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 in an early stage. 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, while 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.
Co-founder Wouter Bruins: “Getting Ella from an idea to a market ready technology has been a fantastic journey, one that we couldn’t have made without the help of our initial investors. We can’t wait to start the next chapter in our mission and are super-excited to be joined in this by ECBF, ABN AMRO and Demcon. We are looking forward to making large positive impact in the food industry, together with our customers and our growing team of driven people.”
Peter Nieuwenhuizen, founding partner ECBF: “We are delighted to join the founders and current investors of In Ovo on their journey. Poultry and egg farming are essential for the supply of protein to feed the world, and solving the issue of male chick culling will be transformational for the sector. We believe that In Ovo can be a force for good, not just by eliminating male chick culling but also by introducing additional practices that improve animal health & wellbeing, and increase resource efficiency.”
Fred Bos, managing director at ABN AMRO: “As a financial partner of In Ovo ABN AMRO is delighted to finance this initiative. We aim to provide a solid financial basis for companies that have the potential to accelerate the transition towards a sustainable, animal friendly society. This initiative is a good example that fits with this ambition. Furthermore, the product-as-a-service proposition is a really innovative element that contributes to a more circular economy, a key theme at ABN AMRO.”
Matthieu Vermersch, managing partner VVNP: “As one of In Ovo’s earliest investors, we could not be prouder of the team’s achievements. Their success is a perfect example of how investing in scalable solutions for the right problems can lead to strong impact and financial performance.”
Bernhard Mohr, head of Evonik Venture Capital: “Since we first invested and partnered with In Ovo in 2018, the company has flourished, developing its technology further and bringing it to the market. We are proud to be part of a cooperation that prevents the culling of chicks and thus brings animal protein supply to retail sustainably.”
Dennis Schipper, CEO Demcon: “Our mission is to create positive social impact through our core values of entrepreneurship, development and collaboration by developing and producing high technology solutions. This innovation of In Ovo really makes impact on the society. We are delighted to have been able to act as developer, producer and investor in this next round.”
Rob Mayfield, managing director Libertatis Ergo Holding, Leiden University: “We are thrilled that Wil, Wouter and the whole In Ovo team have reached this exciting milestone in their ambitious journey from a University startup, to an international scaleup, with enormous impact potential on both animal welfare as well as emission reduction.”
This funding round was supported by Rembrandt M&A, JB Law, Benvalor, Levenbach Advocaten and Schut van de Ven.
