Plant-based pudding startup Noops nabs $2M more in funding

Two months ago, Hungryroot co-founder Gregory Struck raised $2 million in pre-seed funding for his new venture, Noops (spoon spelled backward). He has since nabbed another $2 million for Noops (Roslyn, New York) in a round led by Lerer Hippeau. Struck started the company in 2019 after adopting a plant-based diet while undergoing cancer treatment. The company’s first product is an oat milk-based line that is organic, free of dairy and gluten, contains prebiotics, plant protein and fiber, and has no added sugar. The latest round gives the company a total of $5 million raised to date.

Honey Mama’s raises $10.3M in Series A

Refrigerated cocoa truffle bar maker Honey Mama’s (Portland, Oregon) has raised $10.3 million in a Series A funding round led by Amberstone, a San Francisco-based investment firm. Founded in 2013, the company produces delicious and decadent bars made from raw honey, unrefined coconut oil, cocoa and Himalayan pink salt. The company plans to use the proceeds for brand building, emerging channel development and product innovation. In July, the company completed a nationwide expansion with Whole Foods Market. Honey Mama’s expects to close the year with “dramatic revenue growth,” said CEO Jared Schwartz.

Ripple Foods secures $60M in Series E funding round

Plant-based dairy alt brand Ripple Foods (Emeryville, California) has raised $60M in a Series E funding round led by Rage Capital, Ajax Strategies and S2G Ventures, as well as additional key investors including OurCrowd, GV, Prelude Ventures, Euclidean, Fall Line Capital, and Tao Capital Partners. “Ripple’s growth is outpacing the category by 3x, and we are well-positioned to further accelerate that growth,” said Laura Flanagan, CEO of Ripple Foods. Flanagan says the raise will enable the company to accelerate innovation and growth across product categories as well as expand into new channels and global markets.

Plant-based instant ramen brand Immi gets $3.8M

Immi (San Francisco, California) has raised $3.8 million in seed funding to put a healthy spin on instant ramen. The founders are looking to disrupt the massive market—4 billion packets of instant ramen are sold each year—that has been dominated by the same three players. Immi is plant-based, low carb and low sodium, high fiber and has 22 grams of protein on average. Siddhi Capital led the round and was joined by Palm Tree Crew, Constellation Capital, Animal Capital, Pear Ventures, Collaborative Fund and a group of individuals, including Patrick Schwarzenegger, Kat Cole and Nik Sharma, as well as executives from Thrive Market, Caviar, Daring Foods, Madhappy, Twitch, Kettle & Fire, MUD\WTR, Native, Amity Supply, Visionary Music Group, Italic, Tatcha and Casper.

Amyris buys machine learning tech company Beauty Labs

Amyris (Emeryville, California) has acquired Beauty Labs International Ltd, a data sciences and machine learning technology company that has developed one of the leading consumer applications for “try before you buy” color cosmetics. Amyris, a synthetic biotechnology company, focuses on the “clean health and beauty” markets through consumer brands and as a supplier of sustainable and natural ingredients. “We are delivering the fastest revenue growth of any synthetic biology platform in the world and generate more total revenue than the aggregate of our immediate peers,” said John Melo, president and CEO of Amyris.

Oterra acquires Symrise’s natural colors business

Oterra, formerly known as Chr. Hansen Natural Colors A/S (Horsholm, Denmark), has entered into an agreement to purchase Dianna Foods’ color business from Symrise AG. Terms of the agreement were not disclosed. “Consumers these days know what they want, and all research shows that the demand for natural food colors continues to grow strongly,” said Odd Erik Hansen, chief executive officer of Oterra. “The market is expected to reach $3.2 billion by 2027—and adding companies with complementary strengths and offerings to our business will enable us to best help our customers on their journey toward natural.”

Wild Earth secures $23M to make cell-based pet food

Plant-based dog food maker Wild Earth (Berkeley, California) has raised more than $23 million from a group of all-star investors, including Mark Cuban of Shark Tank in 2019. The company then went on to secure $11 million in a Series A round led by VegInvest. The latest funding round included high-profile names including At One Ventures (founded by GoogleX co-founder Tom Chi), Veginvest (early investors in JUST foods and GOOD Meat), Big Idea Ventures (including Tom Mastrobuoni, an early investor and former board member at Beyond Meat), Bitburger Ventures (Venture firm of one of the world’s largest breweries), Gaingels (investing in the best companies that embrace LGBT+ leadership), actor and star of the Vampire Diaries, Paul Wesley, and Mark Cuban, who also acts as business mentor to the company.

Numu Food Group raising Series A funding

Numu Food Group (Brooklyn, New York) has closed its Series A funding round of an undisclosed amount. Numu makes vegan mozzarella with potato starch, soybeans and coconut oil. The product is free of dairy, lactose, casein, nuts and is non-GMO. The round was co-led by Unovis Asset Management and Clear Current Capital and the funds will be used to build awareness of the brand through marketing campaigns and to bolster the company’s distribution and product development.

Alt-dairy startup Formo raises $50M for animal-free cheese fermented from microbes

Formo (Berlin, Germany) has raised $50 million in Series A funding led by Sweden’s EQT Ventures with participation from Elevat3 Capital, Lionheart Ventures, Lowercarbon Capital and Happiness Capital. The funding will be used to “turbomegacharge” its progress by hiring more talent, boosting its R&D and marketing capabilities, and scaling up its production capacity. Originally named Legendairy Foods, Formo was founded in 2018 and focused on replacing the animal, rather than the dairy, by inserting DNA sequencing into microorganisms to “instruct” them to produce casein and whey, the two key proteins in cow’s milk.

Misfits Market closes $225M Series C-1 funding round

Misfits Market (Delanco, New Jersey), an online grocery platform focused on eliminating food waste while expanding food access, has raised $225 million in a Series C-1 round led by SoftBank Vision Fund 2* and with participation from Accel to fuel nationwide expansion and increase the election of items available to customers. The investment brings the company’s valuation to $2 billion and the overall funding raised is $526.5 million. “We have seen tremendous growth in 2021 and still have a number of grocery categories lined up and ready to be introduced to the Misfits Market ecosystem,” said Abhi Ramesh, CEO and founder of Misfits Market.

HumanCo raises $35M, acquires Vermont baker Against the Grain

HumanCo (Austin, Texas), a holding company for sustainable, better-for-you consumer packaged goods brands started by Hu co-founder Jason H. Karp, has completed a $35 million bridge round that brings its total funding to $50 million. The company also acquired a majority stake in the family-owned, Vermont-based Against the Grain, which makes grain-free, gluten-free pizzas, breads and cake mixes, for an undisclosed purchase price. Karp, who sold Hu to Mondelez International in January 2021, said he’s “trying to create a one-stop shop for people looking for healthier options.” Karp started Hu with his wife and brother-in-law after finding that a grain-free, paleo diet helped control his various autoimmune disorders.

New Zealand pet food brand Ziwi sold to FountainVest

Chinese private equity firm FountainVest Partners has purchased New Zealand pet food company Ziwi for an undisclosed sum. The deal is speculated to value the company at NZ$1.5 billion ($1.06 billion). Founded in 2002 by Peter Mitchell, a free-range deer farmer, Ziwi sells pet food including air-dried and wet cat and dog food, as well as chews, treats and bones. Its meats and poultry are ethically raised and its seafood is wild-caught and sustainable.

Vegan beauty brand Sugarbear secures strategic investment

Sugarbear Vitamin Care (Fort Lauderdale, Florida) has secured a strategic growth investment from Nexus Capital and Meaningful Partners LLC. Sugarbear makes vegan vitamins that are made in the U.S. with organic and plant-based ingredients. With the investment, Sugarbear plans to expand its product offering from gummies to additional vitamin-infused innovations and expand its market position in hair and other functional supplements. “We are excited by the opportunity to partner with Nicole and the Sugarbear team in supporting the Company’s continued success and evolution from a category-defining gummy vitamin brand into a more holistic beauty and wellness company,” said Michael Cohen, partner at Nexus.

Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.Zesty Paws to be acquired by H&H Group 

Butterfly invests in Chosen Foods

Private equity firm Butterfly (Los Angeles, California) has taken a majority stake in Chosen Foods (San Diego, California), maker of avocado-based kitchen staples such as cooking sprays, mayonnaises, dressings and more. “After several years of tracking the avocado industry, we have finally found the perfect partner. Chosen Foods is a leader in not only avocado oil, but all avocado-based cooking and food products,” said Butterfly co-founder Adam Waglay. Terms of the transaction were not disclosed.

Alete Active Nutrition acquires Bonk Breaker Nutrition

Alete Active Nutrition (San Francisco, California), formerly known as RoadRunner Holdings, has purchased Bonk Breaker Nutrition (Los Angeles, California) as it build a portfolio of premium nutrition offerings for athletes. Bonk Breaker Nutrition was founded in 2005 by Division 1 Quarterback Jason Winn after seeing the challenges his teammates had with digesting nutrition products. Winn will continue to run the Bonk Breaker brand, which makes real food energy bars, electrolyte energy chews and protein bars.

CHKN Not Chicken raises $4.5 million in Series A funding round

Plant-based chicken brand CHKN Not Chicken (Portland, Oregon) has raised $4.5 million in a Series A round to launch its product assortment across the U.S., which includes a traditional Naked CHKN variety, a Fiesta CHKN flavor featuring Mexican spices and citrus and a Zen flavor featuring Asian spices and ginger. The startup will also use the funds to expand partnerships with quick-serve and casual dining restaurants. “We are excited to partner with Stray Dog Capital and share their passion for creating a healthier, humane and more sustainable future,” said Brian Pope, co-founder and CEO.

Sonae buys Gosh! Food owner Claybell

Sonae (Portugal) has acquired Gosh! Food owner Claybell (England) for around £64 million. Gosh! Foods produces vegan and free-from products such as bites, sausages and burgers through the Gosh! brand and as a private label partner. The acquisition was for 95.4% of the share capital and the remaining 4.6% minority stake will remain with the current Gosh! Team. The company recorded a normalized turnover of £22 million for its fiscal year ending in May 2021. Sonae’s investment supports its aim to expand its international footprint.

Hydration brand Ultima gets investment from The Firmament Group

The Firmament Group, which provides tailored debt and equity capital, has made a follow-on investment in hydration brand Ultima Health Products (Cortland, Ohio), the first investment within the Wellmore platform that also houses the Great Lakes Gelatin Company, Jade Leaf, LLC, and Feel Good Organics, LLC. Ultima makes powdered drink mixes with electrolytes and minerals without sugar or artificial ingredients. The follow-on debt and equity investment in Ultima was in partnership with WM Partners, a Florida-based private equity firm.

Kevin’s Natural Foods gets minority equity investment

Kevin’s Natural Foods (Modesto, California) has received a minority equity investment from TowerBrook Capital Partners LP, an international investment management firm, and NewRoad Capital Partners. Kevin’s Natural Foods, founded in 2019, manufactures a line of refrigerated sous vide meat entrees and vegetable sides as well as sauces and seasonings, all which are certified paleo, keto and gluten free. Financial terms of the transaction were not disclosed. The company will use the investment to fund expansion and innovation.

Jay-Z invests in Misha’s Kind Foods

Non-dairy cheese maker Misha’s Kind Foods (Los Angeles, California) has raised a $3 million seed round with participation from Jay-Z through his firm Marcy Venture Partners and NBA star Chris Paul, among other investors. Misha’s, which launched in 2018, makes non-dairy cheeses made from organic cashews and almonds without oils, starches, soy or nutritional yeast. “These investors, and their enthusiasm, not only confirm the quality and excellence of our artisan cheeses, but they also align with our long-term vision and mission,” said Aaron Bullock, CEO and co-founder of Misha’s Kind Foods.

Compound Foods, making coffee without beans, secures $4.5M in seed funding

Compound Foods (San Francisco, California) uses synthetic biology to create coffee without coffee beans by extracting molecules. The company recently received $4.5 in seed funding for a total of $5.3 million to improve the formulation and scale up the brand as the company works toward a soft launch by the end of the year. Backers of the company include Chris Sacca’s climate fund Lowercarbon Capital, SVLC, Humboldt Fund, Collaborative Fund, Maple VC, Petri Bio and angel investors like Nick Green, CEO of Thrive Market. The company’s founder, Maricel Saenz, started the company in 2020 in response to the effect of climate change on coffee growers around the world.

Catalent buys gummy manufacturer Bettera

TOP the organic project (Boston, Massachusetts) has raised $2 million in an extended seed round for its organic period brand that makes plant-based, hypoallergenic tampons and pads using 100% organic cotton that is free from synthetics, toxins, pesticides, dyes and fragrances. The round was led by Massachusetts-based Mass Mutual through the MM Catalyst Fund, The Impact Seat, Maine Angels and Dirigo Angel Fund. The women-owned brand will use the funds to expand its presence in retailers nationwide as well as for marketing initiatives and growing its team.

TMRW Foods gets $2.6M in seed funding

Plant-based protein maker TMRW Foods (Vancouver, British Columbia) has raised $2.6 million in seed funding from investors Greg Blake, co-founder of Daiya Foods; Eric Patel, director at Fresh Prep; Richard Cooperstein, chief executive officer and senior managing partner of Media Investment Group; and the Milne Group, owners of Virtuous Pie, Mila and Harken Coffee. TMRW Foods’ product offering features a blend of kidney beans, yellow split peas and quinoa and are sold in retailers across Canada. The funds from the seed round will fund further product innovation and North American expansion.

SIMPLi secures seed funding

SIMPLi (Baltimore, Maryland) has raised an initial seed round of funding led by the Abell Foundation, with additional backing from Eat the Change and Honest Tea’s Seth Goldman. Founded in 2020, the company works directly with the communities in Peru, Greece and other countries to bypass all the middle parties to bring single origin, nutrient-dense ingredients to consumers directly. The seed funding will be used to strengthen the company’s national presence, which will include rollout of its regenerative organic red, white and tri-colored quinoa products to 49 Whole Foods Market stores.

Prebiotic soda brand Poppi closes $13.5M Series A2 round

Russell Westbrook of the Chainsmokers and Halsey are among a slew of celebrities investing in Poppi (Dallas, Texas), a prebiotic soda brand that landed $13.5 in its Series A2 funding round. The investment was led by CAVU Ventures and will help the functional soda brand that was previously bootstrapped to expand distribution, scale its team and boost marketing efforts. The company grew its revenue 550% year over year and the funding assists in giving Poppi a burn rate of 12 months and the ability to continue in high-growth mode, co-founder Stephen Ellsworth said.

Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.Zesty Paws to be acquired by H&H Group 

Zesty Paws to be acquired by H&H Group

Pet supplement brand Zesty Paws (Orlando, Florida) has entered into an agreement to be acquired by Health & Happiness (H&H) Group International Holdings Ltd. “We are delighted to be working with H&H Group to further realize Zesty Paws’ vision of being recognized as the world’s leading health and wellness company for dogs and cats,” said Steve Ball, CEO of Zesty Paws. The company, which has been privately owned, will continue to operate independently but says it will benefit from H&H’s expertise and resources to further drive the brand’s growth.

Starday raises $4M to take on Big Food

Cutting down the path of product development to six months from 18 months is the goal for newcomer Starday. The company turns data into products based on current trends and customer preferences, challenging the model that Big Food has operated by for decades, which the company believes has neglected health and the environment. Starday has raised $4 million in seed funding and expects to develop four or five brands in the next year. Gooey Snacks, a low-sugar natural chocolate hazelnut spread is the company’s first product.

Cactus Water brand Caliwater gets big celebrity lift

Vanessa Hudgens and Oliver Trevena-backed cactus water brand Caliwater (Los Angeles, California) secured $2 million in a seed round led by a group of celebrities, bringing the valuation of the startup to $10 million. Discovering the product in Mexico, Hudgens and Trevena relaunched the brand in the U.S. after buying out the partners and spent nearly two years reformulating the product and rebranding it with aluminum cans. It’s being sold primarily through e-commerce, foodservice and hospitality channels. The duo says the beverage has surprised them for gaining traction as a cocktail mixer.

Taika raises $2.2M in seed funding

Innovative coffee company Taika (Walnut, California) has raised $2.2 million in a seed round led by Obvious Ventures. Taika creates functional blends of coffee, tea and adaptogens, and will soon launch a canned functional matcha latte beverage using organic, ceremonial grade matcha from Kagoshima. The round also included participation from Kindred Ventures, Human Ventures and Quiet Capital, as well as multiple angel investors.

First Bev takes controlling stake in kombucha brand Health-Ade

First Bev has acquired a controlling stake in Health-Ade and has appointed a new CEO, managing partner of First Bev Jack Belsito, who has 35 years’ experience in the beverage industry, including as the CEO of Snapple and CEO of Voss Water. The kombucha company had additional investment from Manna Tree and Vail. Financial terms of the transaction were not disclosed. Health-Ade saw retail sales of over $200 million last year and distribution in over 45,000 stores.

Celebrity Chef Michael Chernow raises $2.2M to launch lifestyle brand

Michael Chernow, known as a restaurateur, chef, television host and entrepreneur, has raised $2.2 million to launch Kreatures of Habit (New York, New York), a lifestyle and wellness brand with the goal of helping people establish healthy habits. The brand originally started out as a café concept, but Chermow pivoted to the consumer goods space when the pandemic hit. He is starting with a direct-to-consumer instant oatmeal product called The PrOATagonist. Chernow brought on former RX Bar’s chief marketing officer Victor Lee to lead the brand’s go-to-market strategy.

Taylor Farms invests in Pure Green Farms

Taylor Farms (Salinas, California), which produces fresh fruits and vegetables including convenience-focused salad kits, has made an investment in Pure Green Farms. Pure Green Farms grows, packs and ships leafy greens year-round from its hydroponic farm in Indiana, which is a climate-controlled environment equipped with high-tech machinery and has the potential to be expanded by up to 300 acres. “We’re excited to venture into the industry of indoor growing with this investment,” said Bruce Taylor, founder and CEO, Taylor Farms. “Our customer partners have asked for a national solution and this is our first step.”

Primal Pet Foods bought by Kinderhook Industries

Primal Pet Foods (Fairfield, California) has been purchased by Kinderhook Industries, a private investment firm that purchased Prairie Dog Pet Products, Himalayan and Holistic Hound in recent years. Kinderhook plans to combine all four brands under a new name—Primal Pet Group. Primal Pet Group’s capabilities include premium minimally processed diets, treats and supplements from Primal Pet Foods, freeze-dried, smoked and natural dog treats by Prairie Dog, hard-chew cheese dog treats by Himalayan Corporation and CBD pet supplements under Holistic Hound.

Organic period product startup nabs $2M in seed round

TOP the organic project (Boston, Massachusetts) has raised $2 million in an extended seed round for its organic period brand that makes plant-based, hypoallergenic tampons and pads using 100% organic cotton that is free from synthetics, toxins, pesticides, dyes and fragrances. The round was led by Massachusetts-based Mass Mutual through the MM Catalyst Fund, The Impact Seat, Maine Angels and Dirigo Angel Fund. The women-owned brand will use the funds to expand its presence in retailers nationwide as well as for marketing initiatives and growing its team.

BrightFarms acquired by Cox Entreprises

Cox Enterprises (Atlanta, Georgia) has bought BrightFarms (Irvington, New York), which it held a majority stake in since 2020. BrightFarms is an indoor farming company that produces locally grown packaged salads. “BrightFarms is a perfect example of our Cox Cleantech strategy: positively impacting the world through profitable, mission-driven businesses,” said Steve Bradley, vice president of cleantech for Cox Enterprises. BrightFarms plans to construct a national network of new high-tech farms that will accelerate the salad industry’s transition to indoor farming. While most salads are grown in California and shipped across the U.S., BrightFarms grows and delivers its greens to local supermarkets as soon as 24 hours from harvest.

Mealworm farming company Beta Hatch secures $10M

Beta Hatch (St. Louis, Missouri) has raised $10 million in funding in a round led by Lewis & Clark AgriFood, with participation from Cavallo Ventures and Innova Memphis, which are both signed on as existing investors. Beta Hatch, which farms mealworms to be used for livestock and pet products, is planning to expand its flagship farm in Cashmere, Washington, making it the largest of its kind in North America. The location is currently powered by renewably sourced energy and the new facility will allow for a 10 times the company’s current output over the next year.

Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.Zesty Paws to be acquired by H&H Group 

Miyoko’s Creamery raises $52M in Series C funding round

Plant-based cheese leader Miyoko’s Creamery has secured $52 million in a Series C funding round ahead of the brand’s upcoming launch of a plant-based liquid mozzarella cheese product. The round, which was led by PowerPlant Ventures and had additional participation from other investors, will help the company accelerate global distribution of its products and expand the company’s product line, as well as revamp its existing top sellers. Miyoko’s, which is retailed in 30,000 stores in the U.S., plans to bring the new liquid mozzarella, as well as its existing portfolio, into new distribution channels in conventional grocery, club and foodservice.

Private label online retailer Brandless secures $118M

Brandless (San Francisco, California), a private label online retailer, has raised a substantial $118 million in a new funding round led by Clarke Capital Partners. “Brandless is transforming commerce by creating influence-as-a-service and democratizing access to better-for-you products,” said Brandless CEO Cydni Tetro in a statement. With this funding, the company will acquire more digitally native brands that share the company’s mission as well as launch an influencer-as-a-service program.

J. Lo and Alex Rodriguez backed RTD coffee brand Kitu Life raises $160M

Startup Kitu Life Inc. (Austin, Texas), which makes Super Coffee, has doubled its valuation to over $500 million with its latest round of funding that raised another $106 million. The round was led by Henry Ellenbogen’s Durable Capital Partners and saw participation from others. Kitu Life was started in 2016 by three brothers. The partnership with Durable will fuel the company’s distribution expansion plan to move into more convenience and mass channels as well as allow investment in national advertising campaigns.

Lifeway Foods buys drinkable yogurt brand GlenOaks

Kefir and fermented probiotic brand Lifeway Foods, Inc. (Morton Grove, Illinois) has acquired certain assets of GlenOaks Farms for $5.8 million. GlenOak Farms (Laguna Beach, California) was founded in 1984 and makes six different drinkable yogurt products made with fruit puree and California dairy. “We are very excited to welcome GlenOaks Farms into the Lifeway family, as it will further solidify our strong position in California and the Western U.S.,” said Julie Smolyansky, president and chief executive officer of Lifeway.

BBQ sauce maker Born Simple acquired by Mizkan America

Mizkan America (Mount Prospect, Illinois) has acquired organic barbeque sauce and broth brand Born Simple in an attempt to move into the natural foods channel. Born Simple makes a range of barbeque sauces and broth concentrates that are sold in Whole Foods Market stores nationwide. Through the acquisition, Mizkan says it will be targeting the millennial and Gen Z markets. Terms of the deal were not disclosed.

Plant-based cereal startup OffLimits raises $2.3M seed round

OffLimits, a new “fun cereal” startup that launched during the pandemic and offers two cereals that sell for $8.50 per box, has raised $2.3 million in friends and family, pre-seed and seed financing. Investors include TikTok executive Nick Tran and others. OffLimits plans to use the funding to scale into retail, hiring new talent and building up inventory in a continuing effort to disrupt the fun cereal category and challenge legacy brands. The brand was launched in 2020 out of Science Inc.’s startup studio.

Butterfly Invests in supplement brand MaryRuth Organics

MaryRuth Organics (Los Angeles, California), a past Nutrition Capital Network presenter, has reached an agreement to partner with Butterfly, a Los Angeles, California-based private equity firm specializing in food. Though terms of the transaction were not disclosed, MaryRuth’s founder and CEO, MaryRuth Ghiyam, will retain a significant ownership position alongside Butterfly. The company makes organic and vegan dietary supplements including vitamins, probiotics, herbal and adaptogen supplements and more, in liquid, gummy and chewable formats.

Emmy’s Organics sold to Grupo Bimbo

Mexican bakery firm Grupo Bimbo has acquired U.S.-based gluten-free, coconut-based cookie brand Emmy’s Organics (Ithaca, New York) for an undisclosed sum. The firm announced the purchase along with its second-quarter earnings issued July 29. “This acquisition gives Grupo Bimbo an entry point into the quickly growing better-for-you cookie and sweet baked goods market,” the company said. Grump Bimbo operates a U.S. subsidiary, Bimbo Bakeries USA, which launched a direct-to-consumer channel this year called sweetsnacking.com for brands the like of Sara Lee and Entenmann’s. Emmy’s is a past NCN presenter.

Genomatica nabs $118M in Series C funding round

Sustainability leader Genomatica (San Diego, California) has raised $118 million in a Series C funding round led by life science investor Novo Holdings, with additional participation by existing and new investors including Viking Global Investors, Casdin Capital and others. Genomatica makes molecularly identical replacements for materials traditional derived from petroleum fossil fuels, such as clothes, cosmetics, packaging and carpet. The company plans to use the funds to scale production and continue investing in new technologies.

Constellation Brands takes minority stake in Hop Wtr

Beer maker Constellation Brands has made a minority stake in sparkling water brand Hop Wtr (Los Angeles, California). Hop Wtr was launched in 2020 as a beer alternative that includes hops to give it the taste of beer along with adaptogens and nootropics like l-theanine and ashwagandha. Constellation’s venture capital group, which has also invested in cannabis company Canopy Growth Corp., made the investment and Hop Wtr remains independently owned.

Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.

New Primal nabs $15M from Manna Tree

Manna Tree has invested $15 million in New Primal (Charleston, South Carolina), maker of clean-ingredient meat snacks such as grass-fed beef jerky, as well as seasonings, dressings and condiments. The private equity firm was the sole investor in the Series B funding round. The New Primal will use the funds and Manna Tree’s robust network to expand distribution and retail relationships as well as supporting key hires.

Food tech company NotCo raises $235M in Series D round

NotCo (Santiago, Chile) raised another $235 million in a Series D round, giving the food technology company a total of $350 million and a $1.5 billion valuation. Tiger Global led the round with participation by athletes Lewis Hamilton and Roger Federer, musician and DJ Questlove, among others. Shake Shack founder Danny Meyer invested an undisclosed sum in June. The company, which uses proprietary artificial intelligence technology to match animal proteins to their ideal replacements among thousands of plant-based ingredients, has four product lines that are available in the U.S., Brazil, Argentina, Chile and Columbia.

Quinn Snacks raises $10M to fuel growth and innovation

Snack maker Quinn (Boulder, Colorado) secured $10 million in a Series B funding round led by growth equity firm NewRoad Capital Partners. Boulder Food Group, Echo Capital and Sunil Thakor also participated. The company, which manufacturers better-for-you popcorn, chips and pretzels, will use the funds to support growth, product innovation and the company’s regenerative agriculture focus. Quinn has seen 60% growth in revenue year over year since 2019 and has grown to distribution in 10,000 stores.

Recovery drink brand The Plug Drink raises $1.5M in seed funding

Plant-based, East Asian-inspired recovery beverage startup The Plug Drink (Los Angeles, California) has raised $1.5 million in seed funding from prominent figures such as wish.com’s CEO Peter Szulczewski, NBA basketball player Myles Turner, Miley Cyrus’ manager Adriana Arc, Backend Capital’s general partner Lucy Guo, FL player Troy Hill, actor Frankie Delgado and others. The company currently only distributes online and in liquor stores in Michigan and South California but plans to use the new funds to expand nationally.

ADM to purchase soy ingredient supplier Sojaprotein

Archer Daniels Midland (Chicago, Illinois) has announced plans to acquire European non-GMO soy ingredients group Sojaprotein (Bečej, Serbia). “Thirty years ago, ADM invented the soy vegetable burger, giving rise to the plant-based protein segment,” said Leticia Gonçalves, ADM’s president of Global Foods. “Today, alternative proteins represent one of our core growth platforms, and as this $10 billion global industry grows to $30 billion over the next decade, we are investing to expand our unparalleled capabilities.” Terms of the deal were not disclosed.

India’s The Whole Truth secures $6M in Series A round

Launched in 2019, The Whole Truth (Maharashtra, India), which makes muesli, protein bars and other clean-label foods, has raised more than $6 million in a Series A funding round. The company claims to be the only Indian brand to list every ingredient that goes into its food. The round was led by Sequoia Capital India with participation from others. “At TWT, we’re hell-bent on bringing the truth back to food. We do this through our 100% clean-label products, and through clutter-breaking content that helps consumers spot the misleading information they’re being provided,” said Shashank Mehta, founder of The Whole Truth and an ex-Unilever marketeer.

Peeled Snacks sold to Deep River Snacks founder

Peeled Snacks (Cumberland, Rhode Island), which had declared bankruptcy in March after facing significant declines in sales due to the closure of schools and airports during the pandemic, has been sold to Jim Goldberg, founder of tortilla and potato chip company Deep River Snacks. Peeled Snacks makes a variety of snack options to meet the needs of diet tribes such as vegan, grain-free, paleo and gluten-free. The B Corporation was launched in 2004.

Manna Tree invests $18M in plant-based brand Urban Remedy

Plant-based food company Urban Remedy (Richmond, California) has secured $18 million in a Series D fundraising round from Manna Tree. Existing partners Builders Fund and Obvious Ventures joined the round in supporting the maker of certified organic ready-to-eat meals, snack and cold pressed juices. The company will use the funds for key hires and resources to support further manufacturing efficiencies as well as digital marketing efforts. Founded in 2009 by licensed acupuncturist Neka Pasquale, Urban Remedy doubled its kiosk locations during 2020 while ramping up its online platform.

Fungi protein brand Nature’s Fynd gets $350M

Food tech company Nature’s Fynd (Chicago, Illinois) raised $350 million in a Series C funding round, bringing the company’s total financing to over $500 million. The company plans to use the capital to enter multiple brand-aligned partnerships with retail stores and quick-serve restaurants as well as significant geographical expansion, focusing on Asia. Nature’s Fynd makes meat and dairy alternatives from a fungi protein it calls Fy from a microbe sourced from volcanic springs. The Series C round was led by SoftBank’s Vision Fund 2 and joined by new investors Blackstone Strategic Partners, Balyasny Asset Management, Hillhouse Investment and Hongkou.

Undercover Snacks takes home $13.7M equity investment

Chocolate snack brand Undercover Snacks (Englewood, Colorado) has raised $13.7 million of equity for a minority stake in the company. The company will use the funds for marketing initiatives to support its growing retail footprint and expansion of the company’s production facility, as well as building the management team. Undercover Snacks launched in 2017 with chocolate-covered quinoa and doubled its distribution in 2021 to over 10,000 retail locations across North America. Terms of the equity financing were not disclosed.

Prebiotic ingredient company Prenexus raises $15M in Series B round

Prenexus Health (Gilbert, Arizona), which manufactures organic prebiotic ingredients for supplements, foods and beverages, has closed a $15 million Series B funding round, with additional financing related to the close bringing the total to $23 million in expansion financing. The funds will be used to significantly expand production capacity at the company’s manufacturing plant, which uses a novel process to produce certified organic XOS (xylo-oligosaccharide) from U.S.-grown organic sugar cane, branded as PreneXOS.

Plant-based cheese startup Nobell Foods raises $75M in Series B round

Nobell Foods (San Francisco, California) has raised $75 million in a Series B funding round, bringing the total raised to a whopping $100 million for this company on a mission to make a stretchy vegan cheese. Founder Magi Richani and her team developed a method to recreate the genetic code of casein in soybean seeds and grow plants that have the same dairy caseins found in conventional dairy. The company is backed by Andreessen Horowitz, Bill Gates-backed Breakthrough Energy Ventures, with notable support from Robert Downey Jr.’s FootPrint Coalition Venture. Nobell will use funds from the round to expand its team and farming partnerships, scale production and bring its product to market.

Athletic Greens to get investment from Lewis Hamilton and others

British racing driver Lewis Hamilton is participating in a funding round led by SC Holdings, a private equity firm, for Athletic Greens (Carson City, Nevada), which is taking on external investors for the first time since it was founded more than a decade ago. Other celebrity investors in the company include actor Hugh Jackman, model Cindy Crawford and musician Steve Aoki. Athletic Greens expects to surpass $100 million in revenue in 2021 and will use the funds to market the direct-to-consumer brand.

Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.

Upcycler Comet Bio closes Series C funding round

Comet Bio (Schaumburg, Illinois) has raised $22 million in its Series C funding round. The company manufactures various ingredients through upcycling by taking agricultural leftovers from farms and putting them through a proprietary process. Its products includes a prebiotic dietary fiber called Arrabina, sugar syrup alternatives called Sweeterra and animal and bionutrition industrial products. The round was led by Open Prairie, the Louis Dreyfus Company (LDC), BDC Capital as well as existing investor Sofinnova Partners.

Wicked Kitchen prepared to launch in U.S. with $14M Series A round

Plant-based food brand Wicked Kitchen (Minneapolis, Minnesota) launched in 2018 in the United Kingdom in partnership with supermarket chain Tesco. Now, the brand is bringing its products to the U.S. market, raising $14 million in a Series A funding round co-led by plant-based foods venture fund Unovis Asset Management and Thailand-based NRF-owned Nove Foods. The company was founded by American brothers Derek and Chad Sarno, who also co-founded Gathered Foods, makers of the Good Catch plant-based seafood brand.

Next Gen Foods extends seed round with $20M

Plant-based chicken brand TiNDLE’s parent company, Next Gen Foods (Singapore) has raised a $20 million extension of its seed found, following it $10 million seed round in March. The extension included new investors Global Fund GGV Capital, Bits x Bites and Yeo Hiap Seng, as well as existing investors Temasek and K3 Ventures. With the funds totaling $30 million, Next Gen plans to expand into the U.S. market and hire more than 50 employees who will primarily be based in the San Francisco Bay Area.

Paine Schwartz Partners acquires cold-pressed juice brand Suja Life

Private equity firm Paine Schwartz Partners has acquired cold-pressed organic juice company Suja Life (San Diego, California) for an undisclosed sum. Suja Life was previously owned by Goldman Sachs Asset Managers and co-investors. The company, which launched in 2012, had a record-breaking year in revenue and profit in 2020. James Brennan, Suja co-founder, said, “Suja has experienced two phases of rapid growth, the initial years after the brand was founded and then again since 2018. The Suja team has delivered fantastic results in recent years.”

Women’s health startup Evvy launched vaginal microbiome test kit

Femtech startup Envy has launched an at-home test kit for the vaginal microbiome, which gives women a picture of their vaginal health for conditions ranging from thrush to imbalances that could contribute to more serious issues. “We give users back a full understanding of everything that’s present. So here are all of the bacteria and fungi and, importantly, what is the relative amount of each of those bacteria,” said CEO and co-founder Priyanka Jain. Evvy is using a technique called metagenomic sequencing to capture more data than other commercial tests.

French cell-based poultry company Groumey gets $10M

Gourmey is a new French startup that recently raised $10 million to make laboratory meat from animal cells. The premium product, focused on poultry, will operate on a premium distribution strategy and serve restaurants. Like other lab-grown meat startups, Gourmey relies on stem cells. The company is even looking to make a slaughter-free foie gras. Point Nine and Air Street Capital are co-leading the $10 million seed round.

RealSleep nabs $2.2M in seed found

RealSleep (Los Angeles, California) raised $2.2 million from undisclosed investors in its seed round. The company makes a cannabinoid-based sleep product and intends to use the funds to expand operations and accelerate the company’s growth and business reach. Users can opt for an individualized sleep formula, pairing the company’s proprietary core formula with other natural compounds to suit one’s personal sleep needs.

Meati secures $50M in Series B funding round

Mycelium-based “meat” company Meati (Boulder, Colorado) has closed a $50 million Series B funding round. The found was co-led by new investor Bond and longstanding Meati backer Acre Venture Partners, with participation from Prelude Ventures, Congruent Ventures and Tao Capital. The public benefit corporation will use the funds to scale up production as it plans to launch its products nationally next year and double the size of its team.

Non-alcoholic beer brand Athletic Brewing scoops up $50M

Athletic Brewing (Stratford, Connecticut), which launched in 2018 and makes non-alcoholic craft beer, has raised $50 million in a Series C round led by existing Athletic investors and board members Alliance Consumer Growth and TRB Advisors. Other investors include athletes, entrepreneurs and celebrities such as Blake Mycoskie, Lance Armstrong, Justin Tuck and JJ Watt. The company will use the funds to open a large East Coast brewery less than a year after the opening of Athletic’s 150,000-barrel facility in San Diego, California.

Canada’s Buddha Brands raises $3M to support US expansion

Buddha Brands (Quebec, Canada) has secured $3 million in a funding round to support expansion in the U.S. market with its lines of certified vegan, keto, gluten free and Non-GMO Project certified snack bars and coconut water beverages. Its new Hungry Buddha Keto Bars come in four flavors: chocolate chip, coconut cocoa, espresso brownie and triple chocolate. “My co-founders and I started Buddha Brands with all of our savings and have been purposely self-funded from the start, so we are thrilled to have this support from BDC Capital and Investissement Quebec,” said Chris Magnone, CEO and co-founder at Buddha Brands.

Lonza completes $4.5 billion specialty ingredients divestment

Lonza (Zurich, Switzerland) has completed the divestment of its specialty ingredients business to Bain Capital and Cinven for an enterprise value of 4.2 billion Swiss francs ($4.55 billion). The Swiss contract drug maker says it will focus on its faster-growing drugs and biotech unit.

Acosta to acquire Impact Group

Acosta (Jacksonville, Florida) plans to acquire Impact Group (Boise, Idaho), a national sales and marketing agency with expertise in natural, specialty, ethnic and emerging brands, to expand its presence in the specialty food space. Acosta said it will integrate its own Natural and Specialty Sales division with Impact Group to create Impact NSS, a separate business unit to provide solutions for brands in these categories. Another new unit will be Acosta | Berg, which will offer a specialized van-based sales business serving metropolitan retailers in key urban markets. “Acosta and Impact Group provide highly complementary services, and this acquisition will add scale, expand service offerings and create new opportunities for our existing clients,” said Brian Wynne, CEO of Acosta.

Pharmavite purchases leading urinary health brand Uqora

Pharmavite (West Hills, California), maker of Nature Made Vitamins and Supplements, has acquired Uqora (San Diego, California), a leading brand in the urinary health market. Founded by partners Jenna Ryan and Spencer Gordon, Uqora sells direct to consumer and has experienced triple-digit growth since it launched in 2017. Uqora offers supplements for proactive urinary health as well as drugs/medical devices to identify and treat the symptoms of UTIs. Terms of the deal were not disclosed. William Hood & Company LLC served as exclusive financial advisor to Pharmavite in the transaction and Whipstitch Capital served as exclusive financial advisor to Uqora.

Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.

Danone Manifesto Ventures take minority stake in Harmless Harvest

Danone Manifesto Ventures (New York, New York), which previously led a $30 million funding round in Harmless Harvest (San Francisco, California) has now purchased a majority stake in the coconut water producer. The acquisition of the Harmless Harvest stake is the first in the U.S. for Danone’s venture arm and will help the Fair for Life Certified company with additional resources and operational capacitates to support its growth and sustainability initiatives.

High-protein donut maker gets sweet deal with $2M seed round

Elite Sweets (Austin, Texas) raised $2 million in a seed funding round led by Siddhi Capital with participation from Constellation Capital, Capital Factory, SputnikATX and angel investors. The company, founded by twin brothers when they were college students, makes a line of almond flour donuts sweetened with allulose and erythritol that boast 12-13 grams of protein per each individually packaged pastry. Funds from the raise will go toward expanding the team and investing in marketing and product development.

Beeflow to save the bees and help farmers with $8.3M seed round

Beeflow (Venture County, California) is on a mission to extend bees’ lifespans and be more efficient in pollinating particular crops such as blueberries and almonds. The startup, which uses scientific technology to make bees healthier in colder weather, has raised $8.3 million in a Series A funding round. This effort, in addition to the company’s second product, which trains the bees to target a specific crop for pollination, has increased crop yields for farmers up to 90%. The financing round was led by Ospraie Ag Science, with participation from Future Ventures’ Steve Jurvetson, Jeff Wilke, Vectr Ventures, SOSV’s IndieBio and Grid Exponential.

The Hershey Co. sells premium chocolate brand Scharffen Berger

Premium chocolate maker Scharffen Berger (Ashland, Oregon) is once again in private hands. The brand, which Hershey purchased in 2005, has relocated to a new facility in Ashland, Oregon, where it produced the company’s first batch of chocolate in June. Three longtime Hershey executives have joined the company, which is being advised by its founder, John Scharffenberger.

The Single Origin Food Company draws $1.1M in seed funding

The Single Origin Food Co (Wilmington, Delaware), producer of the alternative honey product Vegan Un-Honey, secured $1.1 million in its seed round. The product, made from plant-based ingredients and fortified with organic flower pollen, launched in Sprouts Farmers Market and is being rolled out across Whole Foods Market, Natural Grocers and Safeway Albertsons stores. The seed round was led by A’Z Angels. Single Origin creates long-term partnerships with farmers to reduce greenhouse gas emissions and remove animals from the food chain.

Sugar-reducing juice startup Better Juice nabs $8M seed round

Better Juice (Rehovot, Israel) has raised $8 million in seed funding to create enzymatic technology that reduces the amount of sugar in natural juices. The single machine can be integrated into the juice-manufacturing process and convert juice sugars into dietary fibers and non-digestible sugars, reducing up to 80% of all sugars in the juice. Focused on orange juice, Better Juice plans to bring its product to market in the next few months. The round was led by iAngels, with participation from Maverick Ventures, Food Tech Lab TFTL, The Kitchen Hub, NEOME, Schestowitz Group and Semillero.

Healthy Skoop sold to Brand Holdings

Brand Holdings LLC (Pittsburg, Pennsylvania), a holding company focused on acquiring direct-to-consumer e-commerce companies in sports nutrition, beauty and functional foods, and more, has acquired Healthy Skoop from the Seurat Investment Group. Founded by Colorado naturopathic doctor James Rouse and friends, Healthy Skoop makes plant-based protein powders and partnered with Brand Holdings to launch a new line of Breakfast Protein Powders on its website. “I am beyond excited to have this partnership with Brand Holdings. Healthy Skoop began in my kitchen as a way to serve my patients and now has grown far beyond what I ever expected,” Rouse said.

Once Upon a Farm gobbles up frozen baby food delivery company Raised Real

Once Upon a Farm (Berkeley, California), which was founded in 2017 and has reached $30 million in revenue, has purchased competitor Raised Real (San Francisco, California), which makes frozen baby food and operates on a subscription model. With this acquisition, Once Upon a Farm will add a frozen direct-to-consumer product line to its lineup. Earlier this year, company CEO John Foraker said the company was exploring direct-to-consumer because it’s where “much of the growth is coming from.” Terms of the deal were not disclosed. Raised Real’s CEO and cofounder Santiago Merea will be staying with the company.

Plastic-free infant food brand Tiny Organics gains $11M in Series A round

Founded in 2020, Tiny Organics (New York, New York) raised $11 million in its Series A funding round, led by Springdale Ventures. The company, which makes plant-based infant food in plastic-free containers and aims to be completely plastic free in 2021, will use the funds to scale the team, build brand and customer awareness, and develop new product categories and sales channels. The round had additional participation from InvestEco, Silas Capital, Human Ventures, VegInvest, Babylist, Gaingels, XFactor Ventures, Natureza and Howard Morgan, joining previous investors Elizabeth Street Ventures, Rocana Ventures, Chingona Ventures, Bonin Ventures, Gary Vaynerchuk and Liz Lange.

Plant-based meat producer Heura secures €16M in funding

Mediterranean plant-based meat brand Heura (Barcelona, Spain) has raised €16 million ($19 million on June 29) to develop vegan pork and expand to the United Kingdom and the United States. The Series A funding round was led by Impact Fooding. Heura makes chicken and beef alternatives and has backing from Lever VC and Green Monday, as well as soccer stars Chris Smalling, Cesc Fábregas and Sergi Roberto. The company tripled its revenue in 2020.

Mycoprotein producer Mycorena secures $9M in funding

Mycorena (Gothenberg, Sweden), a mycoprotein producer, raised $9 million in a Pre-Series A funding round led by Belgium-based Veos Group, a supplier of proteins and functional ingredients. The company’s flagship ingredient, Promyc, is made with upcycled food waste such as bread dough. It’s being tested as a protein ingredient in several commercial vegan products. Claiming to be one of the fastest-growing food tech startups in Sweden and soon to be Scandinavia’s first-of-its-kind facility for large-scale mycoprotein manufacturing, the company plans to use the funds for team and research expansion and development capabilities as well as production scaleup.

Kindra receives $4.5M to launch products to address menopause

Kindra (Los Angeles, California) has raised $4.5 million in a seed funding round to drive continued growth and expansion. As a modern wellness brand addressing an overlooked category, Kindra’s mission is to support women on their menopause journey through essential products, reliable information and an engaged community. The round was led by the Female Founders Fund. Primetime Partners, Anne and Susan Wojcicki, Katie Couric Media, The Community Fund and H Ventures also invested in this round.

Pea protein producer Novo Farina gets over £3M in funding

Novo Farina (Norfolk, England) has raised more than £3 million in an investment round led by British venture capital investor and author Richard Koch, with participation from other private investors. Novo Farina’s lead product, NovoTex, is a textured pea protein developed for use as meat alternatives. The company also produces pea flour and pea crumb. In 2020, the company launched its first retail product—baked pea-based curls called Simpleas Snacks. “I am delighted to invest in Novo Farina, which has a unique series of healthy and ecologically sound food products and which is a terrific pioneer and star business,” Koch said.

Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.

Explorer Cold Brew nabs $1.5M in seed funding

Explorer Cold Brew (Brooklyn, New York), which launched during the COVID-19 pandemic and makes a 1:4 ratio cold brew concentrate that comes in various caffeine strengths, has raised $1.5 million in seed funding. The capital will enable the LGBTQ+-owned brand to expand its custom at-home coffee offering as well as enhance its e-commerce platform to reach a wider audience. The seed round was led by consumer fund NewBound VC, with participation from Jordan Fliegel, Jeremy Levine and Chris Quinn’s angel syndicate Founders First and LGBT angel syndicate Gaingels, among others.

Aura Bora sparkling water brand secures $2M in seed round

Craft sparking water brand Aura Bora has raised $2 million in a seed round, which will help support its expansion into 7-Eleven, Sprouts, Whole Foods Pacific Northwest and Fresh Thyme. The brand will also use the funds for its new online subscription service where it will introduce limited-edition flavors. Co-founders Paul and Madeleine Voge recently appeared on ABC’s Shark Tank, where they secured a deal with investor Robert Herjavec for $200,000 and 15% equity in the company. Aura Bora uses herbal, fruit and floral extracts to flavor sparkling water in whimsical cans.

Baby food brand Serenity Kids gets $7M in Series A round

CircleUp Growth Partners led a Series A funding round on the heels of a $3 million seed round to give Serenity Kids (Austin, Texas) a total investment of $14 million. Using its proprietary data platform Helio, CircleUp identified Serenity Kids as the No. 1 brand to watch in the baby food category. The company’s revenue grew by more than 200% in 2020 over 2019 and the married-couple founders expect growth of 150% in 2021. The Series A funding, which included participation from Wild Ventures as well as new and existing investors will be invested into expanding the brand’s retail footprint, hiring in sales and marketing and product innovation, particularly around a recall of rice-based baby products following a U.S. House of Representatives committee report that found these products contained traces of arsenic and other heavy metals.

GenTech Holdings buys protein bar maker NxtBar

GenTech Holdings (New York, New York) has acquired NxtBar (Charlotte, North Carolina), maker of keto-friendly protein bars, for an undisclosed amount. The purchase follows another by the holding company for functional food company Sinfit Nutrition, which makes protein powders, cookies and bars.

Superfruit snack brand Rind expands with $6.1M Series A fundraise

Rind Snacks (New York, New York), which has a core line of dried fruit snacks, secured $6.1 million in a Series A round led by Valor Siren Ventures. The company, founded in 2018 and launching into two regions of Whole Foods, Wegmans and Fresh Market last March, will use the capital to expand into the salty snack aisle with the launch of thin-cut, crispy fruit chips. The company cites the $20 billion chips category as a reason to expand its product offering.

Winpro Pet closes on $3M+ Series B round

Next Level Ventures, a venture capital firm in Des Moines. Iowa, has invested $3 million in a Series B funding round for Winpro Pet (Ankeny, Iowa) The company, founded in 2016, makes serum-based supplements for dogs using science behind animal blood proteins. Research at Iowa State University in the 1980s found that blood proteins added to weaning piglets’ diets reduced their mortality. Since then, blood proteins have improved the lives of various animals including dairy calves, lambs, horses and more. Winpro Pet was the first company to create the serum-based supplements specifically for dogs. Next Level Ventures joins long-time Winpro Pet partner Summit Equity Group as key stakeholders.

WM Partners strikes deal for Vega

WM Partners has entered into a definitive agreement to acquire plant-based nutrition pioneer Vega (Burnaby, British Columbia). Vega makes high quality plant-based protein powders across several categories and has successfully expanded beyond its natural channel origins into conventional and e-commerce. “We are excited to work with Vega, the pioneers and leaders of the plant-based nutrition industry and look forward to implementing our operational playbook to create additional value,” said Jose Minski, co-founder of WM Partners. WhiteWave Foods, a Danone subsidiary, has owned the company since buying it for $550 million in 2015.

Change Foods closes $2.1M seed round

Change Foods (Palo Alto, California) plans to bring its first product—animal-free cheese—to market in 2023 thanks to an oversubscribed Seed round of $2.1 million. The company, which was founded in 2019, uses precision fermentation of microorganisms such as yeast or filamentous fungi with sugar to produce cells for specific functional ingredients such as fats, vitamins, flavoring agents and enzymes. The process is similar to that used by Perfect Day and Impossible Foods. Investors include Plug and Play Ventures, Clear Current Capital, Canaccord Genuity, Better Bite Ventures, Jeff Dean and Gerber-Rauth.

Plant-based egg startup closes $1.6M seed round in Singapore

Singaporean food tech company Float Foods (Singapore) has closed its $1.6M seed round to develop and accelerate commercialization for a plant-based egg substitute. Singapore-headquartered venture capital firms Insignia Ventures Partners and DSG Consumer Partners co-led the round to propel the company’s flagship product—OnlyEg, a whole egg made using legumes—to market in Singapore in 2022. OnlyEg is currently in the R&D phase and will be designed for extra nutrition and a longer shelf life before heading to market. Other investors included F&B group Ebb & Flow; food solutions agriculture providers Water Tiger Investments and Agrocorp Ventures and Singapore’s first food incubator with an innovation-driven ecosystem, Innovate 360.

Rae Wellness nabs $9.5M in Series A funding

Socially conscious, women-led wellness brand Rae (Minneapolis, Minnesota) raised $9.5 million in a Series A funding round led by PowerPlant Partners. Other investors included existing investors M13 and Able Partners, and initial investor Victress Capital. The brand, which can be found at retailers such as Thrive Market, Target and Anthropologie, will use the funds to expand distribution, business reach and its product line. The company makes supplements with evidence-based formulas.

Reddit co-founder invests in plant-based meat startup Simulate

Through his venture capital firm, Reddit’s co-founder, Alexis Ohanian, had led a $50 million Series B funding round for Simulate (New York, New York ), which makes plant-based chicken nuggets brand Nuggs. He also joined the company’s board of directors. The company—which launched in 2019 and is now in 5,000 U.S. retail locations including Walmart, Target, Whole Foods and Sam’s club—is also backed by Hollywood actor and model Patrick Schwarzenegger. This round included additional participation from Chris and Crystal Sacca, NOMO Ventures, McCain Foods, Imaginary Ventures and Day One Ventures.

Ontario teachers’ board invests in food tech company Motif FoodWorks

Through its Teachers’ Innovation Platform (TIP), the Ontario Teachers’ Pension Plan Board and investment management company BlackRock led a Series B funding round that raised $226 million for Motif FoodWorks (Boston, Massachusetts). TIP focuses on late-stage venture and growth equity investments in companies developing innovative technologies. The second round of funding will help Motif advance the plant-based category by increasing research and development capabilities, scaling and commercializing its food technologies and expanding its people and facilities footprint.

Red Sea Farms gets $10M in funding to grow crops in salt water

Hydroponics company Red Sea Farms (Saudi Arabia) raised $10 million. The company, which is based out of King Abdullah University for Science & Technology in Saudi Arabia, grows tomatoes in an enclosed farm, using salt water to cool the facility and irrigate crops. The tomatoes are sold in markets in Saudi Arabia. Red Sea Farms uses plant selection, breeding and grafting (but not genetically modifying) to develop root stocks that can grow in saltwater, creating a technology that could help countries with abundant coastlines and not as much fresh water become more food independent.

Marketplace for raw materials raises $3M in seed funding

Born of a frustrating experience for Harvard Business School students trying to start a spiked seltzer brand, ShelfLife (New York, New York) aims to fix a complicated supply chain with a digital directory and marketplace of raw materials. The company, currently in beta, has raised $3 million to automate its manual process of procuring supplier quotes. The funding round was co-led by Switch Ventures and Kindred Ventures, with participation from NextView Ventures, Ben Zises (SuperAngel.vc), Ilia Papas (former CTO of Blue Apron) and Elena Donio (former president of SAP Concur).

FoodPharma receives majority growth equity investment from New Harbor Capital

New Harbor Capital has completed a majority growth equity investment in Food Technology and Design LLC, dba FoodPharma LLC (Santa Fe Springs, California), which is a contract manufacturer of proprietary functional and nutritional foods with over 500 proprietary formulas and recipes. FoodPharma has a market-leading position in the soft chew category, specifically in bariatric and weight loss nutrition and serves CPG, private label and specialty brands.

Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.

Ready, Set, Food raises $3.5M in most recent funding round

Ready, Set, Food! (Los Angeles, California), which makes an organic, all-natural, three-stage guided system to help families introduce food allergens, raised $43.5 million in its most recent funding round. The round was led by a new investor, Edward-Elmhurst Health, with participation from returning investors Danone Manifesto Ventures as well as Mark Cuban and AF Ventures. The company was developed by parents, for parents, as an early allergen introduction system of the top nine allergens.

Hungryroot secures $40M in Series C raise

Hungryroot (New York, New York) raised $40 million in a Series C funding round led by the Growth Fund of L Catterton, the largest global consumer-focused private equity firm. Hungryroot—which creates a grocery plan for consumers, sells and delivers groceries and includes health recipes—will use the capital to further accelerate growth by substantially increasing the number of groceries and recipes it offers, growing its team, investing in automation technology and more. Hungryroot has been profitable since the beginning of 2020 and is on track to achieve $175 million of revenue this year.

Precision medicine startup DayTwo raises $37M

DayTwo (Israel) raised $37 million in a recent fundraising round, bringing the total amount raised to $85 million. The new funding will go toward developing technologies to help people with diabetes, specifically an app that provides user customized diet recommendations based on their gut bacteria. New investors include Poalim Capital Markets, La’maison Fund and Micron Ventures. Existing investors Poalim Capital Markets, La’maison Fund and Micron Ventures also participated.

Plant-based meat company Heura raises big in 24-hour crowdfunding campaign

Heura (Bareclona, Spain), a plant-based meat maker, raised $4.8 million in just 24 hours after launching its first equity crowdfunding campaign. The Spanish startup will put the funds toward R&D and launching new plant-based meat products to the market. On the crowdfunding platform Crowdcube, the company explained it decided to raise capital through a crowdfunding campaign because it “needs partners to keep driving the change in innovation and R&D” and to “continue creating meat successors like chicken nuggets, sausage and mince meat” to launch across global markets.

Mommy’s Bliss partners with Swander Pace Capital

Mommy’s Bliss (Richmond, California) has announced a partnership with Swander Pace Capital, a private equity firm specializing in consumer product companies. Mommy’s Bliss, founded in 1999, makes all-natural, over over-the-counter health and wellness products for babies, kids, moms and moms-to-be. “We are excited to partner with Swander Pace Capital, which has deep experience in the consumer product sector, to help us continue our growth, drive further innovation and take our mission to an even higher level,” said Yasmin Kaderali, CEO of Mommy’s Bliss.

Opopop closes $5M in Series A round

Opopop (Denver, Colorado) closed its Series A on June 1, raising $5 million and bringing the company’s combined pre-launch funding to $11.6 million. The company’s product—microwave popcorn with pre-flavored popcorn kernels, dubbed Flavor Wrapped Popcorn Kernels—launched on June 7. The Series A round was led by Valor Siren Ventures, with investments from Peter Rahal, founder of RxBar and Litani Ventures; Grammy award-winning superstar DJ/Producer Tiësto; Academy Award-winning director Jimmy Chin; and Alex Bogusky’s firm Batshit Crazy Ventures.

Nonalcoholic beer maker Athletic Brewing nabs $50M in Series C round

Athletic Brewing (Stratford, Connecticut), which makes nonalcoholic craft beer, has raised a $50 million Series C funding round led by Alliance Consumer Growth and existing investor TRB Advisors. The company will use the funds—a total of $70 million for Athletic—to construct a Connecticut brewery, which will be the company’s third, to support East Coast expansion. The brewer offers a range of nonalcoholic beers and has struggled to keep up with demand, despite steady growth since its launch in 2018. Previous investors include bicycle racer Lance Armstrong and NFL players Justin Tuck and J.J. Watt, Food Dive reported.

Kudos closes $2.4M Seed round

Disposable baby diaper brand Kudos (Boston, Massachusetts) closed its $2.4 million Seed round of financing. The company touts being the first and only disposable baby diaper to earn the cotton natural seal from Cotton Inc. for having 100% cotton, instead of plastic, touching the baby’s skin. The company operates direct-to-consumer and charges $78 for a monthly subscription box. Investors included Foundation Capital, XFund, PJC, Precursor Ventures, Liquid 2 Ventures, SV Angel, Underscore VC, Alpha Bridge Ventures, April Underwood and more.

Gnosis by Lesaffre acquires NattoPharma

Gnosis by Lesaffre (Lille, France) has acquired NattoPharma, a Norwegian nutraceutical company that specializes in the research and supply of vitamin K2. The purchase, which was for an undisclosed sum, will enhance Gnosis’ vitamin K2 offering by bringing together its own vitaMK7 brand with NattoPharma’s MenaQ7 solutions. Both ingredient solutions have been used as part of formulations for nutraceutical and functional food products for more than 10 years.

Plant Power fast food chain gets $7.5M in Series A

Fast food restaurant chain Plant Power (San Diego, California) has completed a $7.5 million Series A funding round led by Helia Capital USA, Eat Beyond Global Holdings and Batta Foods, with participation from Aileen Getty and other individual investors. The chain, which offers an entire plant-based menu, has seven locations in Southern California. Eight stores are planned in new locations including Sacramento and Hollywood, California, and Las Vegas, Nevada. In addition, the company will use the funds to focus on the development of a new corporate unit.

L Catterton acquires Kodiak Cakes

Kodiak Cakes (Park City, Utah) has been purchased by L Catterton for an undisclosed sum. The pancake maker, led by co-founder and CEO Joel Clark and co-founder and President Cameron Smith, has expanded into waffle mixes, frozen waffles and pancakes, oatmeal, baking mixes and more. Kodiak’s existing shareholders, including Sunrise Strategic Partners, Trilantic North America, and the company’s founders and management team, will continue to own a significant minority stake in the company going forward. “We are thrilled at the opportunity to partner with Joel and his exceptional leadership team for the next chapter in Kodiak’s evolution,” said Matt Leeds, partner at L Catterton.

Alternative dairy startup Vly gets $7.4M in Series A

Vly (Berlin, Germany), maker of milk from plant protein, has raised 6.1 million euros ($7.4 million) in a Series A round led by Five Seasons Ventures. The company, founded in 2018, is the sixth biggest plant milk brand in Germany. It will use the funds to scale its R&D and drive growth access the DACH region (Germany, Austria and Switzerland) and into new European markets, including the United Kingdom. The company worked through 400 versions before it created its dairy alternative milk from yellow split pea protein, it says. The milk is now stocked in over 10,000 stores.

NotCo gets backing from Shake Shack founder Danny Meyer’s Fund

The Not Company (Santiago, Chile), which uses patented AI technology to create plant-based products that replicate the taste and texture of animal-based foods, has received funding from Enlightened Hospitality Investments (EHI), the growth equity fund that includes U.S. burger restaurant Shake Shack founder Danny Meyer. NotCo, which is also backed by Amazon founder Jeff Bezos and investors Future Positive and L Catterton, has raised a total of $130 million to date, with the latest investment amount from EHI not disclosed. The company will use the capital to ramp up its expansion efforts across the U.S. foodservice market.

Prima closes $9.2M Seed round

The Uplifters’ Prima, PBC (Santa Monica, California) closed a $9.2 million Seed Plus round of financing led by Greycroft, H Ventures, Defy, and Lerer Hippeau, with notable participation from Adam Zeplain (mark vc), Global Founders Capital, Emerald Health, One Gun and Purple Arch Ventures. The company, known as Prima, launched in 2019 by The Honest Company alums and makes skin care, body care and supplements that include cannabinoids.

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UK-based seaweed processing startup Oceanium nabs $2.75M

Oceanium (Oban, Scotland) closed a Seed II round of funding to open up the market for sustainable seaweed farming. The seaweed processing startup—which is among a number of startups repurposing seaweed into new foods and materials—will use the funding to scale its biorefinery and processing model. The round, which was for approximately £2 million (US$2.7 million), was led by Green Angel Syndicate and World Wildlife Fund. It follows a previous round from venture capital firms Katapult Ocean and Sky Ocean Ventures, as well as Scottish Enterprise.

Plant-based chicken brand Daring gets $40M from Drake and others

Plant-based chicken brand Daring (Los Angeles, California) has raised $40 million in a Series B funding round. The round, led by D1 Capital Partners, received participation from existing investors Maveron (which last year led an $8 million Series A funding round for the company) and Palm Tree Crew, as well as musician Aubrey Drake Graham, known as Drake. The chicken alternative producer will use the funds to grow its team, support product development and accelerate growth in retail and food service channels.

Açai superfood brand Sambazon raises $45M

Sambazon (San Clemente, California), which produces a range of organic food and beverage products made with superfood açai, has secured a $45 million investment from NextWorld, a San Francisco, California-based investment partnership. “Sambazon is a market leader built around a deep sense of purpose, innovative açai products, a large addressable global market and a long-term commitment to leveraging their strong growth in the CPG marketplace to build a larger omnichannel brand,” said David Fife, a partner at NextWorld who will join the Sambazon board of directors.

Tea Drops picks up $5M in Series A funding round

Bagless tea startup Tea Drops (Los Angeles, California) raised $5 million in funding in a Series A round led by BrandProject, with additional participations from its previous investors AF Ventures, Cue Ball Capital and Halogen Ventures, as well as new investor Siddhi Capital. The capital, which brings the company’s total funding to $8.4 million, will help the brand that started in 2015 and is referred to as the “bath bombs of tea” to expand from its current direct-to-consumer model to an omnichannel business.

Eat Just secures $170 million to scale its cell-based meat business, Good Meat

Eat Just (San Francisco, California)—makers of standout egg replacement brand Just Egg—has raised $170 million in funding to scale its cell-based meat subsidiary, Good Meat, and to increase capacity and accelerate research and development of Good Meat’s cultured meat products. The $170 million investment and a new partnership with JW Marriott Singapore South Beach points to growing corporate and consumer interest in more sustainable food choices, said Mirte Gosker, managing director, Asia-Pacific, at the Good Food Institute.

Pongamia tree producer Terviva secures $54M and partners with Danone

Terviva (Oakland, California) has raised $54 million in equity funding to commercialize a regenerative plant protein and culinary oil from pongamia trees. Danone will partner with the company to explore new food products using pongamia, which Terviva says can sequester significant amounts of carbon dioxide from the atmosphere. The company plans to close an additional $24 million in equity and debt before the end of the quarter to further fund this expansion and estimates it will open a facility to manufacture pongamia-based foods in the U.S. next year.

Polish personalized supplement company Sundose grabs $6M in funding

Sundose (Lublin, Poland) raised $6 million in a Series A funding round led by DX Ventures and Atmos Ventures with participation from Investible Club, Polipo Ventures, Aria and others. The company, which launched in 2017, intends to use the funds to further develop its personalization engine, scale production and expand its operations to serve customers in more European markets.

NASCAR Cup Champion Kyle Busch’s Rowdy Energy gets $13M in funding

Rowdy Energy (Mooresville, North Carolina), the better-for-you energy drink brand created by two-time NASCAR Cup Champion Kyle Busch and beverage entrepreneur Jeff Church, has completed a $13 million fundraising round. The company’s 40 investors include the private equity fund CircleUp, Marcus Lemonis, The Kraft Group, Scott Borchetta and Fanatics Executive Chairman Michael Rubin. The funds will be used to further Rowdy Energy’s marketing initiatives as well on unique programs in partnership with retailers.

Label Insight purchased by NielsenIQ for undisclosed sum

NielsenIQ (Chicago, Illinois) has purchased Chicago firm Label Insight, which NielsenIQ says will make the company “the most comprehensive and robust data provider within the $175 billion health and wellness space with the richest source of product attribution data, in tandem with its gold-standard, global retail measurement system sales data and panel insights.” NielsenIQ, formerly known as Nielsen Global Connect, was sold by Nielsen Holdings in November for $2.7 billion.

Israel’s SavorEat launches plant-based egg subsidiary

Food tech startup SavorEat (Rehovot, Israel) has created a new subsidiary called Egg’n’up to focus on developing plant-based egg alternatives. SavorEat uses 3D-printing technology to develop vegan, kosher and gluten-free meat alternatives and will team up with investor Millennium Food-Tech to start the new venture with $2.5 million. SavorEat’s patent-pending technology uses 3D-printing cartridges containing plant-based ingredients and a nano-cellulose fiber to provide texture for the analogue. Egg’n’up is slated to debut its first product by Q4 of 2022.

Supplement startup Gem raises $10.5M in seed round

CircleUp Growth Partners led a $10.5 million seed round for Gem (Los Angeles, California), a next generation take on dietary supplements: The company makes chewable, cube-shaped bites made from plant-based ingredients. In 2020, Gem saw 400% growth and sold 8 million bites through its online platform. The company will use the capital to expand its product into retail and add additional plant ecosystems to its portfolio of science and intellectual property, as well as to grow its team from 10 to 40 employees.

Sky Organics expands from Amazon into retail with help of Nexus

Nexus Capital Management, a private equity firm in Los Angeles, made a strategic growth investment in Sky Organics (Miami, Florida), a beauty brand specializing in curly hair care and antiaging products. Sky Organics launched in 2018 and sells on Amazon. The terms of the investment weren’t disclosed. Michael Cohen, partner at Nexus, said, “Sky Organics’ focus on natural, sustainable, better-for-you products fits perfectly within Nexus’ umbrella of mission-based companies.” William Hood & Co. was the financial advisor to Sky Organics on the deal with Nexus.

Latinx clean beauty brand Ceremonia outpaces projections by more than 50%

Ceremonia (New York, New York) launched in 2020, targeting an often-overlooked demographic in the beauty space: Latinas. Founder Babba C. Rivera raised $1 million in venture capital funding last year and another $2 million in the company’s latest seed round, co-led by Silas Capital and Beliade. Ceremonia has outperformed revenue projections by more than 50% in the company’s first six months and surpassed $100,000 in revenue.

Stage acquires artisanal cheese brand Haystack Mountain

Haystack Mountain Creamery (Longmont, Colorado) has been acquired by Stage, a specialized growth venture fund that invests in technology-enabled and consumer products businesses in need of fresh capital and operating expertise. Haystack Mountain, which started at the Boulder Farmers Market in 1989, has received 80 total awards, including 20 first place awards for its cheeses—the Guild of Fine Foods’ Best American Cheese Award in 2017 and 2018 among them. Board member Mark Retzloff, co-founder of Horizon Dairy, Aurora Organic Dairy and Alfalfas Markets, said, “There is so much excitement surrounding the team at Haystack. Jackie Chang is an outstanding talent that is well-known throughout the industry for her passion and unwavering commitment to excellence.”

Copper Cow Coffee raises $8.5 million in Series A financing

Copper Cow Coffee (Los Angeles, California) closed its Series A funding round of $8.5 million that was co-led by Cultivian Sandbox and Arborview Capital, with participation from Siddhi Capital, Silverton Partners, Social Starts, Montage Ventures, CRCM and Stormbreaker Ventures. Copper Cow sources ethically and sustainably from Vietnamese farms that practice organic agricultural and processing methods. The company has tripled its revenue annually since launch and is distributed in more than 3,000 retailers, including Whole Foods Market, Sprouts and Walmart worldwide.

Synergy Flavors buys Innova Flavors

Synergy Flavors (Wauconda, Illinois), which was built by cheese producer Carberry, has announced its acquisition of savory flavor and ingredient supplier Innova Flavors (Lombard, Illinois) from Griffith Foods Worldwide for an undisclosed sum. Innova Flavors specializes in creating customized meat and savory flavors and will complement Synergy’s current offerings for rapidly growing plant-based alternative food and beverages globally. “This acquisition offers significant benefits to Synergy customers by providing them access to a proven range of flavors to meet the growing demand for natural flavorings and savory ingredients,” said Rod Sowders, president and CEO of Synergy Flavors.

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