions in the US market and is the company’s second acquisition in the country.

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