News Roundup: Anne Hathaway Invests in The EVERY Co.; La Porteña Wins Latino Entrepreneur Accelerator Program

Anne Hathaway Invests in The EVERY Co.

Actress Anne Hathaway has invested in food tech company The EVERY Co., a maker of animal-free proteins. According to the San Francisco-based B2B company, the investment comes as EVERY prepares to scale its business following seven years of research and development.

“The need to transform our food system has never been clearer or more urgent,” said Hathaway in a press release. “An important piece of the puzzle is in nature-equivalent animal proteins, such as EVERY has been developing. I’m proud to back this vision of a better future.”

Founded as Clara Foods in 2015, The EVERY Co. began rolling out its animal-free pepsin, egg whites and egg proteins last year – manufactured through a proprietary fermentation process which can “brew” proteins – supplying ingredients for brands including hard pressed juice drink Pulp Culture, French macaron maker Chantal Guillon, and juice bar chain Pressed.

“We are thrilled to partner with visionary investors like Anne to drive forward our plans to reimagine the way we feed and nourish the world,” said EVERY CEO Arturo Elizondo in the release. “Ultimately, our vision is to deliver animal-free protein to everyone, everywhere—and help set the table for the better food future we all deserve.”

The investment marks Hathaway’s first partnership with a B2B company. According to EVERY, the Academy Award winning actress was attracted to the business’s focus on sustainability and growing the reach of vegan foods. To date, EVERY has raised over $230 million from investors including Bloom8, McWin Food Systems Fund, Temasek, TO Ventures, Grosvenor and ZX Ventures. The company most recently closed a $175 million funding round in December 2021.

Brazi Bites Names La Porteña Foods as First Latino Entrepreneur Accelerator Winner

Brazilian frozen foods brand Brazi Bites has named Portland, Oregon-based sauces brand La Porteña Foods as the winner of its first Latino Entrepreneur Accelerator Program (LEAP).

Launched in September, the LEAP program aims to support Latino-owned U.S.-based CPG businesses. The inaugural program received applications from nearly 100 companies, Brazi Bites announced in a press release.

Founded by CEO Jessica Viciconte, a second-generation Argentine, La Porteña produces locally sourced, small batch chimichurri based on her family’s recipe. The products are available in red and green varieties. As the winner of the accelerator, La Porteña will receive a $10,000 business grant and a 12-week mentorship with Brazi Bites co-founder and CMO Junea Rocha, including access to the larger Brazi Bites team and resources.

“It is a huge honor to be chosen as the inaugural winner of LEAP,” Viciconte said in the release. “As a fellow Portland-based company, I’m very familiar with Brazi Bites and find Junea’s story incredibly inspiring. Starting this company through the pandemic has been one of the most challenging yet rewarding experiences, and I feel proud of what I have accomplished so far. With this prize and mentorship, I can take the next step to grow my business and introduce this incredible product to more consumers in the Northwest and beyond.”

In addition to La Porteña, five other brands were selected as finalists, including beauty brand Vamigas, Hot Mama Salsa, women’s wellness company Rif Care, vegan paleta maker Ice Queen, and soup brand I Eat My Greens.

“During this first year launching LEAP, our team has been blown away by the incredible applications we received from entrepreneurs nationwide,” Rocha said in the release. “Our entire team came together to thoughtfully read through each and every application, and sample products, giving us the chance to take part in the process as a collective. We are thrilled with our chosen winner and finalists, and I look forward to sharing my expertise and supporting La Porteña over the coming months.”

The Hershey Company Reports Strong Q4 and Full Year 2022 Earnings

The Hershey Company reported consolidated net sales grew 16.1% to over $10.41 billion last year during the Pennsylvania-based conglomerate’s Q4 and full year 2022 earnings call this week.

According to the company, organic constant currency net sales were up 12% in 2022. Consolidated net sales in Q4 grew 14% to $2.65 billion with organic constant currency net sales up 10.7%. The strong growth has led the chocolate conglomerate to project net sales growth of 6% to 8% for 2023, fueled primarily by net price realization “as consumer demand remains steady behind higher advertising levels and increased capacity.” Sales growth and gross margin expansion are “expected to more than offset increased brand, capability and technology investments.”

“In 2022, the Hershey Company delivered one of its strongest years in history despite record inflation, continued supply chain disruptions and macroeconomic uncertainty for many consumers,” said Michele Buck, The Hershey Company chairman and CEO, in a statement. “It took tremendous hard work, perseverance, and agility from every one of our employees and partners, and I couldn’t be prouder of what we have accomplished or more excited for what lies ahead. We expect to deliver another year of strong sales and earnings growth in 2023 as we invest in our amazing portfolio of brands, additional capacity and capabilities.”

Q4 results benefited from the company’s 2021 acquisition of the Dot’s and Pretzels brands, which provided a 3.6-point net sales growth benefit. Much of the quarter’s sales growth came from an 8.5 point net price realization, with 2.2 points of volume growth. Marketing expenses grew 11.5% in the quarter as advertising for the Reese’s and Jolly Rancher brands were amped up as a result of incremental capacity.

Net sales for Hershey’s North America Confectionery segment were up 9.7% to $2.7 billion in Q4, with U.S. candy, mint and gum (CMG) retail growth up 10.7% in the 12-week period ending January 1, 2023, driven by price increases. Chocolate retail sales grew 10.8% in the period, sweets were up 12.8% and refreshment increased 10.8%.

Net sales of the North America Salty Snacks segment jumped 71.4% to $272 million, with the bulk of the growth coming from Dot’s and Pretzels. In the 12-week period, SkinnyPop grew retail sales 19.7% while Pirate’s Booty sales dropped 3% as a result of lower promotional levels. Dot’s Homestyle Pretzels grew 32.3% in the period.

International sales grew 11.1% in Q4 to $205.6 million.

Speaking during an earnings call Thursday, Buck said Hershey expects to increase market share this year with a double-digit increase to marketing spend which will help to fuel volume growth.

“[With] our long term model, we believe in advertising,” she said. “We’ve seen the impact and the returns that we get on advertising in terms of having very strong ROI. So we take a very databased approach to media spending, and we invest where we see that incremental profitable growth. Over time, we do know that advertising builds consumer connectivity. And we know that consumer connectivity is part of what helps us to have the elasticities that we do.”

Saffron Road Gets B Corp Status

Connecticut-based frozen foods brand Saffron Road announced this week that it has been recognized as a Certified B Corporation, recognizing its commitment to “ethical consumerism and sustainable agricultural practices.”

Founded in 2010, Saffron Road produces a variety of frozen entrees, ready-to-heat meals, simmer sauces and chickpea snacks.

“Having devoted my career for 30 years to socially conscious, mission-based enterprises, Saffron Road being awarded this publicly recognized seal and certification was quite uplifting for me personally and our entire team professionally,” founder and CEO Adnan Durrani said in a press release. “It means so much to us at Saffron Road because it recognizes our long-time commitment as a Socially Responsible brand.”

To be certified by B Lab, Saffron Road had to pass the B Corp assessment process which measures its performance in governance, workers, customers, community, and the environment through a year-long process of third party audits.

“Our awesome team truly delivered on our promise of a Journey To Better,” said Durrani. “I couldn’t be more proud to be part of this community of mission-based B Corp brands I’m inspired by like Jeni’s Splendid Ice Creams, Patagonia, EILEEN FISHER, INC., TOMS, Stonyfield, Danone North America, Ben & Jerry’s, Once Upon a Farm, Seventh Generation, and Thrive Market.”