News for February 24, 2023

IFF’s Flavor Specialty Ingredients business to sell for $220M

IFF has announced the planned sale of its Flavor Specialty Ingredients business to Exponent, a UK-based private equity firm, for $220 million in cash proceeds. The transaction is expected to close by the end of Q3 2023, and the cash proceeds will be put toward reducing outstanding debt. Flavor Specialty Ingredients manufactures both synthetic and natural base aroma chemicals for the flavoring market and has a range of more than 1000 aroma chemicals and natural extracts. The business produces and distributes these in facilities across the globe.

Elo Life System closes $24.5M Series A round

Ingredient company Elo Life Systems has raised $24.5 million in new financing to accelerate the development of its zero-calorie sweetener made from watermelons. The new funding will aid Elo in advancing U.S. regulatory approvals, processing and market testing. Elo uses molecular farming to produce otherwise difficult ingredients to source and extract. Through this process, Elo says it can make ingredients more available, affordable and sustainable..

A $6M infusion to help Planetarians lift off

San Francisco-based company, Planetarians, creates whole cuts of plant-based protein using brewer’s yeast. A new $6 million venture capital infusion will take Planetarians into its next phase of commercial production. Planetarians was founded in 2013 and has worked on nutritional drinks, upcycled ingredients and byproducts. The new funding was considered as a second seed round led by Mindrock with participation from Traction Fund, Techstars, SOSV and A.B. InBev (its yeast provider).

Tofurky and its sister brand Moocho acquired for an undisclosed sum

Morinaga Nutritional Foods has acquired Tofurky and Moocho, both plant-based companies. Tofurky produces plant-based meat products, and Moocho produces dairy-free cheesecake and cream cheeses. Morinaga has actually been tofurky’s tofu supplier for 17 years. Morinaga Nutritional Foods is a subsidiary of dairy and soy manufacturer Morinaga Milk Industry.

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The Ugly Company closes $9M Series A round

Upcycled dry fruit snack producer, The Ugly Company, has raised $9 million in funding. Sun Valley Packing, a fruit grower and distributor, and Value Creation Strategies led the round. Other participation came from Justin Timberlake and investment firm Valley Ag Capital Holdings (VACH).

Lemon Perfect raises $36.8M in funding

Lemon Perfect’s founder and CEO has confirmed in an SEC filing that the company has raised $36.8 million in its equity deal led by Goat Rodeo Capital Management. Last year the company, which produces hydrating beverages, closed a $31 million Series A round with backing from Beyoncé Knowles-Carter. Her involvement brought on a lot of attention to the brand from investors and interested board members.

Roar Organic secures $6M in new funding

Another investment for a hydration beverage brand! Roar Organic recently announced that it raised $6 million in funding. Roar Organic’s beverages offer a blend of vitamins, antioxidants and electrolytes. The company will use the new funds to grow the brand’s product line, expand operations and business research.

Unilever invests in new hair care startup

Unilever Ventures has funded a $2 million pre-seed investment into Australian hair care startup Straand. Straand has created a line of prebiotic scalp and hair, microbiome-focused products that combat dryness, itching and dandruff. The new funding will support Straand’s expansion into the global market in the U.S., U.K., Europe and China.

A $2M seed round for sprayable caffeine

VAE Labs has announced a $2 million seed round to help bring its sprayable caffeine device to the commercial market. For just three spritz VAE Energy Spray can deliver the same amount of caffeine as a cup of coffee. The idea behind the spray is to help control your caffeine intake and replace coffee drinks with excess sugars and calories. Draper Associates led the investment, and other participants included Midnight Venture Partners and Cartograph Ventures.

Fable Foods announces Series A round

Australian startup Fable Foods has announced an $8.5 million Series A round led by Singaporean venture firm K3. Fable Foods uses mushrooms to create its plant-based meat and will next month launch its Fable mushroom burger slider patties at STK Steakhouse chain locations. Other participants in this funding round included Greg Creed, Peter Singer and SaladStop! founders Frantz Braha and Adrien Desbaillets. Existing investors Blackbird, AgFiunder, Aera VC, Osher Günsberg and Audrey Griffen also returned for the round.

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