News for May 10, 2023
Recent Transactions in the Nutrition and Health & Wellness Industry:
Beauty meets biotech
Oddity, the parent company of beauty brand Il Makiage has acquired Revela, a biotech startup that develops skincare solutions, for $76 million. Revela uses advanced algorithms to analyze genomic and other biological data to create personalized skin care solutions for its clients. The acquisition will help Oddity strengthen its position in the beauty industry and improve its ability to provide customized skin care solutions to its customers. Oddity will also create Oddity Labs in Boston through an additional $25m investment, helping develop biotech innovations.
$5M funding for Korean beauty brand
Korean aggregator of health and beauty brands Grace has secured $5 million in Series B funding from SKS Capital. The investment will help Grace expand its operations, hire personnel, develop new services, and pursue regional growth opportunities. As the largest supplier of Olive Young, Korea’s largest health and beauty retailer, Grace supplies online and offline channels and has been exporting Korean brands to over 60 countries via B2B and D2C channels.
Hero Bread expands nationwide
Hero Bread, a better-for-you bread and baked goods company, announced a Series B funding round and national retail launch in 2,300 stores across 32 states. The company raised $47.5m in total funding to expand product availability in grocery retail and support future product innovation. Hero Bread will launch first in Sprouts Farmers Market, followed by Albertsons, other large retailers and continued D2C availability online. The company has a 54% consumer repeat purchase rate on grocery shelves in the first five months.
Pangea acquiring Glory Juice
Pangea Natural Foods has announced that it has signed an agreement to acquire Glory Juice, which develops and sells organic health food products, such as juices, smoothies, nut/seed milk and wellness shots. Following the acquisition, Glory Juice will become a wholly-owned subsidiary of Pangea. The transaction will be completed through a share exchange, with Pangea issuing 6 million common shares to the shareholders of Glory Juice. The deal is subject to customary closing conditions and approvals. The transaction terms include the repayment of approximately $1.8 million in loans through secured promissory notes issued by Glory Juice, repayable over 56 months.
EcoSoul Home Raises $10M
EcoSoul Home, a provider of eco-friendly home essential products based in Bellevue, Washington, has raised $10 million in a Series A funding round led by Accel, with participation from Singh Capital Partners. The company plans to use the funds to launch new products, expand internationally into the UK, EU, and Asian markets, and strengthen its technology and data capabilities.
Plant-Based Steak Factory Opening
Israeli-based Chunk Foods is preparing to open a plant-based whole cuts factory in June that founder and CEO Amos Golan claims will be “one of the largest in the world” and will manufacture “millions of steaks” per year using the firm’s proprietary fermentation technology. The company has secured pre-sales for its steak product, which is currently being served in some New York City restaurants, and has funding of $15m. Golan said the firm’s technology enabled it to mimic traditional meat’s texture, color and taste without using preservatives, additives or GMOs.
Arado raises $12M
Brazilian agribusiness marketplace Arado has secured $12m in a series A funding round led by Acre Venture Partners, with participation from Syngenta Group Ventures and Globo Ventures, among others. The funding will be used to expand the company’s markets in Brazil and develop technology offerings for farmers and retailers, including prediction tools and inventory management. Arado aims to create an ecosystem that allows small and medium-sized farmers in Latin America to sell their goods directly to customers efficiently. These bypassing intermediaries reduce farmers’ profits and increase food waste.
Longevity Tech Receives Funding
Biotech company It’s Fresh!, based in Burntwood, Staffordshire, has raised £6.7m ($9.4m) in a Series B funding round led by venture capital firm BGF, including participation from German-based Zintinus and existing investor Praesidium. It’s Fresh! ‘s ethylene control filters delay food decay by absorbing and removing the gas from surrounding areas, preserving vegetables and fruit. The company plans to use the funds to expand into new markets and apply its technology to modified air packaging bags. The filters are distinguished from others because they do not allow flavor development or ripening and are safe for direct contact
New frozen food brand raises $1M
Frozen Foods startup 8 Myles has raised $1.05m in seed funding to hire a full-time sales and marketing manager and expand operations. The company produces a range of frozen macaroni and cheese meals made with whole grain elbow pasta and a breadcrumb crust described as “clean comfort food.” The products are available at hundreds of retailers, including Whole Foods Market, Target stores, and Sprouts Farmers Market. Founder and CEO Myles Powell revealed that the company plans to make a significant retail expansion this year. In addition, Powell took part in the reality series “Shark Tank” last autumn, although he did not secure a deal.
APAC Fund Backs Startups
Better Bite Ventures, an APAC alternative protein fund, has chosen four startups to invest in through its First Bite initiative. The startups, based in Singapore, New Zealand, and India, are Allium Bio, EatKinda, Cultivaer, and Klevermeat. First Bite provides early-stage funding to founders working on food system solutions in the APAC region, and startups must be focused on meat, seafood, dairy, or egg replacements using plant-based, fermentation, cultivated, or molecular farming technology and be at the idea or just-started phase to qualify for the $50,000 capital injection.
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