News for February 8, 2023
Recent Transactions in the Nutrition and Health & Wellness Industry:
Investors dash to new seltzer brand
Dash Water recently announced the completion of an £8.7 million funding round. The company makes zero-sugar, zero-calorie seltzer flavored with upcycled ‘wonky’ fruit and vegetables —as co-founder Alex Wright calls them. Private equity firm Beringea led the Series A round with participation from Irish rugby captain Johnny Sexton, Dash chairman David Milner and others. Seltzer drinks have seen great success in the U.S. Dash Water hopes to replicate that across the pond. The new funding will enter Dash into new European markets and increase its presence in Australia. The investment will also support growth, expansion, research and development
Riding the plant-based seafood wave
After raising $12 million in seed funding New School Foods is announcing the launch of its first product: a plant-based, whole-cut salmon fillet that closely mirrors the real thing. New School Foods has structured the plant fibers to resemble those of a raw salmon’s muscle to replicate that same bite and mouth feel. The investment for the company came from Lever VC, Blue Horizon, Hatch, Good Startup, Alwyn Capital, and Canadian government grants.
Meati Foods scales big
Meati Foods creates whole cuts of meat made from mycelium (structural fiber of mushrooms) and is making significant strides with the recent opening of its 100,000-square-foot production facility and a new $22 million extension round. This is an exciting new phase for Meati because, with the new facility, they can grow/harvest mycelium under the same roof that they produce products. The extension round was led by Revolution Growth with participation from Rockefeller Capital, bringing Meati Foods’ total funding to over $250 million..
Lots of love for this luxury chocolate brand
Venture capital investor Richard Koch has funded a $4.25 million investment into Love Cocoa. James Cadbury established the luxury chocolate brand (yes, of that Cadbury), including the vegan oat milk chocolate brand H!P Chocolate. The new funds will be used to grow Love Cocoa’s senior management team and open its first brick-and-mortar store. With the new support from Koch, Cadbury hopes to take Love Cocoa from a challenger brand to a chocolate industry powerhouse.
Anne Hathaway invests in vegan eggs
Anne Hathaway has invested in the vegan egg food technology company The EVERY Co. The actress invested an undisclosed amount, but the company’s funding now totals more than $230 million to date. With the recent avian flu outbreak and resulting egg shortage, attention on future-proofing eggs is greater than ever. EVERY uses precision fermentation to create its proteins in partnership with ZX Venture’s BioBrew. Other investors besides Hathaway include McWin Food Systems Fund, Temasek, TO Ventures, Grosvenor, ZX Ventures and more.
Better for you food coloring
Michroma wants to bring more natural and plant-based options to food coloring by using precision fermentation of fungi. Its first product, Red+, will replace the red colorant Red 40 and is temperature resistant. Red+ will be an excellent option for adding color to cultivated meat. Michroma has secured $6.4 million in seed financing led by Supply Change Capital. The round also included participation from both existing and new investors giving the company a total of $7.4 million in venture capital.
Online grocer Diferente secures $3M investment
Diferente brings fresh organic produce to remote Brazilians whose journey to a traditional grocery store may have limited transportation options and long distances to travel. Diferente aims to make healthy food more accessible while cutting down on 30% of the imperfect food typically thrown away by grocery stores. The produce from Diferente is sourced directly from farmers. Diferente gives customers customizable delivery options and uses an algorithm to tailor ideal baskets. In turn, that data can also be shared with the farmers so they can plan their crops based on what’s popular. Caravela Capital led the latest round with participation from Collaborative Fund, South Ventures and Valor Siren Ventures. Diferente raised $4.4 million in seed funding last year, bringing its total capital to $7.4 million to date.
Funding for broccoli on the upp
U.K.-based broccoli protein specialist company upp, recently raised £500k in funding in a round led by Elbow Beach Capital. The new funding will pilot upp’s harvest and upcycling technology. Founded in 2022, upp used 3D cameras and machine learning to identify broccoli heads ready for harvesting, even if hidden behind leaves. The tractor tool, while harvesting, separates the heads from the leaves and stalks, which upp upcycles into plant-based proteins and other ingredients.
A strong investment for strong brains
Parable has launched its first product, a brain health supplement called Daily, after raising $2.75 million in seed funding. M13 and Break Trail Ventures led the round. Brain health is becoming a number one priority for consumers who want to take care of their cognitive, neural and mental health with the same care they do for the rest of their physical body. Daily is a science-baked supplement packed with eight ingredients (curcumin, lemon balm, ginseng, phosphatidylserine, green tea extract, and B vitamins 6, 9, and 12) pinpointed by neuroscientists as significantly beneficial to the brain.
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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