News for September 26, 2024
Recent Transactions in the Nutrition and Health & Wellness Industry:
Ecovative raises $28M to expand MyBacon growth and launch new mycelium leather brand
Ecovative, a New York-based mycelium technology company, has raised $28 million in a growth equity round, bringing its total funding to $145 million since 2019. This funding will expand the production and distribution of MyBacon, a plant-based meat product, from 600 to thousands of stores by 2025. Additionally, Ecovative plans to introduce AirLoom hides, a sustainable leather alternative, under its Forager brand. Ecovative uses a proprietary technology called AirMycelium to cultivate mushroom strains that the company then leverages for manufacturing different products. |
MiAlgae raises $18.5M to build new commercial facility
MiAlgae, a startup focused on producing omega-3 fatty acids from microalgae, has raised $18.5 million in a series A funding round. SWEN Blue Ocean, Clay Capital, Rabo Ventures, Equity Gap, Old College Capital, Social Investment Scotland Ventures, Ananke Ventures, Ascension Ventures and Scottish Enterprise funded the round. This capital will help the company build a new commercial-scale facility in Scotland, significantly increasing its production capacity. The company uses byproducts from Scottish whisky distilleries as feedstock for growing microalgae, which is a sustainable alternative to traditional fish oil sources. MiAlgae’s primary market focus is on aquafeed for farmed salmon, aiming to provide a consistent and local source of omega-3s as fish stocks decline. |
Precision fermentation dairy company Standing Ovation completes Series A+ funding round
Standing Ovation, a French biotech specializing in precision-fermented casein for plant-based dairy, has raised $4.2 million in Series A+ funding. Peakbridge, Seventure, Good Startup, Big Idea Ventures and Bel participated in the round, which was led by Astanor Ventures. This brings its total funding to €23 million over four years. The new funds will stoke the growth and distribution of its main product, Advanced Casein. The company also announced the appointment of Yvan Chardonnens as CEO to lead its industrial-scale production efforts. Standing Ovation’s precision fermentation process creates animal-free proteins that mimic the qualities of traditional casein, used in various dairy products. Its approach is more sustainable, producing significantly fewer CO2 emissions and using less water and land compared to conventional methods. |
ReScale raises $2.3M to help smaller brands scale
Boston startup ReScale has secured $2.3 million in funding to tackle a significant challenge for small and medium-sized CPG brands: finding and managing external manufacturing partnerships. Baukunst led the round, with Dartmouth Angels and a variety of CPG angel investors supporting the round. The online platform aims to simplify the process of sourcing, negotiating and managing co-manufacturing relationships for brands with under $100 million in revenue. By offering a comprehensive search tool, onboarding assistance, and management features, ReScale helps brands bring new products to market more efficiently. Early adopters include a restaurant chain with products in Target and a hot sauce brand in over 2,000 retail locations. Former Trader Joe’s executive Julia Megson leads the team and leverages her experience from Trader Joe’s and consulting for emerging brands. She identified the need for a more streamlined and transparent process in the industry. |
Farmhouse LLC takes over T-Pain’s Nappy Boy Dranks beverage brand
Farmhouse Inc. announced an agreement to buy Thrown, LLC, the company behind Nappy Boy Dranks, a functional beverage brand founded by T-Pain, the Grammy Award-winning artist and entrepreneur. The acquisition aims to merge Farmhouse’s industry expertise with T-Pain’s wide-ranging influence in the entertainment and gaming sectors. Nappy Boy Dranks’ flagship product is a 2-ounce energy shot powered by its T-Mix Blend. As part of the deal, Farmhouse will acquire all Thrown’s membership interests for about 25% of its post-closing shares. Additionally, Farmhouse plans to raise up to $10 million in financing, with the majority allocated to Thrown. Both companies expect this partnership to drive substantial growth and shareholder value. |
Sperri posed to bring new plant-based meal replacement beverages to US market
Sperri, a Canadian company specializing in organic and allergen-free plant-based meal replacement beverages, has secured new funding led by Nàdarra Ventures and supported by Invest Nova Scotia. The capital will facilitate Sperri’s expansion into the US market and the development of new products. Co-founded by Gregg Curwin and Dr. Mary Lynch, Sperri was created to address the dietary needs of patients who struggle with traditional meal replacements due to ingredients like dairy, gluten and soy. Sperri’s ethos is rooted in the belief that “food is medicine,” working to provide accessible and effective nutrition solutions. Its products are designed to be a major benefit to primary care treatment, especially in relieving pressure on the healthcare system. The US expansion will start with a direct-to-consumer launch on Amazon. |
Novameat launches plant-based shredded beef, raises $19.3M in funding
Barcelona-based Novameat, a B2B company that manufactures plant-based meats, has raised $19.3 million in an oversubscribed Series A funding round. Leading the investment were Sofinnova Partners and Forbion, alongside returning investors like Unovis Asset Management and Rubio Impact Ventures. The funding will support the expansion of Novameat’s product line, including the launch of Shredded Nova-b*ef, a new plant-based beef product, while scaling production through the company’s MicroForce technology. Novameat’s MicroForce technology mimics 3D printing to create a fibrous texture in plant-based meats, utilizing natural ingredients like pea protein and seaweed extract, while avoiding additives. |
Create Wellness strengthens march toward popularizing creatine products with $5M investment
Create Wellness, a US-based company specializing in creatine products, has raised $5 million in a Series A funding round led by Unilever Ventures. The fresh capital, which brings the total amount raised to $7.3 million, will help the company expand its team, enhance product research and development and bolster its presence in retail channels. Create Wellness, founded in 2022, has helped popularize creatine monohydrate gummies, selling over 20 million units. The company seeks to make creatine supplementation mainstream through education and innovative products. |
Plant-Ex Ingredients nets $10M in funding for expansion
Plant-Ex Ingredients, a UK-based producer of natural plant-derived food additives and ingredients, has secured $10 million in funding from BGF. The investment will support Plant-Ex’s international expansion, particularly into the US market. Plant-Ex recently opened a new facility in Bristol, doubling its previous capacity, which will aid further growth both in the UK and globally. Additionally, Susan Barratt has been appointed as non-executive chair. Chief Executive Officer Giles Drewett expressed excitement about the partnership with BGF and the strategic support from Susan Barratt, which will help the company meet high standards and plan for future developments. |
Juice leader Perricone Farms buys Florida’s Natalie’s Orchid Island Juice Company
California juice company Perricone Farms has acquired Florida’s Natalie’s Orchid Island Juice Company. The purchase enhances the ability to serve customers nationwide with quality products and excellent customer service. The new unified company will leverage bi-coastal production facilities and enhance delivery and product offerings. The merger could strengthen both brands’ reputations as leading premium juice providers in the food service and retail sectors, continuing their legacies of excellence and customer satisfaction. |
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