Business News Australia reported that Australian company Cauldron had raised AUD 10.5 million in a seed funding round led by Horizon Ventures and Main Sequence, two venture capital funds, to support its mission of building the largest network of precision fermentation facilities in the Asia-Pacific region. The company’s technology aims to create new proteins, fats, and fibers for multiple applications, including food and medicine production. Cauldron’s founder and CEO Michele Stansfield said the seed funding would enable the company to scale up its pilot production facility in regional NSW and demonstrate the feasibility of new hubs in other parts of Australia.
Cauldron’s permaculture platform aims to revolutionize how food, feed, and fiber are produced globally by supercharging fermentation. With over 35 years of expertise in the precision fermentation sector, Cauldron aims to leverage Australia’s unique infrastructure and abundance of natural resources to help companies get new products and ingredients to market quickly at lower cost and risk. The company’s focus on animal-free dairy and meat products is in line with the growing trend towards plant-based alternatives, as consumers become increasingly concerned about the environmental impact of animal agriculture and the welfare of animals. Cauldron’s funding round is one of the largest seed rounds for a female-founded company in Australia, highlighting the growing interest in innovative, sustainable solutions in the food and agriculture sector.
Australia FoodTech & AgTech Is Booming
According to Global Australia, Australia has a robust agricultural sector, with over 2,500 companies in the agri-food sector and 488 agritech startups in 2022. The country has the most significant proportion of the world’s organic agricultural area and is ranked 14th in the world for food patenting and 5th for filing alternative protein patents. In 2019, Australian agricultural products comprised 1.5% of the world’s total, and the country was ranked 23rd in the world for agricultural exports. With 15 agritech incubators and accelerators, Australia is well-positioned to support the growth of innovative technologies in Australia’s FoodTech & AgTech sectors. As the demand for sustainable and efficient agriculture practices continues to increase globally, Australia’s agricultural sector is poised to play an essential role in meeting these challenges.
Australia has committed to supporting its agricultural sector, with over A$6 billion invested since 2019 to help farmers build resilience and access new markets worldwide. This investment is part of the Ag2030 plan, which aims to generate A$100 billion in production by 2030. The plan includes funding for a range of initiatives, including expanding trade opportunities, strengthening biosecurity systems, rewarding farmers for the stewardship of their land, and ensuring fair, vital, and resilient supply chains. The plan also focuses on improving the competitiveness and innovative capacity of the industry, investing in infrastructure, and supporting human capital development. By prioritizing these areas, Australia aims to position itself as a leader in the agriculture sector, driving growth and sustainability for farmers, fishers, and foresters across the country.
Photo by Joey Csunyo on Unsplash
3 Comments