News for June 14, 2023

Altman backs Uncommon’s alt-meat

British alt-meat startup Uncommon has raised $30 million in a Series A funding round with backing from investors, including Sam Altman, CEO of OpenAI. Uncommon specializes in developing lab-grown “bacon” and “pork belly” products using cell-based meat production and RNA technology. The company plans to apply for regulatory approval to bring its products to market and aims to become the largest protein company globally.

Fundraising for sustainable fashion

Ecovative, a mycelium technology company, has raised over $30 million in a Series E funding round led by Viking Global Investors. The funds will be used to expand the production of sustainable textile and foam products under the Forager brand in footwear and apparel. Ecovative specializes in mycelium materials and aims to meet the growing demand for eco-friendly products by leveraging biology to create high-performing, planet-friendly materials.

Green Coffee Co. raises $25M

Colombia’s largest coffee producer, Green Coffee Company, has raised $25 million in Series C funding to expand its operations and launch alcoholic beverages made from coffee byproducts. With over 11.5 million coffee trees across 9,000 acres, the company controls the entire supply chain from cultivation to processing. It aims to become the world’s largest producer of arabica coffee and is seeking $65 million in institutional debt capital.

Expanding the mycelium meat category

Quorn Foods, a leading mycoprotein producer, has partnered with vegan meat startup Prime Roots to expand the mycelium meat category. The collaboration aims to develop new products using their respective mycelium technologies. This partnership comes as Prime Roots recently raised $30 million in funding and reflects the growing demand for sustainable meat alternatives. Additionally, research has shown the health benefits of mycoprotein, including its positive impact on gut health and muscle growth.

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VitaBowl revolutionizes healthcare

VitaBowl, a food-as-medicine meal delivery company, has raised $3 million to revolutionize healthcare. They aim to collaborate with health insurance providers, offering medically tailored and reimbursable meal programs to individuals with chronic illnesses. By combining nutrition expertise with the convenience of meal delivery, VitaBowl seeks to improve health outcomes for conditions like diabetes and heart disease.

Emma’s coffee expansion

YouTuber Emma Chamberlain has expanded her coffee brand, Chamberlain Coffee, by launching a ready-to-drink line of cold brew lattes. The company, which sells high-quality organic coffee, secured $7 million in funding and has expanded its retail presence in Sprouts and Walmart. Chamberlain Coffee aims to provide a unique coffee experience with fun product names and vibrant branding, leveraging Emma Chamberlain’s popularity and Gen Z appeal. They plan to use the investment to develop new products, enhance marketing efforts, and expand into more retail spaces.

Neat Burger closes $18M Series B round

Neat Burger, a plant-based restaurant chain in the UK backed by Lewis Hamilton and Leonardo DiCaprio, has secured $18 million in a Series B funding round. The company has rapidly grown since its launch in 2019 and is known for its high-quality plant-based food that appeals to both flexitarian and plant-based consumers. The funding will support Neat Burger’s global expansion plans, including entering the US market and opening new restaurants in Italy and the Middle East. The company has also seen strong sales performance and has been recognized with industry awards for its innovative approach to plant-based dining.

New funds for r.e.m. beauty

Los Angeles-based beauty brand r.e.m. beauty, founded by Ariana Grande, has received a strategic investment from Sandbridge Capital. The specific amount of the investment was not disclosed, but it also involved participation from Strand Equity, HYBE America, Live Nation Entertainment and Universal Music Group. r.e.m. beauty, established in 2021 and led by CEO Michelle Shigemasa, is a clean, vegan and cruelty-free brand that offers an inclusive range of shades and products. The company has recently obtained PETA certification and plans to focus on its core markets and has additional expansion plans in the pipeline.

Aplós raises $5.5M funding

Functional non-alcoholic spirits brand Aplós has secured $5.5 million in a Series A funding round led by McCarthy Capital. The funds will be used to expand distribution in bars, restaurants, and retail locations. With global sales of the no- and low-alcohol categories surpassing $11 billion in 2022, Aplós aims to provide an alcohol alternative without the adverse effects. Major beverage companies are also investing in the non-alcoholic market, anticipating its significant growth, particularly among young adults

Wicked Kitchen acquires Current Foods

Plant-based food brand Wicked Kitchen has acquired Current Foods, an alt-protein startup specializing in plant-based seafood. Wicked Kitchen’s second acquisition in a year reflects the industry’s consolidation trend. The acquisition strengthens Wicked Kitchen’s portfolio and global presence while aligning with its mission to disrupt the plant-based sector. Current Foods has gained recognition for its high-quality products, including plant-based sushi-grade alternatives, and the acquisition supports Wicked Kitchen’s goal of innovation and sustainability.

Sugar Reduction Company Raises $30M, Rebrands

Sugar reduction company DouxMatok has rebranded itself as Incredo LTD after raising $30 million in a Series C funding round. Incredo produces a sugar-based sweetener called Incredo Sugar that enables a 30% to 50% reduction in sugar content. The funding, led by DSM Venturing and Sienna Venture Capital, will expand the sweetener’s global usage and accelerate commercial partnerships, including a joint development agreement with confectionery giant Ferrero.

Funding Boost for CellMEAT

South Korean cultivated seafood company CellMEAT has raised $13 million in Series A funding, led by previous investors and joined by new investors. The company has developed cell culture technology allowing large-scale seafood production, including shrimp and caviar, while reducing costs and addressing ethical concerns. CellMEAT plans to open a production center in Seoul and launch commercially in Singapore, emphasizing its commitment to technology development and providing safe and innovative food options.

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