In Ovo, a Dutch AgTech scaleup has announced that it has secured €34M in a Series B round of funding led by impact investor European Circular Bioeconomy Fund (ECBF) and financing from ABN AMRO.
Other investors, including Evonik, VisVires New Protein, and technology partner Demcon, participated in the round. This Series B funding round is further supported by Libertatis Ergo Holding of Leiden University.
The Leiden-based company will use the funds to accelerate its international growth and scale-up plans.
Wouter Bruins and Wil Stutterheim founded In Ovo in 2018 as a spin-off from Leiden University with one goal – to prevent the killing of day-old chicks.
Every year, around 6.5B male chicks are killed in the poultry industry. Right after hatching, chicks are manually sorted by gender and the male chicks are killed.
In an attempt to prevent it, In Ovo has developed a high-throughput screening machine called Ella, which can identify the gender of eggs before they hatch.
It enables hatcheries to only hatch females, eliminating the need for culling the males on an economic and industrial scale.
After a decade of development, In Ovo’s Ella machine produced the first ‘cull-free chicks’ in Q4, 2020.
Ella marks a huge step forward in animal welfare and the sustainability of the poultry industry claims the company.
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