News for April 24, 2024

Bite, a U.S. company specializing in kiosk software for restaurant and convenience store brands, secured $9 million to help fuel growth and invest in its patented AI technology, called Bite Lift. The technology analyzes customer orders in real time and drives upselling through personalized order suggestions. Stanley Capital led the round, with participation from Graham Partners, Food-X, One Way Ventures and Tamarisc Ventures.

To meet growing demand for alternative proteins, U.S.-based Liberation Labs will direct $12.5 million in funding ahead of its Series A round toward the construction of a large-scale production facility in Richmond, Indiana. The investment, following other equity-linked financings reaching a total of $33.5 million, was led by food tech VC firm Agronomics, with additional funding from Siddhi Capital. The factory, slated for a 2025 opening, is expected to cost around $115 million to build, and will be able to produce up to 1,200 tons of protein a year. Long-term plans include construction of a manufacturing facility five times larger than the Richmond facility.

Daily Dose, a company that works directly with British farmers to upcycle waste produce, announced an additional investment of $3.7 million. The capital will contribute toward the opening of a new production facility in Corby, England, which will allow Daily Dose to scale its juice production. The company will also invest the money in marketing, sales and important hires. Daily Dose is one of IW Capital’s portfolio companies and is experiencing rapid growth.

Lowercarbon Capital and M Ventures led an oversubscribed round of financing for alternative meat pioneer Mosa Meat. The $42.5 million round lifts Mosa Meat’s total investment capital to $135 million, in the wake of both Series A and Series B rounds. Mosa Meat will use the capital to scale up production. In 2023, the company announced it had opened what it calls the world’s largest cultivated meat facility, in the Netherlands. Singapore is expected to approve Mosa Meat’s cultivated beef burger and will be the first country in the world to permit the sale of the burger. Mosa Meat is focused on beef due to its detrimental effect on the environment.

In a move to complement its Better Nutrition platforms, Glanbia has agreed to purchase U.S.-based Flavor Producers from Aroma Holdings for $300 million. Flavor Producers offers flavors and extracts to the food and beverage industry, with an emphasis on the organic and natural channel. Glanbia’s purchase significantly broadens its flavor offerings in what it calls its Nutritional Solutions business, allowing Glanbia to bring fresh capabilities and expanded products to the flourishing natural and organic CPG marketplace.