Follow the Money Edition 21

Cold Storage Logistics Continues its Consolidation

Deep Insight: Cold, Hard Control

Lineage Logistics is quietly becoming one of the most strategically important players in the global supply chain. Backed by Bay Grove Capital, the company has grown into the world’s largest temperature-controlled logistics provider, operating over 400 facilities across 20 countries. This week, it added another notch to its belt—acquiring several cold storage warehouses from Tyson Foods.

This deal isn’t about expansion for expansion’s sake. It’s about control—in a system where cold chain infrastructure is notoriously supply-constrained, highly regional, and expensive to build. Lineage’s model is simple: accumulate critical nodes across food, pharma, and e-commerce, then layer on tech, energy optimization, and integrated fulfillment. The result is a network that’s not just large—it’s sticky. Once customers plug into it, switching is operationally painful.

Cold storage is a bottleneck. It has high barriers to entry, long development timelines, and demand that's growing with every shift in food distribution, biologics, and last-mile fulfillment. By buying from Tyson, Lineage isn’t just buying buildings—it’s absorbing throughput, relationships, and long-term supply contracts. In a constrained market, that’s power.

VC Funding Rounds

• Oscar, a Portuguese home services app raised €6m. Indico Capital Partners and Lince Capital co-led, joined by Failup Ventures and Boost Capital Partners.

• Field Materials, a construction materials and equipment procurement platform, raised $10.5m in Series A funding. Navitas Capital led, joined by Blumberg Capital, DivcoWest Ventures, S16vc, and Superseed Ventures.

  • Quick Insight: Seems like fairly low-hanging fruit in the cost-optimization realm.

• Queens Carbon, a Pine Broomk N.J.-based low-carbon cement startup, raised $10m in seed funding, per Axios Pro. Clean Energy Ventures led, joined by Plug and Play, individual investors from Clean Energy Ventures, and Buzzi.

• Sprive, a British mortgage overpayment platform, raised $7.3m in seed funding led by Ascension, with participation from Channel 4 Ventures, Velocity Capital, and Two Magnolias.