News for May 16, 2022
Recent Transactions in the Nutrition and Health & Wellness Industry:
Sweet deals: Ferrero acquires Fulfil Nutrition
The international confectionery group Ferrero, of the Italian chocolate fame, has acquired the Irish vitamin and protein bar group Fulfill Nutrition via an all-cash transaction. Ferrero will take over the business outside of North America, where Hershey, who bought a minority stake in 2019, and Barry Connolly, Fulfil’s founder, will remain in control. Connolly is still the majority owner of the business, and the sale is estimated at 150 million euros.
Food-tech is here to create allergy free alternatives to your favorite pantry items
Voyage Foods raised $36 million in Series A financing, bringing its total funding to $41.7 million. Voyage Foods aims to reinvent pantry staples using sustainably and ethically sourced ingredients. Its products, including coffee without coffee beans, chocolate sans cacao and a peanut-free spread, are molecularly similar to the traditional pantry staples. These, though, are free from the top nine major allergens. Funding was co-led by UBS O’Connor and Level One Fund, with participation from Horizons Ventures, SOSV’s Indie Bio and Social Impact Capital.
Serena Williams helps more women score points by investing in WILE
WILE is a vegan menopause supplement brand created by women to help empower them and reduce the stigma around this natural hormonal process. WILE currently produces various plant powder supplements, tinctures and functional beverages that offer support women for in their 40s-60s having symptoms of hot flashes, stress and mood swings, as well as supporting overall wellness. Williams invested an undisclosed amount during the $3 million seed round.
Down to Cook Inc.’s Adda Veggie begins to add a lot of capital
As part of a $1.5 million seed round, Down to Cook received a $300,000 investment from the ICA Growth Fund. ICA assists women and BIPOC entrepreneurs via mentorship and capital in the Bay Area. With its Adda Veggie line of meal starter kits, the startup also raised more than $60,000 in an equity crowdfunding campaign.
Beyonce continues to make lemonade out of lemons
Two years ago, Beyonce posted a shot of her getting into a limo with a bottle of Lemon Perfect—an enhanced water drink—in the cupholder. Fans spotted the beverage, one of Beyonce’s favorites, and the image went viral. Beyonce is now a backer saying, “I don’t typically enjoy drinks without added sugar, but Lemon Perfect is delicious. It was an easy decision to invest in something that not only tastes great and is healthy, but also, and most importantly, allows choosing a healthier lifestyle to be affordable and accessible to everyone.” The $31 million Series A funding also saw support from Beechwood Capital, Goat Rodeo Capital, Melitas Ventures, NNS Capital and Trousdale Ventures.
Leonardo DiCaprio joins Lewis Hamilton’s The NEAT Food Co as a strategic investor
DiCaprio has long been an environmental activist advocating for sustainable alternatives. NEAT is a vegan fast-food chain from the UK that focuses on alternative proteins as a means of reducing global emissions. NEAT will soon be opening more locations globally in addition to bringing its products to retailers in the U.S. NEAT’s most recent valuation is $100 million. It is starting a $30 million Series B funding round to help improve on versions of its products, introduce new ones and continue its global expansion.
Canada’s leading roasted bean snack receives a $6.2M investment
Three Farmers Foods Inc. received $3 million from District Ventures Capital and $3.2 million from existing investors to help grow its distribution across Canada and penetrate the U.S. market. Grown and manufactured in Canada using sustainable practices, Three Farmers Food believes in food production transparency and giving everyone equitable access to healthy food.
From farm to food service: Tractor Beverage Co. plans $60M funding round
Tractor Beverage Co. claims to be one of North America’s fasting growing beverage brands, thanks to its Certified Organic full line beverage service solution for foodservice operators. Tractor has entered into a long-term, exclusive sales partnership with Keurig Dr Pepper. Keurig Dr Pepper will be a lead investor in this funding round and will support expanding infrastructure and marketing. Tractor gears its marketing towards younger and more health-conscious consumers.
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