News for August 9, 2023

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.

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