News for August 15, 2024
Recent Transactions in the Nutrition and Health & Wellness Industry:
Plant-based milk leader Califia Farms buys plant-milk dispenser system Uproot Inc.
| Califia, a prominent plant-based milk manufacturer, has purchased Uproot Inc, a company that manufactures turnkey plant-based milk dispensing systems. Terms of the transaction were not disclosed. The acquisition of Uproot, which operates more than 150 plant-milk dispensers in college campuses and other venues, allows Califia to expand its Away From Home portfolio. Uproot’s technology brings easy-to-dispense plant milk to dining settings, while simultaneously mitigating packaging waste. The entire Uproot team will be joining Califia. |
Agtech startup Agrovision locks up $100M investment round
| Agrovision, a grower, packer, shipper and marketer of super fruits like cherries and berries, closed a $100 million investment round at a valuation of $1 billion. Aliment Capital led the round. Among other things, the company sells fruit as brands including Fruitist and Big Skye. In addition, Agrovision leans into tech like proprietary genetics and data analytics for some of its agricultural work. |
With $15M funding raise, UK microbiome nutrition company Zoe plans US expansion
| Zoe, a London-based company that recommends foods for customers based on blood or feces tests, raised $15 million in a Series B extension. The company plans to use the money to expand its footprint in the United States. Coefficient Capital made the investment, bringing Zoe to $118 million in total funding. Zoe’s products are available across the United States with the exception of New York, as a result of regulatory hurdles the team is currently navigating. Zoe uses at-home tests that measure things like blood fat, blood sugar and gut microbiome health. Based on the findings, the company ranks foods for each customer, based on their alignment with the customer’s body. |
Ready-to-eat brand Oats Overnight lands $35M in funding
| Oats Overnight, which manufactures spoon-free, on-the-go oatmeal products, closed a $35 million Series B funding round led by Enlightened Hospitality Investments. The company aims to use the capital to widen its retail footprint, improve manufacturing and ramp up research and development. One of Oats Overnight’s unique propositions is its reliance on 250,000 subscribers as research and development collaborators. Subscriber feedback helps the company decide which flavors and products to launch. The high-protein company opened a 62,000-square-foot facility in Ohio in 2023, and more recently opened an 86,000-square-foot facility in Arizona. |
Plant-based cheese startup Plonts unveils first product, raises $12M in seed round
| Plonts, a plant-based cheese startup that swaps dairy for soy milk, closed a $12 million seed round led by Lowercarbon Capital and including Litani Ventures, Accelr8, Pillar, Ponderosa Ventures and other angel investors. In addition, the company also recently unveiled its first product, an aged plant-based cheddar, and opened a pilot plant in Oakland, California. Plonts ferments soy milk using a bespoke bland of cultures and enzymes to create its alternative dairy products. Its first product will be available on menus at select New York City and San Francisco, California, restaurants. |
Sugar-reducing startup Blue Tree Technologies raises $2.26M in funding round
| Online investment platform OurCrowd, with participation from Sucden Ventures, raised $2.26 million in capital for Israel’s Blue Tree Technologies. The company’s technology removes sugar from foods, such as fruits. Among other sectors, investors envision beverage manufacturers embracing Blue Tree Technologies. |
UK-based women’s health app, Flo Health, raises more than $200M from General Atlantic
| Flo Health, a London-based health app that aligns with women through every stage of their lives, raised $200 million in Series C funding. General Atlantic made the investment, and the firm’s managing director, Jessie Cai, will join Flo’s board of directors. The tech platform works with more than 120 health experts and touches on everything from ovulation tracking to monitoring more than 70 symptoms and offering customers ways to better understand and manage their health. Under the new partnership, Flo plans to expand into new areas like perimenopause and menopause, drive technology development and allow the enlarge its customer base. Among other things, the company anticipates hiring for research and development jobs. To date, it counts close to 70 million monthly active users, with nearly 5 million paid subscribers. |
Big-name investors back launch of new ‘brewless’ instant coffee startup Diamond Brew
| Diamond Brew, a company that uses dissolvable, freeze-dried coffee crystals, received financial backing for its launch from GNC CEO Michael Costello, Dream Ventures, Entrepreneur Ventures and Kali Mata family office. The product, which comes in aluminum pods, offers variations including double-shot espresso, latte, iced Americano and espresso martini. Diamond Brew also offers single-origin coffees. The company’s debut revolves around direct-to-consumer sales and leverages TikTok to build buzz and drive sales. |
GrubMarket purchases Good Eggs, a top online grocer
GrubMarket, a tech company that focuses on the food industry—with an emphasis on supply chain—has purchased leading Oakland, California-based online grocer Good Eggs. The strategic purchase helps GrubMarket bolster its e-commerce efforts, especially in the San Francisco and Los Angeles, California, areas. Good Eggs, which operates out of a 125,000-square-foot warehouse, offers more than 7.000 products to customers, from seafood to fresh produce to pantry staples. More than 70% of Good Eggs’ products are sourced from within 250 miles of its distribution center. The purchase complements GrubMarket’s aim to enter the consumer market. |
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.
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