News for September 13, 2023

Mediterranean food company completes successful Series A

Afia Foods, a Mediterranean food company, has secured $3 million in Series A equity financing to support its expansion plans. The funding will scale the company’s core product line and establish a new 23,000-square-foot manufacturing facility and headquarters in Taylor, Texas. Afia Foods produces various flavors of falafel and a Texas-exclusive kibbeh, offering healthy and delicious Mediterranean food options nationwide. The funding round was led by Rocky Hardin, CEO of Embree Capital Markets Group and a member of Afia’s board of directors.

Lahori secures $15M funding

Punjab-based beverage startup Lahori has secured $15 million in Series A funding from Verlinvest, a Belgium-based consumer-focused investor, in exchange for an undisclosed minority stake. Lahori plans to use the funds to expand production capacity, accelerate branding and marketing efforts and develop new products. The startup aims to introduce “Desi” drinks to Indian consumers and expand its presence nationwide in three years. The non-alcoholic beverage industry in India is rapidly growing, and Lahori seeks to tap into this market opportunity with the support of Verlinvest.

Holy raises €10.5M in funding

Germany-based soft drinks brand Holy has secured €10.5 million in a Series A funding round led by Left Lane Capital, with participation from existing investors like FoodLabs and Simon Capital and other notable industry experts. Holy, founded in Berlin in 2020, offers a powder-based soft drink range that emphasizes eco-friendliness and healthiness through reduced packaging waste and natural ingredients. The company plans to expand its presence across Europe, launch new products, enter new markets like the U.K. and move into retail channels with the funds, bringing its total funding to €12.3 million.

Thorne acquired by L Catterton

Thorne HealthTech, Inc. has agreed to be acquired by L Catterton, a global consumer-focused investment firm, for $10.20 per share in cash. This acquisition represents a 94% premium to the unaffected closing share price on July 20, 2023. Thorne’s independent Special Committee and Board of Directors have unanimously approved the transaction, recommending that all stockholders tender their shares in the tender offer. The acquisition is expected to be completed in the fourth quarter of 2023, making Thorne a privately held company.

Eat Just raises new funding

Plant-based food company Eat Just has secured a new funding round led by VegInvest/Ahimsa Foundation, with the amount undisclosed but reported to be around $16 million. The funding will support the company’s Just Egg and Good Meat divisions. While Eat Just has made progress toward operational profitability, it faced layoffs and cost-cutting initiatives earlier in the year due to a slowdown in demand for plant-based meat products. The new funding will help the company continue its growth and sustainability efforts, but it still needs to raise more money for large-scale cultivated meat production in the U.S.

Butternut Box bags £280M investment

U.K.-based fresh dog food company Butternut Box has secured a £280 million investment in its latest funding round from new investor General Atlantic and existing investor L Catterton. Butternut Box, Europe’s largest fresh dog food brand, plans to use this funding to expand further across Europe and develop a new European manufacturing facility. The company is committed to delivering healthy and fresh meals to dogs and recently acquired PsiBufet in April 2023 to expand its presence in Central and Eastern Europe. The investment is expected to close in Q4 2023, subject to regulatory conditions.

Nestlé sells Palforzia business

Nestlé has sold its peanut allergy treatment business, Palforzia, to biopharmaceutical company Stallergenes Greer, based in Switzerland. Nestlé had previously announced its intention to review Palforzia strategically. The divestment deal involves Nestlé receiving milestone payments and ongoing royalties from Stallergenes Greer, allowing Nestlé Health Science to concentrate on its core strengths. The specific financial terms of the transaction were not disclosed.

Ampla secures $258M credit

Ampla, a financial solutions provider for consumer brands, has secured a $258 million credit facility in partnership with Goldman Sachs and Atalaya Capital Management. This new debt facility will support Ampla’s Growth Capital products and its efforts to create an all-in-one platform for consumer brands. Ampla aims to offer a comprehensive suite of financial tools, including Growth Capital, Digital Banking, Insights and a new Visa Corporate Card, to help consumer brands streamline operations and boost growth. The company has already achieved significant milestones, processing over $1.5 billion in originations and $6.0 billion in transactions through its platform.

SkinnyDipped completes $12M Series A

SkinnyDipped, a snack company known for its lightly dipped nuts, secured $12 million in Series A funding in August. Founded by Val and Breezy Griffith, the company initially focused on providing healthier snacks with less sugar and non-GMO ingredients, starting with almond flavors. SkinnyDipped has expanded its product range to include cashews, peanuts and other offerings, including cups and bites. The funding will support the company’s retail expansion plans, philanthropic efforts, marketing and continued innovation, with notable investors such as Amy Schumer, Mark Wahlberg and others participating in the round.

Nicoya invests in Foodiq

Swedish food tech investment company Nicoya has invested in Foodiq, a Nordic co-manufacturer focused on transforming the food industry. Nicoya aims to positively impact people, the planet and health through this investment. Foodiq is introducing its dairy-free Multi-Layer Cooking (MLC) technology, which streamlines various food processing steps into one, making it suitable for both large-scale production and specialized products. This innovative technology aligns with a shift towards localized food production and reducing distribution costs and carbon emissions, and allows for the creation of a wide range of plant-based products, contributing to a more sustainable and versatile food industry.

Momofuku Goods gains $11.5M in new funding

Momofuku Goods, a brand of restaurant-grade pantry essentials, has secured $11.5 million in new funding led by Alliance Consumer Growth (ACG), with participation from existing investor Siddhi Capital. The investment will support Momofuku Goods’ mission to enhance home cooking with high-quality flavors and accelerate its nationwide expansion. The company, founded by David Chang and Marguerite Mariscal, offers a range of products, including Chili Crunch, noodles, sauces and seasoned salts, inspired by the Momofuku brand. These products are available in over 3,500 stores and online, with ACG expressing confidence in the brand’s potential and authenticity.

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