Agtech Action | Week of 05.27.23 - 06.02.23
Agtech Action is a weekly newsletter highlighting current events in the world of agtech, and commentary
Instacart adds ChatGPT, two grain traders might merge and growing rice on Mars. French courts recommends significant reduction in cattle herds, AI and protecting bees, and the debt ceiling and agriculture.
Impact is the theme of the agtech week. What is impact? It’s the latest buzz in venture capital with investors emphasizing agtech with impact. Food and agriculture technology have had an impact, we are now hyper-focusing on it. I’ll make that argument, with an example from West Africa, in this week’s newsletter.
Food and the World:
Small-Town Bank CEOs are Cautiously Optimistic, says Rural Mainstreet Index Survey
NASA’s Newest Mission is Focused on Helping U.S. Farmers
The Forecast Looks Good for Grilling, And That's Great News for Meat Demand
Heat Going into June Will Increase Soil Moisture Troubles
Conservation and CRP Rates Discussed in Latest House Panel Hearing
IFFO reports slump in Chinese domestic fishmeal production
Flash Flooding Hits Texas Panhandle, Several Feedyards Now Face Massive Cleanup and Cattle Losses
Corn Planting Progress Surges Another 11%
CPG companies recognized for efforts to cut GHG emissions
The cattle and beef margin squeeze
Update on Mexico's GMO Corn Ban (Mexico is holding the line)
Corn, Soybeans and Wheat in the Grips of Drought
Inflation-adjusted grocery store sales down in 2022, USDA says
Nearly half of Haiti going hungry, new food security report warns
'Granary of China' braces for more wheat-damaging rain
Brazilian lawmakers vote to limit recognition of Indigenous reserves
Economic Challenges Worldwide Force Retreat in Farm Exports, Says USDA
Corn Residue Will Transform into Renewable Plastic in New Industry Deal
US Moves to Full Blown Trade Dispute with Mexico Over GMO Decree
As temps climb, Michigan blueberries need cooling mist to maintain yields
Agtech in the News:
Grain Trader Viterra in Talks to Merge with Rival Bunge
Nutrien Ag Solutions and Bunge Announce Soybean Program to Connect the Value of Sustainabilty
The Use of Single-use Plugs and Its Alternatives in Indoor Vertical Farming
Biocontrols in Agriculture: Balancing Innovation, Regulation & Economics
LED Technology for Enhanced Lettuce Growth: New Insights from Hydroponics
Genetic Switch: Scientists Transform Chicken Scales into Feathers by Modifying Gene Expression
Creative Salmon partners with Innovasea on biomass estimation using AI-enabled BiomassPro
Leveraging Transparent Solar Panels
Texas Issues First Grasslands Carbon Credits with AgriCapture
UPL and Radicle Growth Launch $1.75M Challenge to Invest in Crop Protection Startups
Darling Ingredients and Butterball Explore Potential for New Poultry Rendering Plant
What We Know About Anuvia Shutting Down
Here’s how AI is protecting bees and helping farmers pollinate crops
Unifrutti partners with Tevel for AI harvesting in Chile
This technology will make cultivated meat production faster and cheaper
Seafood without the catch? Cultivated salmon fat in development for ‘next level’ plant-based seafood
Sustainable Beef Project in North Dakota Receives Significant Grant Funding
Elicit Plant Unveils Platform to Reduce Crop Water Consumption
Expanding Market Access for Seed-Applied Technologies
Agtech startup Chonex eyes $40M raise
Instacart adds ChatGPT meal-planning search tool
Fun:
Couples Are Getting Engaged At Chili’s For Free Food At Their Wedding
Helpful Resources:
Why The Party Could Be Over for Venture Capital Trusts
Level Up on Soil Health with Livestock
Debunking 5 Pieces of Horrible Startup Advice
Estate Planning with Farm Inflation
When Does a Fence Become the Legal Boundary Line for Farmland?
Q1 2023: US VC Valuations Report
Interesting Reads:
Sustainability remains a key driver for consumers
Australian garlic kills COVID-19, says Doherty Institute
Climate savior or ‘Monsanto of the sea’?
Carving Out Convenience: Young Cattle Producer Serves Up Success with Vending Machine of Meat
French Court of Audit Recommends Significant Reduction in Cattle Herds (more stupid recommendations by a group that doesn’t understand nor appreciate agriculture)
Challenges and Progress in Sri Lanka’s Food Security
Is beef a water hog or a smoke screen?
Supreme Court ruling upholding California’s animal welfare law could lead more states to act
Michelle Obama Lobbied for Healthy School Meals. Her New Drinks Wouldn’t Qualify
10 Traits You Need to Make It as a Startup Employee
Global Agri-Food Advancement Partnership Leads Investment in BioScout
Are some diplomas worth more than others?
Hawaii’s Feral Chickens Are Out of Control
USDA Seeks Input on Changes to Prevented Planting Insurance
Carbon Pipeline Company Loses Attempt to Hold South Dakota Farmer In Contempt
Plug and Play increases investment in Morocco’s Chari
FSD Africa Investments backs Africa Climate Ventures
When customers are “willing” to pay
Unveiling the vibrant Ghana Fintech Landscape
Land around the U.S. is sinking. Here are some of the fastest areas
World’s Largest Soil Archive Brings History to Life
Yara To Build New Global Plant for Specialty Fertilizers and Biostimulants
What Does the Debt Ceiling Agreement Mean for Agriculture?
Neuralink: Elon Musk's brain chip firm wins US approval for human study
Can mathematics keep our food safe to eat?
Produce on the brain: Stress, mental health and fresh produce
Indoor Vertical Farming: A Look at the Trends in May
Finance:
Packhorse sells two assets to Gina Rinehart’s Hancock Agriculture
Energy Tech Firm Kofa Raises Seed Funding to Launch Intelligent Battery-Swapping Network in Ghana
Company Insiders Made Billions Before SPAC Bust
VCs inject $3.2B into defense-focused biotechnology
Impact will become part of all investing
Arable Capital takes stake in Organicgirl
Big Idea Ventures hits first close on $75M Fund II
Google Ventures backs carbon removal platform CUR8
Atlas Holdings to buy Resolute Forest Products’ Thunder Bay mill
Plant-based brand Heura attracts thousands of new backers
Interest coverage: How are pre-rate-hike LBOs faring in today's costlier markets?
Theme of the Agtech Week: Impact
It’s the buzzword in venture capital and every investor is insisting that if you pitch to them, your technology, innovation or solution must have impact. But what is impact? Is it social, financial, both or something else? Let’s give it a shot as the theme of the agtech week.
Impact has many definitions depending on who you ask; some of them are: societal (e.g. type of jobs, better paying jobs, etc.), environmental (e.g. water conserved, soil health, land preservation, resource mitigation, etc.) and financial (e.g. money saved, revenue generated, # of customers served or acquired). Agtech has been swooped up in the impact buzz in venture investing. Some investors will tell you that food and agriculture is in need of more impact-oriented solutions and technologies. But what if impact has been embedded in agtech all along, we are merely paying more attention to it?
For example, in West Africa there is an agtech startup (called Manobi) that provides SaaS and marketplace solution (on a smartphone) for water distribution systems for smallholder farmers. Their solution provides online, real time data of their water system’s performance so that smallholder farmers can optimize performance on their farm. If you are not aware, water is an issue in Africa and having water at the right time (planting) can mean the difference between having and not having a crop that season. Manobi enhances the performance, and profitability, of these smallholder farmers, which has a domino effect in them being able to repay loans or other financial products. The Manobi team has told me stories of how their solution has enabled farming families to better manage their farm, and allow their kids to return to school (they had to pull them away to support the farm). Talk about impact!
I can point to many other examples I’ve encountered in agtech but I highlight that one because often the thinking in venture investing is that the financial and the societal, environmental or other are often de-coupled—they are not correlated to another. I would argue that many agtech solutions, like Manobi and others still in the marketplace, are in fact coupled. To clarify, the financial and the non-financial are coupled together, and creating impact.
Agtech is, and has been, creating impact; we are now hyper-focusing on it. Find, measure and share that impact. Thanks for reading.
BD
Brandon Day is the Chief Operating Officer of The Yield Lab Institute, the global agtech think-tank, ecosystem builder, non-profit arm of The Yield Lab global network of venture capital funds. The views, opinions and commentary expressed are solely those of Brandon Day.