Friday Fundings: REEF, The Protein Brewery, and Osome
REEF Sees New Possibilities for Parking Lots
REEF Technology just secured $700 million in a funding round led by Mubadala Capital and SoftBank (SFTBY). (Softbank is also an investor in SoFi.) REEF, which was originally named ParkJockey, started out building hardware, software, and management systems for parking lots. It still provides its flagship products, and the majority of its revenue still comes from parking lot business. However, it has recently branched out and now provides systems for cloud kitchens, healthcare clinics, and retail spaces.
REEF is finding ways to leverage parking lot space for other arms of its business. For example, the company sets up kitchen trailers in unused parking spots and partners with delivery services who need kitchen space close to its customers. REEF currently has a presence in over 4,800 parking garages and lots. With the new funding, it plans to operate in 10,000 locations.
The Protein Brewery Explores Plant-Based Proteins
The Protein Brewery, a Netherlands-based company founded less than a year ago, has secured €22 million in a Series A funding round led by Novo Holdings. As demand for plant-based meat and dairy alternatives surges, the startup is developing animal-free protein using fermentation technology. The company says its protein has an amino acid composition similar to meat as well as other nutritional benefits. It is also sustainable and low-cost.
The Protein Brewery is creating a powdered version of its product which can be added to foods like pasta, bread, and protein bars. It is also developing a wet version of the protein to be used in meat alternatives. The ingredient is on track to be granted regulatory approval in the US in 2021 and in Europe in 2022.
Osome Secures Funding for Machine Learning Business Solutions
Osome, an app that uses machine learning to help businesses with accounting, compliance, payroll, and other tasks, just raised $3 million in an extension of its seed round. XA Network and AltaIR Capital led the round. This brings the Singapore-based startup’s total funding to $8 million.
About 4,500 small and medium sized businesses across Singapore, Hong Kong, and the UK use Osome. COVID-19 lockdowns spurred a number of companies to sign up for Osome for the first time, because it provided ways to streamline remote-work. With its new funding, Osome plans to scale its operations and move into new markets. It is currently looking at Australia as a potential next destination.
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