News

Uptime Energy, an energy drink company, has acquired cold brew coffee maker Rise Brewing Co., merging two independent brands into a unified platform. This strategic acquisition aims to diversify Uptime’s product offerings by incorporating Rise’s nitro cold brew coffees. In conjunction with the merger, Uptime is introducing a new glass bottle line specifically designed for convenience stores, expanding its retail footprint. The collaboration seeks to leverage both brand’s strengths, combining Uptime’s market presence with Rise’s innovative coffee products. This move reflects a growing trend in the beverage industry, where companies are broadening their portfolios to meet diverse consumer preferences. The financial terms of the acquisition have not been disclosed.

French plant-based cheese producer Jay & Joy has acquired fellow vegan cheese brand Les Nouveaux Affineurs and secured investment from E2M, enabling it to double production capacity. The deal positions Jay & Joy to meet growing consumer demand for dairy-free alternatives while strengthening its place in the European plant-based cheese market. Les Nouveaux Affineurs is known for its fermentation-based approach to vegan cheese, which aligns well with Jay & Joy’s artisanal techniques. By integrating expertise and ramping up production, Jay & Joy aims to compete more aggressively with both traditional dairy producers and emerging vegan competitors. This investment also supports the company’s broader ambition to expand distribution across France and internationally.

CPG Financing Month II, an upcoming event focused on financing strategies for consumer packaged goods companies, will feature industry experts discussing funding opportunities, investment trends and financial planning to support growth in the CPG sector. Join host Keith Kohler with 27 speakers in 13 conversations on financing strategies for consumer packaged goods. The theme for this year is, “How…” — so we will focus on process, tips, underwriting insights and case studies that will help founders to get the right financing at the right time.

ModifyHealth, a leader in food-as-medicine solutions, raised $13.5 million in a Series C funding round led by the Dohmen Company Foundation (DCF) via its Dohmen Impact Investment Fund. Existing investors RC Capital and Nashville Capital Network also participated. The funding will support growth initiatives, technology enhancements and expanded operations aimed at increasing accessibility to ModifyHealth’s services. The company provides medically tailored meals and telenutrition to address chronic conditions like diabetes, hypertension and obesity. ModifyHealth’s customizable meal plans, including Low-FODMAP and Mediterranean options, are paired with live nutrition coaching and digital education, offering patients practical tools for sustainable health improvements.

Crown Affair Secures $9M to expand prestige haircare brand Crown Affair, a clean haircare brand, raised $9 million in Series B funding led by True Beauty Ventures, which has invested in the brand four times. This round brings total funding to $16 million across five rounds. Crown Affair projects $20 million in revenue and profitability this year, up from $8 million in 2023. The funds will support growth at Sephora, product expansion and team development.

Klim secures $27.6M to scale regenerative agriculture solutions Berlin, Germany-based startup Klim has raised $27.6 million in Series A funding, marking Germany’s largest agtech Series A of 2024. Founded in 2020, Klim provides a digital platform empowering over 3,500 farmers—managing 700,000 hectares (5% of German farmland)—to adopt regenerative practices. The funding, led by BNP Paribas with participation from Earthshot Ventures, Rabobank and others, will support international expansion, platform upgrades and a financial services component to accelerate adoption.

Innovative Food Holdings acquires Golden Organics for $1.75M Innovative Food Holdings, Inc. (IVFH), a gourmet food distributor, has acquired Golden Organics, a Denver, Colorado-based organic food distributor, for $1.75 million. The transaction, comprising $1.4 million in cash and a $350,000 five-year seller's note, includes Golden Organics’ inventory and physical assets. Founded in 1994 by David Rickard, Golden Organics serves more than 200 U.S. customers, primarily in Denver, including restaurants, manufacturers and retailers. With over 800 certified organic products, Golden Organics will broaden IVFH's offerings and improve sourcing cost efficiencies by about 40% on certain overlapping items. Taeshaud Jackson, a Denver native with food distribution experience, will lead Golden Organics as president. IVFH aims to leverage Golden Organics’ customer base and product portfolio through cross-selling and integrating distribution channels, particularly for drop-shipping. Bi-directional synergies, enhanced by a unified Enterprise Resource Planning (ERP) and warehouse system, are expected to drive long-term growth and profitability for IVFH’s expanded platform. Steptoe & Johnson served as legal counsel for the acquisition.

Diageo juices booze-free portfolio with Ritual Zero Proof purchase Diageo North America has acquired Ritual Zero Proof, a leading non-alcoholic spirits brand, as part of its strategy to tap into the growing demand for alcohol-free alternatives. Ritual, launched in 2019 by founders David Crooch, Marcus Sakey and GG Sakey, offers non-alcoholic substitutes for whiskey, tequila, gin and other spirits. The acquisition supports Diageo’s broader “Growth Ambition” strategy to invest in high-potential, emerging categories. Non-alcoholic beverages have grown rapidly, with a 31% compound annual growth rate (CAGR) in retail sales over five years, and non-alcoholic spirits represent the fastest-growing segment in this space.

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.

Startup De Novo Foodlabs nets $1.5M for its precision fermentation tech Joyful Ventures, a VC firm that invests in alternative proteins, led a $1.5 million seed round for North Carolina-based De Novo Foodlabs. The company’s precision fermentation technology produces animal-free lactoferrin, a compound traditionally found in animal milk. The fresh investment takes De Novo’s total investment to $4 million. Joyful Ventures launched last year with $23 million from alternative protein leaders like Oatly co-founder Björn Öste, the co-founder of Shiok Meats Sandhya Sriram and Wild Earth CEO Ryan Bethencourt. De Novo Foodlabs’ new round will help commercialize the technology. Its first ingredient, NanoFerrin, is an iron-rich whey protein offering a range of potential health benefits.

Pluri Inc. invests $10 million in cultivated meat company Ever After Foods Pluri Inc, a joint owner with Tnuva Food-Tech Incubator of Ever After Foods, has invested $10 million in Ever After Foods to advance the company’s cultivated meat program. The bioreactors that Ever After Foods uses to produce muscle and fat tissues from animal cells are powered by Pluri’s technology. The technology could multiply the production of protein by six times and lipids by 700 times per cell and lead to increased capacity for meat cultivation.

Plant-based milk leader Califia Farms buys plant-milk dispenser system Uproot Inc. Califia, a prominent plant-based milk manufacturer, has purchased Uproot Inc, a company that manufactures turnkey plant-based milk dispensing systems. Terms of the transaction were not disclosed. The acquisition of Uproot, which operates more than 150 plant-milk dispensers in college campuses and other venues, allows Califia to expand its Away From Home portfolio. Uproot’s technology brings easy-to-dispense plant milk to dining settings, while simultaneously mitigating packaging waste. The entire Uproot team will be joining Califia.