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MeaTech 3D Announces Collaboration with Umami Meats, a Singaporean Cultured Seafood Company



MeaTech 3D Announces Collaboration with Umami Meats, a Singaporean Cultured Seafood Company

The collaboration creates an opportunity to penetrate the Asian market with 3D-bioprinted structured seafood products

MeaTech 3D Ltd. (Nasdaq: MITC) (“MeaTech”), an international deep-tech food company at the forefront of the cultured meat industry, is pleased to announce that it has signed a memorandum of understanding with Umami Meats for the joint development of 3D-printed cultured structured seafood.

Umami Meats is a Singapore-based cultured seafood company with a focus on developing species that are expected to experience severe supply-side shortages in the coming years due to climate change, overfishing and continuously growing consumer demand. The global seafood market was estimated to be worth US $110.2 billion by 2022 and is growing at a CAGR of 3.6% (FMI – The Food Industry Association).

This collaboration opens a door for both companies into the Asian market, and Singapore specifically, which is currently the only country that has authorized the production and distribution of cultured meat.

The agreement is part of MeaTech’s strategy of collaboration with other players in the alternative protein space and takes advantage of the company’s flexibility in its technological and biological capabilities to develop and print a wide variety of species. With this agreement, MeaTech will be adding seafood to its portfolio of bovine, avian and porcine products under development.

The company’s innovative 3D bioprinting technology can produce complex meat products with pinpoint precision at an industrial rate of production without impacting cell viability. Through the company’s private subsidiary, MeaTech is developing and commercializing its 3D-printing capabilities in-house and to third parties in the food-tech sector.

MeaTech also sees this collaboration as an opportunity to make a valuable contribution to helping preserve marine ecosystems and wildlife while addressing the environmental challenges surrounding the aquaculture and fishing industries.

Arik Kaufman, MeaTech’s Chief Executive Officer & Founder: “We are very pleased about this new agreement which reflects our commercialization strategy of industry collaboration using our unique 3D printing capabilities. We are excited about entering into the seafood sector and believe it will lead us to new market pathways throughout Asia and worldwide.”

Mihir Pershad, Umami Meats’ Chief Executive Officer & Founder: “We are delighted to establish this collaboration with MeaTech to expand our product range with their 3D printing capabilities. This partnership will enable us to build upon our technology platform for cultivating fish muscle and fat to produce a variety of structured products that meet the desires of discerning consumers. We believe cultivated seafood holds tremendous potential to provide a local, sustainable source of healthy protein and to address many of the challenges facing our food system and our oceans.”

About MeaTech

MeaTech 3D Ltd. is an international deep-tech food company at the forefront of the cultured meat revolution. The company initiated activities in 2019 and is listed on the Nasdaq Capital Market under the ticker “$MITC”. MeaTech maintains facilities in Rehovot, Israel and Antwerp, Belgium and is in the process of expanding activities to the US.

MeaTech is developing a sustainable, slaughter-free solution for producing a variety of beef, chicken and pork products, both as raw materials and whole cuts. The company’s approach to meat production and modular factory design will provide an alternative to industrialized animal farming with the potential to enhance food security, reduce carbon footprint, and minimize water and land usage.

About Umami Meats

Umami Meats is cultivating a sustainable seafood future by producing delicious, nutritious, affordable cultivated seafood that is better for our health, our oceans and our future. Umami Meats’ cultivated, not-caught seafood offers equivalent nutrition to traditional seafood and provides a delicious culinary experience that is free from heavy metals, antibiotics and microplastics.

Umami Meats has also been recognized as a Semi-Finalist in the XPRIZE Feed the Next Billion competition, Fi Global Startup Innovation Challenge finalist, member of Forward Fooding’s 2021 FoodTech 500 list, and as the Best Emerging Sustainable Seafood Company – Southeast Asia in the 2021 Global Green Business Awards.

We are excited about entering into the seafood sector and believe it will lead us to new market pathways throughout Asia and worldwide.


A season of smaller bets and realistic valuations: New report shows India agrifoodtech funding dipping to pre-pandemic levels 




AgFunder and Omnivore have released the sixth India AgriFoodTech Investment Report, detailing just under $1 billion in startup investment, a 60% year-over-year decline from $2.4 billion in 2022. However, India maintained a steady deal activity with 129 deals, only slightly fewer than in 2022. This reduction aligns closely with the global decline in agrifoodtech investments, which fell by 50% year-over-year. 

Unlike the global market, however, the total funds raised by Indian agrifood startups were not far off from the $1.3 billion garnered in pre-Covid 2019, suggesting a normalization of market conditions after a period of excessive valuations. A concerning trend is the limited participation of agrifood investors, with Omnivore being one of the few remaining, alongside generalist and climate-focused VCs. This scenario underscores the need for more committed investors across all stages. 

Below are some of the highlights of the report:

  • In 2023, Indian agrifoodtech startups raised $940 million across 129 deals, down 60% from 2022.
  • The number of deals remained almost flat with 129 closing in 2023 compared to 133 deals in 2022, indicating smaller deal sizes given the steep decline in dollars raised.

  • More early stage deals closed in 2023 than 2022 indicating continued interest by investors in the category but at much lower valuations than in previous years.
  • The median deal sizes dropped significantly year-on-year across stages and most dramatically at the late stages: 50% at the early stages (Seed and Series A), 39% at the growth stages (Series B and C) and 89% at Series D and later.

Both AgFunder and Omnivore continue to explore deals that push beyond traditional agrifood boundaries into adjacent sectors, highlighting the growing interconnectedness of food, agriculture, and other industries like climate tech. Despite a decrease in the median deal sizes, the willingness to invest persists, although at lower ticket sizes, with Ag Marketplaces and eGrocery receiving the most attention yet again. However, there are fewer players in the market than before, reflecting Power Law dynamics.  

Other key insights in the report:

  • All parts of the supply chain received substantially less funding in 2023 than 2022, with Midstream startups faring the worst with a 80% decrease.
  • eGrocery was still the most funded category, albeit with a 46% year-over-year drop to $420 million.
  • Agribusiness Marketplaces & Fintech was the second best funded category, raising $162 million, a more pronounced 62% decline.
  • Together, eGrocery and Ag Marketplaces & Fintech accounted for 62% of the capital raised in 2023.
  • Many later-stage startups raised follow-on bridge capital in 2023, resulting in smaller deals at the late stage. This is in line with global agrifoodtech investment trends, where later-stage startups have raised down rounds and overall valuations have been severely corrected.

Louisa Burwood-Taylor, Managing Editor of AgFunder News, observed, “The global downturn in agrifood investments is attributed to fewer and smaller deals, but the situation in India indicates a fundamental shift. Although the number of deals remains nearly unchanged, the investment approach in India has become more selective and merit-based, suggesting a gradual and promising revival of the sector.”

Mark Kahn, Managing Partner, Omnivore, said, “What we see unfolding before us is the return of realistic valuations that reflect the operational and financial achievements of the companies. From unbridled growth strategies, the focus is squarely on prioritizing building a strong business model, focusing on profitability, and creating value for customers and stakeholders. Like 2023, this year will be a great vintage year to invest in promising startups, especially for founders who are building differentiated and unit economically viable businesses from the beginning. ”

This report is produced by AgFunder in partnership with Omnivore and will be released at 01:00 pm IST on Wednesday, April 30, 2024 and includes spotlights on the startups – altMFasalFaunatech, and Intello Labs.

About AgFunder

AgFunder is a world-leading venture capital and intelligence platform for the global food and  agriculture industry. AgFunder’s team of award-winning journalists and researchers reports on and analyzes the people, companies, and technologies aiming to improve human and planetary health via its news site AgFunderNews and research platform. AgFunder is also one of the most active agrifoodtech investors globally, using technology, media and networks to invest in and support transformational founders and technologies.

About Omnivore

Omnivore pioneered agritech investing in India and is the only impact investor in South Asia focused entirely on agriculture and food systems. The firm currently manages over $300 million across three funds and invests in Indian startups developing breakthrough technologies for agriculture, food, climate, and the rural economy.

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How Restaurant Businesses Manage Their Inventory Efficiently



How Restaurant Businesses Manage Their Inventory

A restaurant’s inventory is a huge financial investment that must be managed carefully. To be successful, restaurant business owners need to know how to make the most efficient use of their inventory. Therefore, any restaurant owner needs to learn how inventory works and how to manage it because they can save a lot of money through inventory management. Here are ways in which restaurant businesses manage their inventory efficiently.

Making Use of Periodic Automatic Replacement (PAR) Levels

PAR levels can help businesses identify the need for new inventory and replace worn-out items in a timely manner. When the PAR levels are set at an optimal level, items last longer before they need to come back and be replaced. This is good for business because it prevents inventory from being wasted. PAR levels can be monitored using an inventory management system.

The truth is, most major enterprises deal with PAR levels on a continual basis. Whether you own a business in auto electrics or a tiny diner on a very busy street corner, you will need to determine

  • Minimum and maximum inventory levels
  • Tracking your inventory efficiently and accurately
  • A way to catalog inventory purchases

These systems keep track of inventory in real-time and help businesses take action when the PAR level indicates it is time to replace the item. In addition, using PAR levels for your inventory management will allow business managers to identify which items need replacing more often than others.

When you own a restaurant, you need to have an accurate system in place to keep your business running smoothly. By tracking your food inventory, you can ensure freshness, meet your budgets, and better prepare for busier dining shifts.

Use Inventory Control Systems

Using an inventory control system will help a restaurant manage its inventory efficiently. Inventory control systems allow businesses to track, monitor, and manage their inventory from when the item is purchased until it is sold. This works by recording all inventory purchases, storing data on the items’ history, and recording changes to individual items’ stock levels. Such recording also helps in demand forecasting as it assists in generating accurate, and meaningful forecasts.

By doing this, businesses can keep tabs on how they use their supply of an item, which allows them to make better decisions about what to stock next and how much of that item should be in stock. Furthermore, an inventory system can help businesses understand their inventory costs and profit margins over time.

An inventory control system for your business could be easier and more affordable than you think. With a proper system in place, you can

  • Use existing company devices like tablets and phones to scan in inventory
  • Track employee time and process payroll
  • Upgrade security for your restaurant
  • Provide a better HR experience for your restaurant

Label And Organize Your Inventory

Labeling and organizing your inventory will allow you to identify an item’s location easily. This will help you avoid missing items when dealing with a stock limit and makes it easier to pinpoint them if they are misplaced or missing during the day. Labeling items helps your employees know what each item is used for, which can be useful when managing inventory daily.

Assigning each item an identification number will help you keep track of items that are no longer needed and dispose of them accordingly. Labeling your inventory will help ensure that items are properly stored and that you have the necessary stock for each customer.

There are cloud-based services available that simplify this process significantly. You can assign each item a barcode. You could even assign each bin a barcode. Modern companies know what you need as a restaurant, and can provide you with the information you need at the scan of a label. Use your phone to scan a bin for more information on freshness, cost, and overall stock levels. This can really drive up your restaurant’s quality assurance.

Keep Duplicate Records of All Inventory Worksheets

Keeping duplicate records of all inventory worksheets will help you keep track of the changes made to your inventory over time and ensure that everything is accounted for. This is important for your successful inventory management because it allows you to understand better where things are and how much stock is left in any given location. Keeping this kind of record in a simple-to-use format can even simplify your life when doing taxes.

Restaurant businesses can manage their inventory efficiently by using inventory management software. These software programs help restaurants manage their inventory by tracking, monitoring, and updating information on every item they have in stock. These programs also allow business owners to monitor the usage of items and set PAR levels for certain items. This is useful because it helps them identify items needing replacing at a specific time and how much stock to keep on hand for those items.

Use Inventory Counts

Using inventory counts will help a restaurant manage its inventory efficiently. This works by tracking the number of items in stock and checking that number against the number of items ordered. Accurate information on your stock will allow you to make better decisions about what to order and when to reorder because you’ll know exactly how much of each item you have on hand. This will also help prevent your inventory from running out, making you miss out on sales and lose money.

Inventory management is an essential part of any restaurant business. Without proper inventory control and management, restaurants will struggle to produce quality food for their customers. Therefore, businesses must stock enough items to meet their target market demand. With the help of software systems, a business can manage its inventory efficiently and have a much more profitable business.

Remember that these days service providers have you, the restaurant owner in mind. You can implement a very simple to use, and effective system to ensure a better dining experience for your customers. You can track inventory, set stock on auto order, and even manage employee payroll and schedules all from a single provider. You can take back control over your restaurant business for better profits and a finer dining experience.

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Essential Digital Tools Every Food Production Start-Up Needs And Why



Digital Tools Every Food Production Start-Up Needs

Food production is an important global market and one that is worth trillions of dollars worldwide. As such, it’s no surprise that many business leaders choose to enter the sector and offer new foods to consumers.

Entering into this fast-paced and highly competitive market can be a challenge, especially if your specific niche is already saturated.

Food production start-ups that want to succeed need to ensure that they are streamlined and efficient from the beginning to save money and offer the highest possible standard of products to consumers.

To achieve this aim, new food production companies need to be using the right tools and technologies to ensure efficiency and reduce costs.

Here are some essential technology solutions and digital tools that every start-up food production company needs.

Temperature Control Tech

Most ingredients and foods need to be stored and cooked to specific temperatures, depending on their status- before and after cooking, items will need to be kept at different temperatures. Managing and checking all of these temperatures can be a logistical challenge, particularly if you have many stages to go through before you achieve the finished product. Temperature control technology can help you to monitor the temperature of each ingredient and change the temperature of ovens or fridges accordingly to ensure that items are always fresh and fit for consumption.

Case Packing And Tray Loading Solutions

Getting your naked food product into your packaging can be challenging if you do it manually, particularly as your business grows. If you use your hands, then you need to make sure that you use gloves and focus on hygiene, while manually using tools can be equally time-consuming. Tools like BPA’s case packing machine can save your team’s time and reduce wastage, which makes it a great solution for scaling up your food production company. It will be easier to load trays and pack containers then easily get them labeled and shipped to the consumer.

Logistics Solutions For Warehouse And Inventory Management

In food production, there are lots of ingredients, packaging products, and small pieces of equipment to keep track of. Knowing where everything is, what it’s used for and, as is the case for ingredients and foodstuffs, how fresh it is, can require a lot of paperwork and organisation if undertaken manually. With the help of logistical solutions for warehouse and inventory management, you can assign each item a unique barcode, and then track its progress throughout your premises. Using these tools can save you time and reduce the chances of waste in your start-up food production organisation.

Payroll And Employee Management Software

There are more than 131,616 food production employees in the US alone, and many companies employ multiple team members to manage their food production offerings. Payroll and other essential employee management tasks can be time-consuming if they’re undertaken manually. It can also be hard to manage employees effectively and offer them the perks they expect without digital tools. Food production requires dedicated, efficient, and hygienic staff, so a low turnover is crucial. Payroll and employee management software solutions can help companies to manage their teams more effectively and reduce staff turnover, which can benefit their business in the long run. Technology and software tools can help your food production start-up to grow and achieve the success it deserves. It might seem hard to choose the right products, especially as there are so many options out there, and the wrong one can waste your time and hard-earned money. These suggestions should help you to find the right tools for your fledgling food production business

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