Faarm's platform addresses "Brazilian meat scandal" issues
Caixa Capital is proud to announce its pre-seed investment in Faarm, a company developing an online SaaS platform which gives beef producers the ability to gather and manage cattle production records in a user friendly manner, while at the same time providing full traceability information to their customers.
Faarm was selected as the grand winner of the 2nd edition of Startup Lisboa Boost and, as a result, ensured a € 100K investment by Caixa Capital.
Faarm's mission is to develop technology to facilitate access to food traceability information for a more transparent food industry. Its first product, Muuu, is a livestock management platform for the beef production sector.
The recent “Brazilian Meat Scandal” highlights the need for a robust solution that allows for total traceability of beef from origin to the consumption. Brazil is currently the world’s largest exporter of red meat, and early this month an investigation uncovered alleged corruption schemes involving Brazilian beef and poultry companies and sanitary inspectors. The investigation has already led the European Union, China and other countries to announce temporary embargoes on some Brazilian meat imports. In the EU, although the market is highly regulated, food scandals involving beef producers are still frequent.
Muuu's cloud-based system is fully compatible with the EU’s and Brazil’s meat traceability frameworks. The platform is currently available for free to beef producers and associations to consult and upload their current cattle stocks, and allows for the comparison of management data with industry best practices for food quality and safety. The platform’s ultimate goal is to increase confidence and trade in the beef production industry by promoting greater information transparency between cattle producers and their consumers.
Miguel Lupi, Faarm co-founder, stated that "Caixa Capital's investment provides the necessary resources to expedite product development, and the seasoned expertise to help us accelerate target market penetration. We are very happy to have Caixa Capital's dedicated support in building Faarm."
Stephan Morais, Executive Board Member of Caixa Capital, stated that "We are proud to onboard a company addressing issues around the growing food and agriTech sector. Congratulations to Faarm, which will now become part of Caixa Capital’s expanding early stage portfolio."
Caixa Capital is the Private Equity and Venture Capital fund management company of Portugal’s largest banking group Caixa Geral de Depósitos, present in over 20 countries. Caixa Capital is a pioneering operator in the Portuguese market, with 500 million Euros under management and a total potential capital of 700 million euros for its managed funds. Caixa Capital’s Venture Capital team partners with international funds to support global expansion of Portugal related startups with team members specialized in ICT, digital, health tech, and smart energy & materials.
Startup Lisboa supports the creation of companies and tracks their first years of activity. Founded in 2011 by the Lisbon Municipality, Montepio Bank and IAPMEI (the Portuguese Agency for Competitiveness and Innovation IP), it is a private non-profit organization that provides entrepreneurs and companies office space as well as a support structure. Mentoring, link to strategic partners, access to investment, help with business basics, networking activities, communication. Startup Lisboa is the place to be when it comes to hit success.