Climate tech

Q4 202306.11.2023

Foodtech

Picture of Jonathan Sinclair

Jonathan Sinclair

at Sifted

Foodtech — defined by Sifted as foodstuffs and ingredients artificially created to be consumed by humans or animals — is suddenly the flavour of the month again. The collapse of the speedy groceries sector — which proved to be an expensive distraction — has prompted a fresh wave of foodtech enthusiasm. The tech itself appears to be improving too, as companies find innovative ways to improve quality and scale production — but lots of carnivorous consumers are yet to be convinced by lab-grown alternatives.

Whether it’s complex fermentation or insect farming, the sector is far from reaching its potential, and will soon have a full plate with more mouths to feed globally. Plant and microorganism-based foods haven’t quite lived up to expectations but interest in cell-based proteins — where stem cells are cultivated in labs to produce meat-like products — have taken the biscuit after a surge in funding in 2022. The US and Israel have already approved the latter for human consumption, giving runway for European regulators to follow suit and hurry their deployment to supermarket shelves.

20 most promising early-stage startups

Sifted score
8.79
-
Gourmey
Sustainable cell-cultured meat production
Strong investor(s)
Hiring
- Year founded
  2019
- HQ
  Paris, France
- Latest round
  Series A
  €48m / Oct 2022
- Total funding
  €57.3m
View company profile
Sifted score
8.74
-
UMIAMI
Plant-based meat and fish alternatives
Strong investor(s)
Hiring
- Year founded
  2019
- HQ
  Paris, France
- Latest round
  Series A
  €32.5m / Oct 2023
- Total funding
  €63m
View company profile
Sifted score
8.13
-
Project Eaden
Produces edible plant-based protein fibres
Strong investor(s)
Serial founder(s)
Hiring
- Year founded
  2022
- HQ
  Berlin, Germany
- Latest round
  Seed
  €2.0m / Jan 2023
- Total funding
  €10.1m
View company profile
Sifted score
8.04
-
JULIENNE BRUNO
Dairy-free cheese and plant-based ingredients
Strong investor(s)
Serial founder(s)
Hiring
- Year founded
  2020
- HQ
  London, United Kingdom
- Latest round
  Seed
  €5.8m / Nov 2022
- Total funding
  €6.9m
View company profile
Sifted score
7.22
-
Formo
Animal-free dairy products using precision fermentation
Hiring
- Year founded
  2019
- HQ
  Berlin, Germany
- Latest round
  Series A
  €40m / Sep 2021
- Total funding
  €44m
View company profile

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