The foodtech and environmental impact company, Agrosingularity, has closed a seed investment round worth 1.07 million euros. Led by Tech Transfer Agrifood, a fund under the management of Clave Capital, Tokavi Activos and Ship2B, through its Equity4Good impact vehicle, it has also had the participation of Toubkal Partners (SeedRocket) and various Business Angels such as Diego Recondo (Partner at All Iron Ventures) Javier López and Emilio Nicolás (Founders Erasmusu), Marc Ferrán (Keiro Partners) and the management team of Q-impact, impact fund, of the private equity Qualitas, among others.
The company founded by Juanfra Abad, Luis Rubio and Daniel Andreu is dedicated to the production of food ingredients that fulfil important functions such as natural flavouring foodstuffs, natural colouring foodstuffs, vegetable fibres, vegetable proteins and substitutes of artificial additives. The raw materials are sourced in the losses derived of the primary production of fresh zero kilometre fruits & vegetables, thus recovering food and preventing the emission of greenhouse gases.
As of today, the company primarily produces in its Hub in Murcia but has a second production Hub in Navarra planned, adding a third, in an international placement, in 2022. This “Glocal” production model allows the company to manufacture top quality ingredients thanks to the local biodiversity. According to Daniel Andreu, CEO of Agrosingularity, “we are very happy to be able 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”.
According to Pedro de Álava, TECH TRANSFER AGRIFOOD Director, “Agrosingularity’s investment is strategic for our fund, since it supports the development of a global agent that allows to optimize the transformation process of raw materials from agriculture to natural ingredients and additives. Generating an aditional positive impact in each phase of this transformation”.
Objective to reach 10 Million Euros
Founded in July 2019, the company has modelled more than 20 products with various high-value functionalities (flavourings, colourings, vegetable proteins and vegetable fibres), its impact, using losses of the food industry primary production, opens the way to a new consumption model of responsible, sustainable and local ingredients. “Consumption habits are changing, consumers demand local, respectful and sustainable products, there is a unique opportunity to integrate these upcycled ingredients into the industry,” says Andreu.
Agrosingularity closed its first year of operations (2020), with a turnover of 100,000 euros, this year it plans to close with a turnover of more than 1.5 million euros, and the company’s goal is to reach a turnover of 10 million of euros in the next three years, thus consolidating a business model with a high degree of environmental impact and scalability, offering ingredients that help the food industry in the development of plant-based products and the replacement of artificial additives in their current formulations.
Growth and expansion in Central Europe
It is currently working on the next evolution of its product portfolio, to design plant-based solutions for application in the food industry, among its clients are food manufacturing companies, biotechnology companies and it has a strategic partnership with the German multinational Brenntag, where they are already working in Iberia and have recently expanded their collaboration to Italy. According to Andreu, “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.”
Agrosingularity has doubled its workforce in the last two months, reinforcing the business development area with the incorporation of Paloma Iturmendi as Global Business Director and Miguel Jiménez, Global Business Manager, the finance, operations and product area, the latter, with the incorporation of Amaury Taboada as New Product Development Manager, in addition, they have reorganized the top management, appointing Daniel Andreu CEO of the company to replace Juanfra Abad who assumes the role of COO and CSO (Chief Sustainability Officer).
Agrosingularity has had, for its seed round, the legal and financial advice of Delvy, an office specialized in Startups located in Barcelona.