Minas Gerais-based foodtech startup, Nuu, has secured USD $4M in funding to expand the distribution of their carbon-neutral cassava-based food products, a staple in Brazil and South America. The funding round was led by EcoEnterprise Fund, with participation from CamelFarm Capital, Newlin, MadFish, Bioma Food Hub, as well as angel investors from GVAngels and Gávea Angels.
Nuu, a women-led startup, plans to utilize the capital to enhance their marketing and sales efforts. Previously, the company had grown through bootstrapping without much marketing, but now they aim to communicate the sustainability of their brand to consumers. CEO Rafaela Gontijo revealed their intention to expand to 6,000 retail locations within the next two years.
The company's mission is to transform the way cassava is consumed by leveraging technology and innovation to offer a variety of cassava-based products and recipes, promoting sustainability and healthy eating.
According to a 2022 report by Endeavor and Pepsico, the foodtech sector has attracted significant investments over the past decade, totaling USD $1.7 billion across 206 funding rounds. Notably, 64% of this capital was invested in 2020 and 2021. While foodtech companies in Latin America have created over 29,000 direct jobs, only 15% of Brazilian companies in the sector have expanded internationally, compared to 52% in Chile and 49% in Argentina.
In addition to their flagship cassava-based cheese bread, Nuu offers various products such as tapioca sticks, cassava-based pizza dough, naturally colored cheese bread, and chef Rodrigo Oliveira’s tapioca cubes.
Nuu's commitment to sustainability earned them a spot in the Jornada Amazônia program in August. They calculate the carbon footprint of their products, offset packaging emissions entirely, use clean energy in production, and promote regenerative production models for small rural producers.
With this funding, Nuu aims to accelerate its growth and impact, capitalizing on the increasing consumer demand for eco-friendly yet indulgent food options.