News for May 23, 2024
Recent Transactions in the Nutrition and Health & Wellness Industry:
Sweet gluten-free market expands with Rubicon Bakers’ purchase of Lucky Spoon Bakery
Vegan, clean-label brand Rubicon Bakers enters the gluten-free market with the purchase of Lucky Spoon Bakery, a Salt Lake City, Utah, manufacturer of artisanal gluten-free products. The move shepherds Rubicon Bakery, which already manufactures baked goods for different consumer dietary preferences, into the dynamic gluten-free marketplace. Lucky Spoon founder Pam Schulte will join the Rubicon Bakers leadership team. |
Investment firm Triple B enters snack market with purchase of Doughlicious
The snack market in the United States is poised for a new entrant, as German investment firm Triple B has invested in the UK-based cookie dough snack brand Doughlicious. The $3.5 million investment round prepares Doughlicious for continued growth and market expansion in the United States, including a nationwide launch in Whole Foods Market. Doughlicious manufactures a range of snacks, including frozen cookie dough and Gelato Bites. |
Sustainable chocolate brand Voyage Foods raises $52M after Cargill partnership announcement
Voyage Foods, which makes cocoa-free chocolate and nut-free spreads, is set to scale up manufacturing and launch new products into the market after it raised $52 million in a Series A+ funding round. The infusion of capital comes after Voyage Foods signed a commercial deal with Cargill that will establish Cargill as the global B2B distributor for Voyage Foods products. Level One Fund and Horizons Ventures led the financing round, with SOSV, Nimble Partners and Collaborative Fund also participating. The funding comes on the heels of Voyage Foods ’raise of $22 million in January. |
Meati nails largest alt-meat investment since 2022 with $100M investment
Meati has closed a $100 million Series C1 funding round, a development that allows Meati to continue scaling-up as it expands into new retail locations. In just a year Meati has expanded from six retail locations to 6,000 doors nationwide. In April, it secured shelf space into 2,000 Kroger stores. Meati anticipates reaching 10,000 stores by the end of 2024. Grosvenor Food & AgTech led the round, with participation by Prelude Ventures, Bond, Revolution Growth and Congruent. The investment also led to the addition of Grosvenor Food & Ag Tech’s Katrin Burt and Prelude Ventures ’Mark Gupta to the Meati board. |
AAPI-owned skincare brand Three Ships Beauty Raises $2.5M
With a fresh infusion of $2.5 million, award-winning Canadian skincare brand Three Ships Beauty aims to further expand into the United States, invest in brand and growth marketing and bolster the team with new hires. BDC Capital’s new Thrive Venture Fund led the round, with participation from angel investors. The company, co-founded by Forbes Under 30 alum Connie Lo and Laura Burget, expanded its distribution to Whole Foods Markets across the North America last year. |
E-commerce platform for food distributors Pepper raises $30 million
Smaller, independent food distributors receive a technology boost, as e-commerce platform Pepper raises $30 million. ICONIQ Growth led the funding round. Pepper’s ordering system, designed for independent food distributors, supports more than 100,000 items, while also enabling companies to launch their own mobile apps and websites to accept orders and online payments. Pepper is known for routinely developing new product features that leverage advanced technology, like generative AI, to improve user experience, efficiency and results. |
Infant nutrition firm ByHeart raises $95M as it preps for US launch
With a recent raise of $95 million and the announcement of new manufacturing facilities in Oregon and Iowa, innovative infant nutrition brand ByHeart is poised to enter the U.S. market and quickly expand. The new facilities will empower the company to expand production of its formula. ByHeart, a “Clean Label Project Certified” brand, leans into innovation surrounding breast milk science to create products designed for easier absorption, enhanced digestion and more efficient weight gain. The company claims to be the first of its kind to release a breast-milk-equivalent product. |
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.
Upcoming Events
Ingredient Technology Investor Meeting
October 29, 2024 | Mandalay Bay Convention Center | Las Vegas, NV
Fall Investor Meeting
November 6 – 7, 2024 | Golden Gate Club at the Presidio | San Francisco, CA
