Recent Transactions in the Nutrition and Health & Wellness Industry:
Perfeggt plant-based egg company cracks open $2.8M in new investment
Berlin-based Perfeggt, which is part of Lovely Day GmbH, is getting in on the food tech boom, raising nearly $3 million in its first funding round that will support its launch and set the company up for further European expansion in 2022. Early investors who are hoping they’ve cracked into a big opportunity with the young brand include EVIG Group, Stray Dog Capital, E2JDJ, Tet Ventures, Good Seed Ventures, Sustainable Food Ventures and Shio Capital. The team at Perfeggt believes the plant-based egg market is still largely untapped and is ready for its next move.
Begging for pet food innovation, investors sink teeth into Maev
Maev (Austin, Texas) secured $9 million for its human-grade, direct-to-consumer raw dog food in a round of funding led by Springdale Ventures. Prior to this round, Maev raised rounds backed by VMG Partners, Bolt and Willow Growth. The women-owned company hopes to capitalize on the continued growth of high-integrity dog food, taking its line a step further with a frozen, raw concept. Founders Katie Spies and Christine Busaba strive to redefine innovation in the category.
More than a grain of financial opportunity for Riceworks
Chicago-based gluten-free company Riceworks received a seven-figure investment from Decathlon Capital Partners, proving that simple GF snacks are here to stay. This is an important step in the company’s plan to expand U.S. and Canadian distribution. “With a skilled, well-respected leadership team, ownership of two process patents in North America, Europe and Asia, and a pipeline of delicious new products, Riceworks has created a strong platform for continued growth as a significant player in the expanding natural healthy snack segment,” said Kevin Grossman, vice president of Decathlon Capital Partners.
ADM’s plant-based protein portfolio looking strong
The Chicago-based nutrition ingredient company completed its acquisition of Sojaprotein, a leading European provider of non-GMO soy ingredients. This move reinforces ADM’s commitment to delivering plant-based food and beverage solutions. The company believes joining with Sojaprotein will allow it to best serve consumers seeking local, non-GMO plant-based proteins. This is one of many additions the company has made globally, including its protein complex in Campo Garande, Mato Grosso do Sul, Brazil; its new pea protein plant in Enderlin, North Dakota; its PlantPlus Foods joint venture; and partnerships with innovative startups like Air Protein.
Back to the Roots gets $15M in backing
Organic gardening company Back to the Roots (Oakland, California) raised $15 million in Series D funding from S2G Ventures, Loft Growth Partners, Fenwick Brands, and Echo Capital to add to funding from current investors including Ayesha Curry, Carmelo Anthony, Toms Shoes founder Blake Mycoskie, and Tony Robbins and Peter Guber (via their fund AoT). The Millennial-owned and run company plans to use the new investment to continue innovating and position itself as the go-to gardening company connecting future generations with their food.
NadaMoo secures $10M for new product development
The Austin-based, ethically sourced vegan ice cream company raised $10 million in a Series B funding round and plans to expand its product offerings. The company used its 2017 $4 million series A funding to expand distribution. The latest investment came from local investor Killam Investments, which said that it believes in NadaMood’s vision for a sustainable, plant-based food future packaged in delicious frozen treats. The company’s commitment to other sustainable practices, including plant-based packaging, also sweetened the deal.
Investors wake up to RTD Indian coffee brand Sleepy Owl
With the ready-to-drink coffee category anything but sleepy, investors recently turned their attention to New Delhi-based Sleepy Owl, which offers cold brew packs, hot brew bags, ready-to-drink cold brew beverages, ground coffee and a brew box. The company plans to use the $6.5 million in Series A funding to grow its team and its distribution across India, where it is currently available in 1,700 outlets.
Boosted Commerce Acquires nutritional supplement company WellPath
E-commerce platform Boosted Commerce (New York) acquired WellPath after the supplement company’s sales grew 139% from 2019-2020. Boosted plans to capitalize on the booming supplement space by supporting WellPath’s new product development and offline marketing, helping the company reach a range of consumers across generations and demographics. “Our vision has always been to create a brand that demystifies the opaque world of nutritional supplements with educational, empowering, and engaging content and products,” said Colin Darretta, co-founder of WellPath. “The Boosted team understands the supplement market and the nuanced challenges it presents as well as anyone we spoke with and was clearly best positioned to enable us to deliver on our mission,” he said.
Food-saving company Spoiler Alert is ripe for investment, raises $11M
Part of the growing movement to save food, Spoiler Alert is a CPG industry platform leveraged by CPG powerhouses including Nestlé, Kraft Heinz, Campbell Soup Company and Danone North America. The company just raised $11 million to start scaling its operations and mission to keep food out of landfills. Brands find it appealing not just for the mission but also because it helps them become more efficient and therefore more successful. This investment is led by Collaborative Fund with participation from existing investors, including Acre Venture Partners, The Betsy & Jesse Fink Family Foundation, Maersk Growth, Spring Point Partners and Valley Oak Investments.
Anything seems possible for Impossible Foods as it closes $500M in funding
Food tech behemoth Impossible Foods (Redwood City, California) secured around $500 million in new funding led by existing investor Mirae Asset Global Investments with participation from other existing Impossible Foods investors. The fastest growing plant-based meat company in retail has raised nearly $2B in total since its founding a decade ago. Prior to this latest investment, rounds included a $500 million round in March 2020, which as was also led by Mirae Asset Global Investments, followed by an additional $200 million round in August 2020 led by Coatue.
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