Agrosingularity: Spanish FoodTech Secures €1M To Produce Natural Upcycled Ingredients For The Food Industry
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Environmental impact firm Agrosingularity recently closed a EUR€1.07m (approx. US$1.2m) seed investment round to scale up its production of ingredients that enables food manufacturers to employ natural and sustainable solutions in its formulations.
The round was led by Tech Transfer Agrifood, a fund managed by Clave Capital; Tokavi Activos and Ship2B, through its Equity4Good impact vehicle; and also received support from Toubkal Partners of SeedRocket.
In addition to this, the round was backed by angel investors like partner at All Iron Ventures Diego Recondo; founders of Erasmusu Javier López and Emilio Nicolás; Marc Ferrán from Keiro Partners and the impact fund of private equity Qualitas, Q-impact, and several others.
Founded by Juanfra Abad, Luis Rubio and Daniel Andreu, the firm has modelled over 20 products and produces food ingredients that can be used to naturally flavour and colour foodstuffs and act as vegetable fibres, vegetable proteins and can even be substituted for artificial additives.
These ingredients are developed by food waste that is sourced from the primary production of fresh ‘zero kilometre’ fruits & vegetables offering a new consumption model of sustainable, and local ingredients.
According to a press release seen by Green Queen, Tech Transfer Agrifood director, Pedro de Álava said: “Agrosingularity’s investment is strategic for our fund since it supports the development of a global agent that allows optimizing the transformation process of raw materials from agriculture to natural ingredients and additives and generates an additional positive impact in each phase of this transformation.”
At the moment, the firm produces its ingredients in Murcia, Spain with plans for a second hub in Navarra and a third set to open overseas in 2022.
Agrosingularity’s investment is strategic for our fund since it supports the development of a global agent that allows optimizing the transformation process of raw materials from agriculture to natural ingredients and additives.Pedro de Álava, director, Tech Transfer Agrifood
CEO of Agrosingularity Daniel Andreu said that he is glad to add “new travel companions and first-line human capital” to the company. “With the new resources we will continue to increase the degree of technology and innovation to provide natural and sustainable solutions that help our clients in their challenges. As consumption habits are changing, consumers demand local, respectful and sustainable products and there is a unique opportunity to integrate these upcycled ingredients into the industry.”
At the moment, the team is working on the next phase of its product portfolio, designing plant-based solutions for the food industry for clients including food manufacturing companies and biotech firms, along with an agreement with the German multinational Brenntag.
As consumption habits are changing, consumers demand local, respectful and sustainable products and there is a unique opportunity to integrate these upcycled ingredients into the industryDaniel Andreu, CEO of Agrosingularity
Andreu added, “Our new investors will help us on this path, their experience and knowledge of the sector are a very important asset, the world of food has changed as a result of Covid and we are an active and relevant part of this change at a global level.”
The firm will look to end the year by exceeding EUR€1.5M (approx. US$1.8M) in turnover and will aim to reach EUR€10M (approx. US$12M) in the near future.
Lead image courtesy of Agrosingularity.