Chobani acquires La Colombe

Chobani, the prominent food and beverage company known for its Greek yogurt, has acquired La Colombe for $900 million, marking its entry into the high-growth ready-to-drink coffee category. La Colombe, a leading independent coffee roaster, operates across various channels, including retail, cafes, food service and direct-to-consumer. The acquisition is expected to provide long-term growth opportunities, synergy benefits and expedite Chobani’s expansion into a diversified next-generation food and beverage company.

AI device detects bacteria

Spore.Bio has secured €8 million in pre-seed funding, led by LocalGlobe and strategic investors, for developing the “world’s first” device capable of rapidly detecting bacteria in consumer products using AI. The device, designed for use on the factory floor, employs advanced machine learning to identify bacteria concentrations in food, drinks, pharmaceuticals and cosmetics. The device provides almost real-time insights and reducing sampling times from 20 days to minutes. The funding will be used to accelerate technology development and expand the Spore.Bio team with plans to deploy the device globally in the coming year.

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SP Nutraceuricals’ strategic partnership

SP Nutraceuticals has partnered strategically with ChopraX Ventures, led by Dr. Deepak Chopra, to drive metabolic health awareness and product innovation. The multi-year agreement designates SP Nutraceuticals as the exclusive metabolic health company of ChopraX, granting access to global wellness events and corporate finance activities. Additionally, Darren Contardo, the current President and CMO of SP Nutraceuticals, has been appointed as the new CEO, and a new Board of Directors has been appointed to further the company’s commercial success and innovation in the metabolic health industry.

Amyris brands auction a success

Amyris has successfully auctioned off four of its brands, including Biossance, Pipette, MenoLabs and 4U, as part of its Chapter 11 bankruptcy proceedings. Notable sales include Biossance to THG Beauty for $20 million, Pipette to HRB Brands for $1.75 million, MenoLabs to Dr. Reddy’s Laboratories for $3 million and 4U to Scent Theory Products for $600,000. The company filed for Chapter 11 bankruptcy in August, aiming to restructure by selling consumer product brands and has extended the deadline for objections to the proposed sales until December 11.

Kerry acquiring lactase business

Kerry Group PLC is set to acquire a portion of the global lactase enzyme business from Chr. Hansen Holding A/S and Novozymes A/S. The deal, pending approval from the European Commission, is part of the merger approval process for Novozymes and Chr. Hansen. The acquisition includes specific assets of Chr. Hansen’s lactase enzyme business and the entire share capital of Novozymes’ Chinese subsidiary, Nuocheng Trillion Food (Tianjin) Co., Ltd., with an expected closing in the first half of 2024. This move is driven by the rising global demand for lactase due to increased awareness of lactose intolerance. The acquisition will allow Kerry to enhance its capabilities in creating lactose-free and reduced-sugar dairy products using enzyme technology

Bain Capital acquires 1440 Foods

1440 Foods, a leading portfolio of sports and active nutrition brands, has announced a definitive agreement for Bain Capital Private Equity to acquire a significant stake in the company alongside existing investor 4×4 Capital. The investment aims to support 1440 Foods’ growth plan, focusing on innovation and expanding the distribution of its market-leading brands, including Pure Protein, MET-Rx and Body Fortress. The company’s vision is to become the go-to choice for people seeking flavorful, functional and convenient nutrition as part of a balanced lifestyle.

Healthtech startup Mirror raises pre-seed

Gorillas founder Kağan Sümer has raised a pre-seed round of $6-8 million for Mirror, a health management app co-founded with Gorillas’ Uğur Samut. The app, currently in beta testing in Germany, integrates physical tests, wearable data and personalized recommendations to help users manage aspects like sleep, fitness and nutrition. The fundraising, led by Atlantic Labs’ FoodLabs and Giant Ventures, marks a return to the fundraising scene for Sümer after Gorillas’ acquisition by Getir in December 2022. Mirror plans to launch in its home market in the first half of 2024 and expand to the UK later that year.

ADM Acquires UK’s FDL

Global nutrition company ADM has agreed to acquire UK-based FDL, a developer and producer of flavor and functional ingredient systems. The acquisition will expand ADM’s range of flavors and functional ingredients, while strengthening FDL’s taste and nutritional solutions portfolio. The transaction is set to be completed by the end of January 2024.

Martie raises $7M funding

Martie, an online discount store founded by four-time entrepreneur Louise Fritjofsson, has raised $7 million in funding, led by Upfront Ventures and with participation from Day One Ventures. Focused initially on reducing packaging waste for small food brands, Martie pivoted in early 2021 to offer a rotating selection of about 500 shelf-stable grocery products at discounted prices, aiming to compete with traditional retailers like TJ Maxx and Instacart. Fritjofsson plans to expand beyond grocery into personal care and home goods, emphasizing affordability and targeting a broader demographic of customers in suburban areas, drawing inspiration from Ikea’s approach.

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Fantuan raises $40M funding

Vancouver-based Fantuan, a Chinese food delivery experience replicator, secured $40 million in a Series C round led by Celtic House Asia and GrubMarket. The funds will aid Fantuan in expanding its authentic Asian food delivery globally and evolving into a comprehensive platform for leisure activities

Carbon Maps secures funding

French startup Carbon Maps, focusing on environmental accounting for the food industry, secured $7.6 million in funding. The platform helps food companies assess their products’ environmental footprint, considering factors like energy consumption and packaging, with standardized recommendations for eco-scores and sustainability objectives

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Farmless secures €4.8m funding

Farmless, a Dutch fermentation startup, secured €4.8 million in seed funding for its landless microbial protein. Using a biomass fermentation technique with liquid gases as feedstock, Farmless produces climate-friendly functional proteins locally, claiming to be carbon-negative and environmentally efficient compared to traditional protein sources

Clever Carnivore raises $7M

Chicago-based Clever Carnivore, a cultivated meat biotech startup, raised $7 million in a seed round led by Lever VC. Using cell biology technology, the company grows meat in food production facilities, and the funds will support expanding operations, scaling production and introducing the Clever Bratwurst in early 2024.

ROAR Organic secures $6M

Hydration brand ROAR Organic secured $6 million in fresh capital, bringing its total funding to approximately $26 million. With a 116% increase in gross revenue in 2022, ROAR Organic plans to accelerate innovation, sales and marketing, anticipating 2023 as its highest growth year

L’Oréal acquires Lactobio

L’Oréal has completed the acquisition of Copenhagen-based Lactobio, a probiotic and microbiome research company. The acquisition enhances L’Oréal’s expertise in microbiome research, aiming to develop safe and effective cosmetic solutions using live bacteria derived from a biobank of lactobacillus bacteria.

Framptons targets UK oat milk

Profura-acquired Framptons aims to lead the UK’s oat milk sector, focusing on carbon-conscious plant-based drinks. The 125-year-old company plans to sell off its egg business and emphasize plant-based alternatives using locally sourced materials, aligning with Profura’s strategy of investing in high-growth potential companies

Alchemy Foodtech bags investment

Singapore-based Alchemy Foodtech secured a strategic investment of over S$8 million from Ting Li Development. The deal aims to reduce sugar and carbohydrate content in Ting Hsin International’s F&B products, promoting healthier versions through increased dietary fiber and prebiotics.

Suntory invests in Atomo

Suntory Holdings invested multimillions in Atomo Coffee, a US startup known for its “beanless coffee.” Atomo provides a sustainable alternative to traditional coffee, using eco-friendly superfoods and upcycled ingredients. The investment aligns with Suntory’s strategy to support innovation and sustainability in the beverage industry

Pharmavite acquires Bonafide Health

Pharmavite LLC acquired Bonafide Health, a women’s health company specializing in menopause management, for $425 million. The acquisition expands Pharmavite’s women’s health business and positions the company as a leader in women’s health nutraceuticals.

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Ryp Labs raises $8.1M

Seattle startup Ryp Labs secured $8.1 million in a Series A round led by King Philanthropies. Ryp Labs aims to fight food waste with plant-based stickers extending the shelf life of fruits and vegetables, with successful pilots showing significant extensions in strawberry shelf life.

Spirited Brands raises $4.5M seed funding

Spirited Brands Holdings secured $4.5 million in seed funding for its low-alcohol beverage brands, Soké and Soula. The brands offer Asian-inspired sodas and Mexican-inspired margaritas, catering to consumers seeking premium, lower-calorie options in the beverage market.

Ripple Foods raises $49M

California-based Ripple Foods, a female-led pea milk maker, secured $49.2 million in funding. The funds will accelerate innovation, expand into new markets and contribute to the growth of the plant-based foods industry, capitalizing on the increased interest in the pea milk category.

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.

Founders re-acquire supplement business

Arizona Nutritional Supplements, a prominent contract and private-label manufacturer of specialty vitamins, minerals, and supplements, has been re-acquired by its founders, Aaron Blunck and Jonathan Pinkus. This move signals a new phase of innovation, customer dedication, and expansion for the company, initially founded in 1996. Known for its commitment to providing high-quality products and expert support in the health and wellness industry, the acquisition by its visionary founders emphasizes its dedication to propelling the company to greater heights. The founders express excitement about this acquisition, marking a significant milestone in the company’s journey and highlighting their mission to deliver quality products and exceptional service

Sunnyside secures $11.5M funding

Sunnyside, a mindful drinking app, has secured $11.5 million in Series A funding led by Motley Fool Ventures. The funding will support the launch of “Sunny,” an AI-mindful drinking coach that generates recommendations for Sunnyside’s team of human coaches. The app, available for $99 per year, helps users track their daily drinks, offers personalized coaching, and features a community chat for sharing experiences. Since its launch in 2020, Sunnyside claims to have helped over 200,000 people reduce their drinking by an average of 32%, cutting out 13.5 million drinks and saving users over $50 in the first month.

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Pricepally secures $1.3M funding

Nigerian online grocery store Pricepally has secured $1.3 million in seed funding, with support from investors including Samurai Incubate, SOSV, and ELEA. The startup, which initially focused on three Nigerian cities, plans to use the funding to expand its operations and reintroduce group buying options to enhance affordability for consumers. Pricepally differentiates itself by sourcing fresh produce directly from farmers, negotiating prices, minimizing middlemen, and fostering transparency in the market, which has contributed to its customer retention and steady growth, with over 80% of its revenues coming from existing buyers.

$17.5M funding for mushroom automation

TechBrew Robotics, based in British Columbia, Canada, has rebranded as 4AG Robotics and secured $17.5 million in equity financing. The company addresses labor challenges in the mushroom industry with its autonomous harvesting robot. The robot, designed for indoor mushroom farms, autonomously scans mushroom beds, picks ripe mushrooms, trims the stems, and places the produce in containers for sale, operating continuously for over 24 hours without human intervention. 4AG Robotics aims to become a global leader in indoor agriculture robotics, starting with the mushroom industry, which faces labor shortages impacting supply and demand in Canada, the world’s eighth-largest mushroom producer.

L-nutra secures $47M investment

L-Nutra, a nutri-technology company focused on longevity science nutrition programs, has successfully closed a $47 million first tranche investment in its Series D fundraising round. Stephane Bancel, CEO of Moderna Inc., and Brentwood Associates, a Los Angeles-based investment firm, lead the investment. L-Nutra, founded in 2009 by the University of Southern California and Dr. Valter Longo, aims to enhance healthy aging and metabolic health through its Nutrition for Longevity pipeline, ProLon®, and its Nutrition as Medicine pipeline, L-Nutra Health. The funding will support the global expansion of ProLon® and increase access to the company’s diabetes remission program.

$10M eco-friendly funding

Sustainable packaging startup Fibmold has raised $10 million in funding led by Omnivore and Accel. Founded in October 2022, Fibmold produces eco-friendly molded fiber packaging using natural fibers like bamboo, bagasse, husk, wheat straw, and waste paper. The company aims to help businesses transition away from single-use plastics, offering fully recyclable and naturally biodegradable alternatives. With the sustainable packaging industry seen as a $300 billion opportunity, Fibmold competes in the Indian market with rivals like Cirkla. At the same time, the sector’s growth aligns with the increasing global focus on sustainability.

New CPG platform secures funding

Keychain, a CPG (consumer packaged goods) manufacturing platform, has secured $18 million in a seed funding round led by Lightspeed Venture Partners. Founded by Jordan Weitz, Umang Dua, and Oisin Hanrahan, who co-founded Handy, the platform employs AI to streamline the connection of brands with manufacturing partners. Keychain’s goal is to reduce the time it takes for CPG companies to find suitable manufacturing partners from months to days, fostering innovation in product development. The platform, currently invite-only, plans to open to select retailers and brands in the coming year, with aspirations to expand its services to cover the entire manufacturing process, including sourcing, onboarding, and compliance.

Nestle invests $100M in Wonder Group

Nestle has invested $100 million in food-delivery startup Wonder Group, forming a strategic partnership to sell high-tech kitchen equipment and prepared ingredients to businesses like hotels, hospitals, and sports arenas. The collaboration aims to provide easier, faster, and more affordable high-quality meals for families at home. Wonder, valued at $3.5 billion, recently acquired Blue Apron for $103 million and plans to leverage Nestle’s expertise to scale rapidly. The partnership will start with Nestle producing pizza and pasta tailored to Wonder’s kitchen equipment, offering improved food quality and additional revenue streams for businesses in the food service industry.

Natch secures funding

Mumbai-based snack food startup Natch has secured Rs 3 Crore in seed funding, led by Artha Venture Fund and with participation from DSP Family Office. Founded in 2017, Natch focuses on natural, uncomplicated ingredients, avoiding preservatives and artificial flavors. The funding will expand its omnichannel presence, enhance distribution, intensify marketing efforts, and drive innovation in product development. It plans to leverage its established distribution network to enter metropolitan and tier 1 cities in India and expand in the quick commerce sector.

Zedd invests in BetterBrand

Los Angeles consumer food tech company BetterBrand has welcomed DJ and producer Anton Zaslavski, known as Zedd, as an investor. Zedd joins a group of notable investors, including actor Patrick Schwarzenegger and others. BetterBrand, led by founder Aimee Yang, specializes in innovative products in the $12 trillion refined carb market, utilizing proprietary technology to create baked goods with non-GMO, clean-label ingredients. The company’s flagship product, ‘The Better Bagel,’ offers a low-carb alternative with more protein and no added sugar. To celebrate their partnership, Zedd and BetterBrand are launching a limited edition product, the Zedd x The Jalapeño Cheddar Better Bagel, available online from November 8th, 2023..

General Mills acquires Fera Pets

General Mills has acquired pet food supplement brand Fera Pets for an undisclosed amount, marking its entry into the pet supplement category. The purchase is the inaugural move by the company’s newly launched growth equity fund, aimed at scaling and expanding acquired businesses for future integration into its core portfolio. This strategic acquisition allows General Mills to strengthen its presence in the pet industry, following its 2018 entry with the $8 billion acquisition of Blue Buffalo, aligning with the growing trend of pet wellness as families increasingly prioritize their pets’ health.

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.

AI-driven designer proteins

Cambrium, a Berlin-based company, has raised €11 million ($11.6 million) to expand its operations in designing sustainable and scalable structural proteins. The company’s initial product, NovaColl, is a modified collagen derivative that can stimulate collagen production better than natural collagen without sourcing from animals. Cambrium uses AI to design proteins, focusing on structural proteins for high-value, low-volume industries such as personal care, offering more sustainable options. Essential Capital led the funding round, and Cambrium is already shipping NovaColl to customers for testing in their products

Aquaculture investment boost

Pacifico Aquaculture, a leader in sustainable aquaculture, has secured project financing from Equilibrium Capital and a significant equity investment from a consortium led by Butterfly Equity and a U.S. public pension fund. The funding will support the development of Pacifico’s nursery facility in Baja, California, and increase its production capacity for ocean-raised striped bass. Pacifico, the world’s only commercial producer of this premium species, aims to meet the rising global demand for sustainably raised striped bass, offering a versatile product favored by chefs and retailers. The investment will enable Pacifico to expand its production capabilities and contribute to the growth of sustainable aquaculture in North America.

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Triplebar raises $20M funding

Biotech startup Triplebar has secured $20 million in a funding round led by Synthesis Capital, bringing its total funding to $25 million. The California-based company employs a “hyper-throughput” screening platform using microfluidics, rapid testing and AI to optimize biomanufacturing platforms for microbial and animal cells. Triplebar’s technology allows for the rapid screening of millions of mutations, accelerating the evolution process and enabling the development of more efficient biomanufacturing for various applications, from low-cost animal proteins to therapeutic biologic drug candidates. The funding will support Triplebar in expanding its collaborations and partnerships with companies such as FrieslandCampina Ingredients and Umami Bioworks.

Flavrs adds AI-recommended takeout

Flavrs, an iOS shoppable video app for food enthusiasts, adds a takeout feature and AI-powered recommendations through a custom integration with OpenAI. The app, founded by former YouTube executive Alejandro Oropeza and ex-Google engineer François Chu, initially allowed users to discover recipes and shop for ingredients. With the new changes, Flavrs lets users shop for ingredients and order takeout directly from the app, linking with services such as Instacart and Uber Eats. Additionally, Flavrs utilizes AI to personalize video content across various food categories, making it a comprehensive platform for discovering, shopping and ordering food-related content.

PopUp Bagels’ successful Series A

PopUp Bagels, a New York City-based bagel startup, has successfully raised $8 million in Series A funding, with Stripes leading the round. Notable investors, including Tastemaker Capital and Habitat Partners, also participated. The funds will primarily be used to expand the company’s executive team. PopUp Bagels, launched during the pandemic in 2020, allows customers to order fresh bagels online in advance and pick them up at specified times and locations, promoting unique flavor experiences with weekly changes and collaborations with brands including Utz Cheese Ball Cream Cheese and Bowery Farms Basil Pesto Butter.

Better Bite invests in better startups

Better Bite Ventures has invested in three APAC food tech startups—Fattastic in Singapore, Pivot Eat in Australia, and Everything But in South Korea—as part of its First Bite initiative. The initiative provides early-stage investments ranging from $50,000 to $150,000. These startups focus on innovative solutions to enhance the taste and texture of meat and dairy alternatives, addressing the need for more sustainable ways of producing food to achieve net zero greenhouse gas emissions. Better Bite Ventures, launched in 2022, has already invested in over 20 food tech startups and is now open for applications for the next round of First Bite investments

Signos raises $20M Series B

Signos, a metabolic health platform, has secured $20 million in a Series B funding round led by Cheyenne Ventures and Google Ventures, with additional support from Dexcom Ventures and Samsung. The platform utilizes AI and continuous glucose monitoring to offer real-time data and personalized recommendations for healthy weight management. Signos aims to address the obesity and metabolic health crisis, particularly in the United States. The funding will expand the team, enhance the platform and conduct further research on metabolic health despite challenges such as hiring and the cost of CGM technology.

Daiz’s $47M funding boost

Japanese plant-based meat company Daiz has secured $47.44 million in its latest funding round, bringing the total amount raised to over $87 million—the largest sum ever in Japan’s food-tech industry. Daiz plans to use the funds to build a 40,000-square-meter factory in Kumamoto City, scheduled to begin operations in February 2025. The facility aims to produce 20,000 tons of Daiz’s plant-based Miracle Meat annually and create around 40 jobs. The company intends to accelerate growth in domestic and overseas markets with the new funding.

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.

Salted raises $14M funding

Salted, a company specializing in building quick-serve restaurant brands, has raised $14 million in Series B funding to support its vision of expanding to “thousands of locations” in the coming years. The Los Angeles-based company, founded in 2014, operates six brands, including moonbowls, Cauliflower Pizza and lulubowls. Salted distinguishes itself by owning its intellectual property, operating its brands, and focusing on cap-ex light models, with an emphasis on delivery and takeout as core competencies, as well as offering food that customers feel good about bringing into their homes. The funds will be used for hiring, technology investment and potential brand acquisitions

Mexican investors back Tia Lupita

Tia Lupita Foods has secured $2.6 million in seed funding, entirely backed by Mexican investors, including Santatera Capital and GBM Ventures. This funding, reflecting confidence in Tia Lupita’s business model, will be utilized to accelerate new product development and enter new markets in the ‘better-for-you’ Mexican food segment. The company, founded by Hector Saldivar based on his family’s hot sauce recipe, has experienced significant growth and diversification, offering products like Grain-Free Cactus Tortilla Chips and Salsa Macha. Tia Lupita’s renowned hot sauces and sustainable offerings are available in major retailers nationwide

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Just Ice Tea receives funding boost

Seth Goldman’s Eat the Change has secured $14.5 million in funding to expand distribution of its Just Ice Tea line. The funding, led by Collaborative Fund and S2G Ventures, will also be used to scale production and support major purchases of bottles, caps, tea and ingredients. Just Ice Tea aims to fill the gap left by Coca-Cola’s discontinuation of Honest tea, offering an organic, Fair Trade Certified, and less-sweet beverage. The launch, planned for September in Washington, D.C., and nationwide in October, represents a rapid entry into the market compared to the organic growth of Honest tea

Lanch launches influencer food brands

Berlin-based startup Lanch, which collaborates with influencers to create ad hoc food delivery brands, has secured $6.9 million in funding. Lanch’s influencer-paired food brands operate in “virtual kitchens,” utilizing existing restaurant and retail kitchen spaces. Despite concerns about the concept’s seeming like gimmicks and previous issues in the U.S. with similar models, Lanch differentiates itself by emphasizing a tech-first approach, employing quality-control software for data analytics. The startup aims to provide insights to creators and restaurants, optimizing efficiency and avoiding controversies like those faced by some U.S. counterparts. The company plans to expand to Austria and other European markets

Bon Vivant secures €15 seed funding

Precision fermentation startup Bon Vivant, based in Lyon, France, has secured €15 million in seed funding to further its development of animal-free milk proteins with lower environmental impact than traditional dairy. The company uses biotech techniques to reprogram yeast microorganisms and is focused on a B2B business model, positioning itself as a supplier to the food industry rather than a competitor. Bon Vivant aims to provide versatile yeast-grown milk proteins, including whey and casein, to meet various functionality needs for multinational food industrials. The startup plans to scale production and obtain regulatory clearances, with the U.S. market expected to be its first target

Sophim secures €20M funding

Family-owned natural cosmetics and personal care ingredient company Sophim has secured €20 million in funding to double its production capacity across two sites in France and Spain and facilitate international expansion. The funding, led by Smalt Capital, supports Sophim’s focus on naturally derived squalane, particularly its olive-derived Phytosqualan, in response to market demand for natural solutions. Sophim aims not only to increase production capacity but also to enhance environmental sustainability by reducing energy costs and adopting greener processes, reflecting a commitment to ecological responsibility and sustainable development in its business project

Oddlygood acquires Planti

Finnish plant-based food manufacturer Oddlygood has strengthened its position in the dairy alternative market by acquiring the Nordic brand Planti. The strategic move places Oddlygood at the forefront of spoonable snacks in Sweden and cooking products in Finland. With a record turnover of €23.5 million in 2022 and a +40% organic growth in the first half of this year, Oddlygood highlights the significance of the Planti acquisition as its first step in the growth journey. The acquisition includes Planti’s products, brand and intellectual property rights, making Oddlygood the second-largest player in plant-based dairy alternatives in Sweden and the third-largest in Finland

BlueNalu raises $33.5M in Series B Round

San Diego-based cellular aquaculture startup BlueNalu has secured $33.5 million in a Series B funding round from both new and existing investors, according to U.K. venture capital firm Agronomics. This Series B follows BlueNalu’s previous funding rounds, including a $60 million convertible note financing in 2020. BlueNalu, which plans to produce whole-muscle bluefin tuna toro through cellular agriculture, is currently scaling up its pilot facility in San Diego and aims to break ground on a large-scale plant in 2026, with commercial-scale production targeted 18 months later. The company expects strong returns, with projected margins exceeding 70% at a large-scale facility, as it leverages its technology to provide a consistent, high-value product free of mercury and microplastics.

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Moolec Science secures $30M

Moolec Science, an agricultural biotech startup, has secured $30 million in funding from strategic investors, including Grupo Insud, through convertible notes. The company, known for its molecular farming platform, modifies plants like yellow peas and soybeans to express proteins from animals like cows and pigs, enhancing the taste, texture and nutritional profile of meat alternatives. Moolec’s advanced products include Chymosin SPC, a bovine protein for cheesemaking, and a gamma-linoleic acid (GLA)-rich nutritional oil from genetically engineered safflower, which has received FDA and USDA approval. The funding aims to bolster Moolec’s financial position in a challenging market and support research and development projects for its innovative plant-based protein technology

Toast-It wins Shark Tank deal

Miami-based frozen food brand Toast-It secured an investment on Shark Tank from entrepreneur Daniel Lubetzky, founder of Kind Snacks. The co-founders, Coco Cabezas and Mafe Romer received offers from both Kevin, O’Leary and Lubetzky but opted for a $150,000 investment in exchange for 20% equity from Lubetzky. Toast-It, known for its frozen, ready-to-toast arepas made with organic ingredients from Latin America, plans to use the capital to expand its retail presence, market the brand and enter new markets, initially targeting the Northeast and Texas.

VFC acquires Clive’s Purely Plants

VFC Foods, a vegan fried chicken company, has acquired Clive’s Purely Plants, a UK-based plant-based food manufacturer known for its pies, quiches, rolls and nut roasts. This acquisition, the second for VFC in less than four months, is expected to boost annual sales by 30%. The deal includes Clive’s Purely Plants’ Dartmouth production facility, marking VFC Foods’ entry into primary manufacturing. The move aligns with VFC’s strategy to expand in the U.K. and Europe, tapping into the growing demand for high-quality plant-based products

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.

Wonder Group to acquire Blue Apron

Lumi secures seed funding

Lumi, a Los Angeles, California-based food and beverage packaging startup, has successfully closed its seed funding round with support from investors including Innovent Group, Hydra Group and Responsibly Fund. The undisclosed funding will be allocated to expand marketing and sales efforts, build inventory to meet large orders and enhance product development for additional beverage packaging options. Led by CEO Kevin Diamond, Lumi is set to launch the LumiCup, a disposable and recyclable aluminum cup. The cup is aimed at reducing single-use plastics, with shipments to hospitality, entertainment and travel consumers beginning in early 2024.

ITV putting plant-based meat on the screen

ITV has agreed to subscribe for £1.5 million of shares in Plant Meat Limited, a leading plant-based meat brand, through its AdVentures Invest initiative. The deal also allows ITV the option to subscribe for additional tranches of £1.5 million each, and in return, Plant Meat Limited will receive advertising inventory across ITV’s channels and ITVX. This investment comes as Plant Meat Limited experiences significant growth, adding £1.6 million to chilled meat-free sales in the last three months and forecasting a revenue of £20 million this year, marking a 50% increase from the previous year. The brand is expanding its product portfolio and recently launched in the Netherlands through an exclusive partnership with Albert Heijn.

Successful Series A for Austrian startup Kern Tec

Austrian food tech startup Kern Tec has secured €12 million in a Series A funding round to scale up its production of plant-based dairy alternatives made from upcycled stone fruit pits. The Vienna, Austria-based company, founded in 2019, uses pits from fruits such as apricots, plums and cherries that would otherwise go to waste, turning them into oil and ingredients for dairy-free products. Kern Tec plans to expand its European production and enter the U.S. market in 2025, using the funds to increase production capacity, develop new technologies and grow its product line in the dairy alternative category.

REV GUM raises $6M

REV GUM, a mission-driven, energy gum company, has raised $6 million in a Series A round led by YETI Capital, with key investors including executives from Whole Foods and Drunk Elephant, and athlete Lance Armstrong. The company, founded by entrepreneur Blake Settle, offers fast-acting caffeinated gum with zero sugar as a healthy alternative to energy drinks. Currently the top-selling energy gum in the U.S., REV GUM is available in 20,000 retailers, including big names like Walmart, Target and 7-Eleven, and has seen a significant annual revenue increase of over 250%. The funding is expected to support the company’s online and retail expansion

Silver Ventures sells NatureSweet

Silver Ventures has announced the sale of NatureSweet, a leading Controlled Environment Agriculture company in North America, to Blue Road Capital, an independent investment firm focused on food and agriculture. NatureSweet, under Silver Ventures’ stewardship, has been a groundbreaking leader in the fresh produce industry, creating branded snacking tomatoes and becoming a top-selling brand in North America. Blue Road Capital aims to accelerate NatureSweet’s growth through vertical integration, innovation and expansion into new distribution channels, emphasizing a commitment to the company’s people and principles of transforming the lives of agricultural workers.

New funding and a new CEO for Boisson

U.S. non-alcoholic beverage retailer Boisson has secured a $5 million bridge investment from Convivialite Ventures and Connect Ventures, supporting the company’s local and global expansion, partnerships and product collections. Boisson aims to be a disruptive force and a distinguished omni-channel platform for suppliers and customers. Sheetal Aiyer has been appointed as the new CEO, taking over from founder and president Nick Bodkins, as the company enters a significant growth phase. Bodkins will continue overseeing Boisson’s long-term vision and explore new international business opportunities.

Nurture Brands acquires The Juice Executive

Nurture Brands has entered the manufacturing sector by acquiring The Juice Executive, a plant-based, fast-moving consumer goods group, for an undisclosed amount. This move adds a premium range of fresh and high-pressure processed juices, functional shots, smoothies, cleanses and dairy-free nut milks to Nurture Brands’ portfolio. The acquisition provides Nurture Brands with a certified manufacturing base and the opportunity to introduce innovative products to the market, with Juice Executive’s founder, Alexandra Auger, continuing to lead the juice operation and joining Nurture Brands’ leadership team

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Trace Materials completes €36.6M Series A

Hamburg-based startup Traceless Materials has secured €36.6 million in a Series A funding round led by United Bankers and Swen Capital Partners. The funds will be used to scale production of the company’s eco-friendly plastic alternative, beginning with the construction of a demonstration plant. Traceless Materials aims to distinguish itself in the market by offering a bio-based, home-compostable and plastic-free solution derived from agricultural residues, claiming a significant reduction in CO2 emissions and fossil energy use compared to traditional plastics.

Solo Coffee sells stake

U.K.-based Solo Coffee has sold a minority stake to Kliro Capital Partners, a move aimed at supporting the ready-to-drink coffee brand’s expansion into the U.S. and boosting its direct-to-consumer channel. Solo Coffee, founded in 2018, is known for its RTD espresso concentrate, a key ingredient in espresso martini cocktails, which are currently distributed to more than 2,000 hospitality and restaurant businesses in the U.K. Kliro Capital Partners, having recently acquired alcoholic beverage group Intercontinental Brands Limited, will aid Solo Coffee’s U.S. production and distribution efforts. Solo Coffee, with 160% sales growth, reaching £1.17 million ($1.4 million) in the last financial year, expects to achieve a full-year profit by April.

Whipnotic secures $2.5M funding

Whipnotic, a low-calorie and low-sugar whipped cream brand, has secured $2.5 million in seed funding led by GTM Investments, with participation from other investors. The funds will support retail expansion from the current 400 stores to potentially thousands in 2024. The company, known for its innovative flavors like Strawberry Swill and Brownie Batter, utilizes patented nozzle technology, allowing consumers to release fruit juice and flavor essences into the whipped cream, creating a unique swirl effect. With a focus on growing brand awareness, Whipnotic aims to tap into the growing demand for better-for-you dairy products and anticipates a potential B2B play for licensing its technology in other product categories in the future.

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.

Investment in celeb-favorite facialist’s brand

Former Sephora CEO Martin Brok has invested in Angela Caglia’s skincare brand. Angela Caglia is a renowned esthetician known for her work with celebrities such as Barbra Streisand and Sting. Brok serves as an advisor to her namesake brand, helping with product positioning and strategy. The skincare brand, which focuses on clean clinical products for sensitive skin, closed its first funding round in March, led by a private individual. However, specific terms of Brok’s investment were not disclosed.

Estée Lauder looks to China for new clean beauty

Estée Lauder has made its first investment in a Chinese clean beauty brand called Code Mint. Founded by fashion blogger and reality star Grace Chow in 2021, Code Mint aims to popularize clean beauty in China. The brand’s product offerings include face masks, foundations, lipsticks and toxin-free cleansers suitable for sensitive skin. Estée Lauder’s investment arm, New Incubation Ventures, has taken a minority stake in Code Mint to help the brand leverage its R&D capabilities and become a leader in the emerging Chinese clean beauty market. Details of the investment amount were not disclosed. Code Mint is owned by Hangzhou Jianfa Meixue Technology, with Grace Chow holding a 42% direct stake in the company.

Proven proves itself in a $12.2M Series A

Proven, a personalized beauty brand, has secured $12.2 million in Series A funding led by NewH2 Ventures, with participation from existing investors. The company plans to use this funding to expand its two brands, Proven Skincare and Noteworthy, and grow its team. Proven, which uses AI technology to create customized skincare and fragrance products based on customer preferences, has already raised over $21 million in investments. The company has experienced significant growth, reaching $30 million in revenue, breaking even and expecting profitability by year-end. Proven has also expanded into the U.K. and Europe, partnered with Sephora and launched the DTC Noteworthy scent brand, generating $5 million in revenue

Brazilian startup NUU raises $4M

NUU, a Brazilian startup specializing in regenerative cassava-based foods, has secured $4 million in Series A funding led by the EcoEnterprises Fund and other investors. The company, founded and led by women with an all-female C-Suite, has already achieved positive EBITDA. NUU plans to invest in marketing, sales, technology and innovation to expand its natural cassava-based products business, aiming for an eightfold growth in two years and reaching 6,000 points of sale. The company is focused on sustainability, integrating carbon footprint data onto its packaging, and has received certifications and recognition, including being honored by the United Nations. NUU’s innovative approach involves using cassava starch as an alternative to traditional wheat-based products, aligning with the trend of localized sourcing and with Brazil’s growing frozen food market.

iHeartKombucha

Health-Ade, known for its gut-healthy kombucha beverages, has partnered with iHeartMedia, America’s leading audio company, and Emmy Award-winning host Ryan Seacrest to expand its reach. The collaboration will use iHeartMedia’s extensive network, including radio, podcasts, digital content and live events, to introduce kombucha to a broader audience across the United States. They have also launched a sweepstakes offering an all-expenses-paid trip to the iHeartRadio Music Festival in Las Vegas, featuring a meet and greet with Ryan Seacrest. This partnership aims to make kombucha more accessible and to educate Americans about the benefits of Health-Ade’s products, focusing on their gut health-supporting beverages as alternatives to sugary sodas.

Complete Farmer raises $10.4M

Ghanaian agritech company Complete Farmer has raised $10.4 million in a recent pre-Series A funding round ($7 million in equity and $3.4 million in debt). The funding was co-led by the Acumen Resilient Agriculture Fund and Alitheia Capital, among others. Complete Farmer is an end-to-end agricultural marketplace connecting African farmers to global markets, offering cultivation protocols and precision farming instruments. It has successfully brought together over 12,000 farmers in Ghana, overseeing the cultivation of over 30,000 acres of land and reducing post-harvest losses while taking a 30% commission on profits per trade. The investment will be used to scale new product lines and expand operations.

LesserEvil, greater funds

LesserEvil, the maker of organic popcorn and healthy snacks, has secured a significant minority growth investment from Aria Growth Partners, a consumer-focused private equity firm. This investment includes participation from existing investors Valor Equity, Invest Eco and Touch Capital. The funding will support LesserEvil’s expansion efforts, including growing manufacturing operations and expanding retail distribution. LesserEvil has seen substantial growth in recent years by offering organic, better-for-you snacks at mainstream prices and is now poised for further expansion and consumer adoption in the healthy snacking market.

Meati secures $50M Series B

Meati Foods has successfully secured $50 million in Series B funding to accelerate its efforts in scaling production capacity and launching clean, mycelium-based alternative meat products nationwide in the coming year. This funding round, co-led by BOND and Acre Venture Partners and other existing investors, follows an earlier $18 million debt financing for constructing an 80,000 square-foot production facility. Meati aims to become a pioneer in producing whole-cut alternative meat at scale, revolutionizing the category. Additionally, the funding will enable Meati to expand its team and attract expertise from various fields while gaining support from influential investor-advisers committed to sustainable food systems. Meati’s innovative mycelium-based approach promises high-protein, high-fiber and nutrient-dense meats with a minimal environmental footprint.

Vitable raises $7.5 Million

Australian online vitamin brand Vitable has secured $7.5 million in funding, with a total of $15 million in external investment since its 2019 launch. The company, known for its personalized vitamin delivery service, is set to launch a $3 million equity crowdfunding campaign. Vitable’s proprietary algorithm, powered by AI, assesses individual nutritional supplementation needs based on a customer’s responses to a quiz. The company plans to expand into new markets including New Zealand and Southeast Asia, which now contribute to 25% of its sales—Vitable aims to simplify the vitamin industry and improve health outcomes by offering personalized solutions.

A good Series A for Goodles

Gal Gadot’s mac and cheese company, Goodles, has secured $13 million in Series A round funding, with L Catterton leading the investment along with other firms including Third Craft Partners, Willow Growth, Gingerbread Capital and Springdale. Originally marketed for kids, Gadot and her partner Jen Zeszut decided to expand Goodles to a broader audience. The company, launched in 2021, enhanced its mac and cheese by adding more protein and fiber, and it began offering kosher-certified products the following year. Goodles aims to revolutionize traditional mac and cheese by using healthier, cleaner ingredients, aligning with Gadot’s mission to positively impact the planet.

Seed funding for bladder health startup

Jude, a London-based bladder health startup, has secured $4.24 million in seed funding to expand into the U.S. Bladder health is an underserved area with approximately 2.3 billion people experiencing bladder problems globally. While Jude’s initial focus is on women’s health, it plans to address male-specific bladder issues in the future. The startup offers a bladder strength supplement, absorbent products and a support hotline and community. Jude is also planning to launch a digital consultation service and aims to collect customer data to tailor its offerings and potentially collaborate with health insurance companies.

JOKR closes successful Series D round

Online grocery delivery company JOKR, operating in Brazil as DAKI, has secured approximately $50 million in Series D financing, valuing the company at $800 million—down from $1.3 billion after a Series C funding round. JOKR’s CEO, Ralf Wenzel, explained that the decreased valuation aligns with market conditions. The Series D round was led by Convivialité Ventures, backed by Pernod Ricard, and includes new investor Lombard Odier, among others. JOKR has improved its financial performance, offering scheduled deliveries, a wider product selection and successful advertising programs. The funding will help the company achieve profitability and explore expansion opportunities, including potentially re-entering Latin American markets it had previously left.

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.

Mediterranean food company completes successful Series A

Afia Foods, a Mediterranean food company, has secured $3 million in Series A equity financing to support its expansion plans. The funding will scale the company’s core product line and establish a new 23,000-square-foot manufacturing facility and headquarters in Taylor, Texas. Afia Foods produces various flavors of falafel and a Texas-exclusive kibbeh, offering healthy and delicious Mediterranean food options nationwide. The funding round was led by Rocky Hardin, CEO of Embree Capital Markets Group and a member of Afia’s board of directors.

Lahori secures $15M funding

Punjab-based beverage startup Lahori has secured $15 million in Series A funding from Verlinvest, a Belgium-based consumer-focused investor, in exchange for an undisclosed minority stake. Lahori plans to use the funds to expand production capacity, accelerate branding and marketing efforts and develop new products. The startup aims to introduce “Desi” drinks to Indian consumers and expand its presence nationwide in three years. The non-alcoholic beverage industry in India is rapidly growing, and Lahori seeks to tap into this market opportunity with the support of Verlinvest.

Holy raises €10.5M in funding

Germany-based soft drinks brand Holy has secured €10.5 million in a Series A funding round led by Left Lane Capital, with participation from existing investors like FoodLabs and Simon Capital and other notable industry experts. Holy, founded in Berlin in 2020, offers a powder-based soft drink range that emphasizes eco-friendliness and healthiness through reduced packaging waste and natural ingredients. The company plans to expand its presence across Europe, launch new products, enter new markets like the U.K. and move into retail channels with the funds, bringing its total funding to €12.3 million.

Thorne acquired by L Catterton

Thorne HealthTech, Inc. has agreed to be acquired by L Catterton, a global consumer-focused investment firm, for $10.20 per share in cash. This acquisition represents a 94% premium to the unaffected closing share price on July 20, 2023. Thorne’s independent Special Committee and Board of Directors have unanimously approved the transaction, recommending that all stockholders tender their shares in the tender offer. The acquisition is expected to be completed in the fourth quarter of 2023, making Thorne a privately held company.

Eat Just raises new funding

Plant-based food company Eat Just has secured a new funding round led by VegInvest/Ahimsa Foundation, with the amount undisclosed but reported to be around $16 million. The funding will support the company’s Just Egg and Good Meat divisions. While Eat Just has made progress toward operational profitability, it faced layoffs and cost-cutting initiatives earlier in the year due to a slowdown in demand for plant-based meat products. The new funding will help the company continue its growth and sustainability efforts, but it still needs to raise more money for large-scale cultivated meat production in the U.S.

Butternut Box bags £280M investment

U.K.-based fresh dog food company Butternut Box has secured a £280 million investment in its latest funding round from new investor General Atlantic and existing investor L Catterton. Butternut Box, Europe’s largest fresh dog food brand, plans to use this funding to expand further across Europe and develop a new European manufacturing facility. The company is committed to delivering healthy and fresh meals to dogs and recently acquired PsiBufet in April 2023 to expand its presence in Central and Eastern Europe. The investment is expected to close in Q4 2023, subject to regulatory conditions.

Nestlé sells Palforzia business

Nestlé has sold its peanut allergy treatment business, Palforzia, to biopharmaceutical company Stallergenes Greer, based in Switzerland. Nestlé had previously announced its intention to review Palforzia strategically. The divestment deal involves Nestlé receiving milestone payments and ongoing royalties from Stallergenes Greer, allowing Nestlé Health Science to concentrate on its core strengths. The specific financial terms of the transaction were not disclosed.

Ampla secures $258M credit

Ampla, a financial solutions provider for consumer brands, has secured a $258 million credit facility in partnership with Goldman Sachs and Atalaya Capital Management. This new debt facility will support Ampla’s Growth Capital products and its efforts to create an all-in-one platform for consumer brands. Ampla aims to offer a comprehensive suite of financial tools, including Growth Capital, Digital Banking, Insights and a new Visa Corporate Card, to help consumer brands streamline operations and boost growth. The company has already achieved significant milestones, processing over $1.5 billion in originations and $6.0 billion in transactions through its platform.

SkinnyDipped completes $12M Series A

SkinnyDipped, a snack company known for its lightly dipped nuts, secured $12 million in Series A funding in August. Founded by Val and Breezy Griffith, the company initially focused on providing healthier snacks with less sugar and non-GMO ingredients, starting with almond flavors. SkinnyDipped has expanded its product range to include cashews, peanuts and other offerings, including cups and bites. The funding will support the company’s retail expansion plans, philanthropic efforts, marketing and continued innovation, with notable investors such as Amy Schumer, Mark Wahlberg and others participating in the round.

Nicoya invests in Foodiq

Swedish food tech investment company Nicoya has invested in Foodiq, a Nordic co-manufacturer focused on transforming the food industry. Nicoya aims to positively impact people, the planet and health through this investment. Foodiq is introducing its dairy-free Multi-Layer Cooking (MLC) technology, which streamlines various food processing steps into one, making it suitable for both large-scale production and specialized products. This innovative technology aligns with a shift towards localized food production and reducing distribution costs and carbon emissions, and allows for the creation of a wide range of plant-based products, contributing to a more sustainable and versatile food industry.

Momofuku Goods gains $11.5M in new funding

Momofuku Goods, a brand of restaurant-grade pantry essentials, has secured $11.5 million in new funding led by Alliance Consumer Growth (ACG), with participation from existing investor Siddhi Capital. The investment will support Momofuku Goods’ mission to enhance home cooking with high-quality flavors and accelerate its nationwide expansion. The company, founded by David Chang and Marguerite Mariscal, offers a range of products, including Chili Crunch, noodles, sauces and seasoned salts, inspired by the Momofuku brand. These products are available in over 3,500 stores and online, with ACG expressing confidence in the brand’s potential and authenticity.

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.

Gut health company Bactolife raises more than $32 million in funding

Bactolife, a Novo Holdings portfolio company based in Copenhagen, Denmark, raised in excess of $32 million including participation by the Bill & Melinda Gates Foundation to bolster and advance the company’s push toward the commercial launch of gut-health products. Bactolife pursues R&D into binding proteins, which attach to toxins produced by gastrointestinal pathogens. The successful Series A represents “a great example of the strong Danish biotech ecosystem,” said Aleks Engel, a partner in Novo Holdings. “I am very pleased that the international investors share our enthusiasm for finding solutions to the global antimicrobial resistance crisis.”

Campbell Soup aims to purchase Sovos Brands for $2.7 billion

Sovos Brands, a Louisville, CO company that manufactures brands including Rao’s, noosa and Michael Angelos, is being acquired by Campbell Soup. The closing of the proposed $2.7 billion acquisition, anticipated to take place by the end of December, is subject to Sovos Brands stockholders and regulatory approvals. The boards of directors for both companies have already approved the transaction. Among Soros Brands companies, Rao’s generated $580.1 million in sales in fiscal 2022, the largest among Sovos Brands’ companies. Overall, Soros Brands generated $878.4 million in sales in 2022.

Gluten-free sweet treats manufacturer Nom Bites acquired by The Serious Sweets Company

London-based Nom Bites, manufacturers of gluten-, dairy- and nut-free bars including its line of Lexi’s marshmallow and protein bars, has been acquired by The Serious Sweets Company, a Harrogate-based confectionery business. The Serious Sweets Company manufactures private-label products for UK retailers. The company also owns brands like honeycomb treat Mighty Fine and recently purchased Mallow & Marsh.

Cannabis and CPG company Tilray Brands acquires HiBall Energy & seven other beverage brands from Anheuser-Busch

In an acquisition that vaults Tilray Brands into the fifth largest craft brewer in the U.S., the company buys eight beverage brands, including 10 Barrel Brewing and Blue Point Brewing, from beer powerhouse Anheuser-Busch. Among the purchased brands is HiBall, an energy seltzer company with a line of zero sugar, zero calories drinks with organic-certified blends of botanicals such as ginseng, caffeine and guarana.

Fast-growing CA fast-casual chain Urban Plates refinances with $27 million investment

In a move that will accelerate Urban Plates’ planned expansion, the 17-unit, Solana Beach, CA concept closed on a $27 million refinancing deal managed by Morgan Stanley Expansion Capital. The company, which opened restaurants across Southern California before recently expanding into Northern California, anticipates opening two more restaurants in 2023. The company also plans to expand into Arizona, Nevada and possibly Utah soon. Urban Plates leans into from-scratch cooking that leverages ingredients like sustainable seafood, humanely sourced eggs and chicken and antibiotic- and hormone-free meats.

Kommunity Brew acquisition of Cool Cool Beverage Company expands portfolio, opens up export opportunities

The purchase of Melbourne-based Cool Cool Beverage Company by Western-Australia-based Kommunity Brew introduces Liberty Kombucha and the shelf-stable brand Sips Sparkling and into Kommunity Brew’s portfolio. The acquisition marks Kommunity Brew’s second since its purchase of Cold Matter Brew in 2022.

A seed round of investment funding for personal care brand Evolvetogether will lead to scale the business, which was launched during the COVID-19 pandemic to provide people with chic, medical-grade masks. Since its launch in 2029, Evolvetogether has expanded into gender-neutral personal care products that turn to sustainable innovations for their packaging. True Beauty Ventures led the seed round, along with G9 Ventures and Gregg Renfrew, the founder of Beautycounter.

Denver-based Lion Equity Partners, through its affiliate Lion Equity Fund III, LP, has purchased New York-based Country Life, LLC from KI NutriCare Inc., a subsidiary of Japan-based Kikkoman Corporation. The purchase includes the brands Country Life Vitamins, Desert Essence Personal Care and Biochem Protein.

Döhler expands commitment to evolving consumer tastes with purchase of Boon Flavors

Ingredients manufacturer Döhler, a global leader in the natural ingredients industry, acquired Thailand-based flavor company Boon Flavors in a strategic purchase. The purchase gives Boon, which will be known as Döhler Thailand, access to all of Döhler’s taste technologies and application labs in Indonesia and Thailand. Döhler provides technology-driven natural ingredients, systems and solutions for the food, beverage and nutrition industries.

Netherlands-based Meatable announces $35 million in funding

Ingredients manufacturer Döhler, a global leader in the natural ingredients industry, acquired Thailand-based flavor company Boon Flavors in a strategic purchase. Meatable, which crafts plant-based meats, announced $35 million in new funding, raising its total funding to $95 million and accelerating its launch of cultivated pork products. Agronomics led the new investment, along with Invest-NL, BlueYard, Bridford, MilkyWay, DSM Venturing and Wise Chairman and founder Taavet Hinrikus. The Meatable technology harvests animal cells and then fosters the growth of new ones using its patented “opti-ox” technology. The approach allows for continuous and rapid growth of new cells. The new funding will help Meatable launch its first products, including sausages and pork dumplings.

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.

BeautyBio acquired by Rhyz

Rhyz Inc., a subsidiary of Nu Skin Enterprises Inc., has acquired BeautyBio, a skincare and beauty device brand known for its clean and clinically proven products. BeautyBio, founded by Jamie O’Banion in 2011, offers a range of skincare products and patented beauty tools that provide professional-grade results at home. Under the acquisition, BeautyBio will continue to operate independently as an omnichannel brand headed by O’Banion and will leverage synergies within the Rhyz ecosystem, which focuses on innovation in beauty, wellness and lifestyle sectors. This acquisition aims to enhance Nu Skin’s position in the beauty device systems market while supporting BeautyBio’s growth and mission of providing performance-based skincare solutions.

Alvinesa acquires Genosa

Alvinesa Natural Ingredients has recently purchased Genosa, a company known for producing natural hydroxytyrosol from olives. This acquisition enhances Alvinesa’s collection of natural upcycled ingredients, specifically olive extract, and aligns with their focus on repurposing agricultural coproducts from the wine sector into ingredients for various industries. Alvinesa’s existing product range encompasses items like polyphenols, colors, natural tartaric acid, grapeseed oil and alcohol.

Alpha Foods acquired by LIVEKINDLY

Plant-based food brand Alpha Foods has been acquired by the LIVEKINDLY Collection (LKC), a plant-based alternative platform led by Roger Lienhard. The acquisition precedes the relaunch of Alpha Foods’ plant-based product lineup, which will incorporate high-moisture extrusion technology into its production process. As part of LKC, Alpha Foods aims to expand its production facilities and innovation capabilities, benefiting from its association with the collective. Alpha Foods, known for its ready-to-heat frozen meals, is widely distributed in the US and internationally, particularly in Asia and the Middle East. The financial details of the acquisition were not disclosed.

Konscious Foods raises $26M

Vancouver-based plant-based seafood brand, Konscious Foods, has successfully raised $26 million in a seed financing round. Notable backers include Protein Industries Canada, Zynik Capital and Walter Group. The funds will be utilized to expand their retail and food service presence, support operations at their Vancouver production facility and implement marketing campaigns for national retail launches. Led by Yves Potvin, a prominent figure in the plant-based industry, Konscious Foods offers a variety of plant-based seafood products and aims to be available in over 4,500 stores across the US and Canada by year-end.

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CoffeeTech startup’s $9M funding

CoffeeTech startup ansā Roasting Inc. has secured $9 million in funding led by Jibe Ventures, with participation from Closed Loop Ventures, New Climate Ventures, Millennium Food-tech and Sweetwood. The funding will accelerate the commercial rollout of ansā’s hi-tech coffee micro-roaster across North America, designed for cafes and restaurants. This quiet countertop device offers on-demand raw green coffee bean roasting, providing a sustainable alternative to traditional industrial roasters. The innovation reduces environmental impact, enhances coffee-drinking experiences and supports fair compensation for coffee farmers while minimizing transportation and packaging pollution.

Avril Acquires Majority Steak

France’s Avril Group has acquired a majority stake in local plant-based food manufacturer Hari&Co, strengthening its position in the plant protein market. Founders and directors of Hari&Co, Emmanuel Brehier and Benoît Plisson, will retain minority shareholdings while existing investors Eutopia and Triodos Investment Management have sold their shares. Avril Group, committed to plant protein development, has gained over 5,000 sales points for Hari&Co’s products, including veggie burgers and meatball alternatives. This acquisition aligns with Avril’s strategy to promote legumes and develop French sectors in the plant-based market.

Erewhon invests in Zuma

Specialty grocer Erewhon has made a strategic equity investment in Zuma Valley, a company specializing in coconut-based products. Zuma Valley offerings include refrigerated whipped coconut cream and frozen coconut cream which are popular additions to Erewhon’s famous smoothies. All Zuma products are made from sustainably sourced coconuts from small family farms in the Philippines. Erewhon uses Zuma Valley’s whipped coconut cream in its co-branded smoothies and considers it a top-selling product. The investment will support Zuma Valley’s product development and wider distribution, as the company plans to introduce more coconut-based products in collaboration with Erewhon.

Nona Lim secures funding

Nona Lim, a company specializing in noodles, broths and stir-fry kits, has secured funding from JPalmer Collective, an asset-based lending company that supports women-led natural products businesses. This funding will aid Nona Lim in developing new products and expanding its retail distribution. Founded in 2014, Nona Lim offers a range of Asian-inspired comfort foods made from locally sourced ingredients and has grown from its debut at Whole Foods Market in San Francisco to a national presence. The partnership with JPalmer Collective is a significant step towards Nona Lim’s sustainable growth mission while promoting food innovation and women’s leadership.

Sana Jardin raises $2M

Clean fragrance brand Sana Jardin has secured an additional $2 million in funding from existing investors. The funds will be used to expand the brand’s presence, particularly in the US market. Sana Jardin is known for producing clean fragrances, and its micro-entrepreneurs program supports harvesters by utilizing organic waste from flower harvesting to create and sell products. The brand also has plans to extend this program to India and Egypt.

£3M in new funds to chew on

Plastic-free chewing gum brand Milliways has secured £3 million in funding for its expansion plans. The London-based company, founded in 2021 by Tom Raviv, aims to scale its operations by increasing distribution in the UK, launching marketing campaigns and expanding internationally. Investors in the round include KLT, Intergum owner Leon Amram and David Morris of Blandford Capital. Despite challenges like the pandemic, Milliways has grown from DTC to being stocked in around 6,000 UK stores in just over two years.

Microalgae-based protein development

Tel Aviv-based company Brevel has secured $18.5 million in seed funding to develop microalgae-based alternative proteins. Brevel employs proprietary technology that combines fermentation and light to produce a sustainable protein from microalgae. The protein, which doesn’t affect flavor or color, is aimed at plant-based products, achieving cost parity with other proteins like peas and soy. Brevel plans to expand its operations, initially targeting the dairy alternative sector and signing an agreement with a plant-based cheese company for product incorporation. The investment was led by NevaTeam Partners and supported by various funds and partners.

Sanofi acquires Qunol

Sanofi has announced its plan to acquire Qunol, a prominent brand in the health and wellness sector in the US. The acquisition aims to strengthen Sanofi’s supplement and vitamins category, focusing on the “healthy aging” segment. Qunol’s CoQ10 and turmeric products will enhance Sanofi’s offerings in chronic conditions and broaden its consumer healthcare portfolio. The transaction is set to close in the third quarter of 2023.

Britvic acquires Jimmy’s Iced Coffee

Beverage company Britvic has revealed its acquisition of UK-based Jimmy’s Iced Coffee, a leading ready-to-drink iced coffee brand. With a retail sales value of £17 million in the year leading to June 2023, marking a 43% rise from the prior year, Jimmy’s Iced Coffee is recognized as the fastest-growing brand in this category. The acquisition aims to capitalize on Britvic’s established customer relationships to boost distribution and drive new listings for Jimmy’s products, with the founders continuing as brand ambassadors to maintain the company’s values and direction. The financial terms of the deal have not been disclosed.

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.