Leiden, 1 March 2022 – Dutch AgTech scale-up In Ovo closes 34M fund raise to accelerate its international growth and scale up plans. The new funding is provided by impact investor ECBF and ABN AMRO and includes follow-on investments from existing shareholders Evonik and VisVires New Protein, as well as an additional investment from technology partner Demcon. This round is further supported by Libertatis Ergo Holding of Leiden University.
In Ovo, a spin-off from Leiden University, was founded in 2013 with a single purpose:to end the mass culling of chicks. Every year, 6.5 billion male chicks are culled in the worldwide poultry industry, because the males do not lay eggs. Traditionally, chicks are manually sorted by gender right after hatching and the male chicks are killed. In Ovo has developed a high-throughput screening machine called Ella®, which can identify the gender of eggs before they hatch. This enables hatcheries to only hatch females, eliminating the need for culling the males on an economic and truly industrial scale. Ella marks a huge step forward in animal welfare and the sustainability of the poultry industry.
This growth funding for In Ovo comes at a pivotal moment in the market. An increasing number of countries are making the culling of chicks illegal, whilst in many other countries pressure is mounting from customers, retailers, regulators and NGOs and the industry itself. In Ovo is already working with early adopters and this new funding will enable In Ovo to offer its Ella solution in markets across Europe and beyond.
About In Ovo
In Ovo is a Dutch AgTech scaleup based in Leiden, that develops high-tech solutions to improve animal welfare and sustainability in the poultry sector. After nearly ten years of development, In Ovo’s Ella machine produced the first ‘cull-free chicks’ in Q4, 2020. Since then, a highly improved Ella machine has been developed with an increased capacity to match modern hatcheries’ high production volumes. Next to Ella, In Ovo has a pipeline of other innovations to further increase its impact. Visit www.inovo.nl or follow us on LinkedIn.
In Ovo B.V.
T: 31 (0)71 569 0228
The European Circular Bioeconomy Fund (ECBF) invests growth capital in ambitious and visionary entrepreneurs and encourages private and public investors to assist in the development of late-stage bioeconomy companies. The fund aims to make sustainable investments in our future and speed up the shift from a fossil-based to a circular, bio-based economy. Headquartered in Bonn and with a total fund volume of € 300m, to which the European Investment Bank (EIB) has committed €100 million, ECBF will be an important financial instrument in achieving the European Green Deal goals of making Europe climate neutral by 2050. www.ecbf.vc
Demcon develops, produces and supplies technology and innovative products. The company was created as a result of the passion of its founders for combining creativity and technical skills focused on solving complex issues. In addition to developing technical solutions, Demcon also focuses its efforts on promoting entrepreneurship and investing in talent and education. www.demcon.com
Evonik is one of the world leaders in specialty chemicals. The company is active in more than 100 countries around the world and generated sales of €12.2 billion and an operating profit (adjusted EBITDA) of €1.91 billion in 2020. Evonik goes far beyond chemistry to create innovative, profitable and sustainable solutions for customers. About 33,000 employees work together for a common purpose: We want to improve life today and tomorrow. www.evonik.com
About VisVires New Protein (VVNP)
Pioneers in deploying venture capital into food tech, VVNP backs ambitious teams who are developing transformative solutions for a healthier, safer and more sustainable agri-food system.
In addition to In Ovo, VVNP has led investments in companies including Ÿnsect (France), Aleph Farms (Israel), Collectiv Foods (United Kingdom) and Mushlabs (Germany). www.visviresnewprotein.com
About Libertatis Ergo Holding (LEH)
Libertatis Ergo Holding (LEH) is an independent subsidiary of Leiden University, which invests in science based startup companies associated with the activities of Leiden University and supports entrepreneurs. www.libertatisergo.com
This funding round was supported by Rembrandt M&A, JB Law, Benvalor, Levenbach Advocaten and Schut van de Ven.