Posts by Erin Cabrey
In this deal roundup, Hungry Planet closes a $25M funding round; mycelium-based meat alternative maker Atlast raises $40M; Meati secures $18M in debt financing for new production facility; and animal-free shellfish maker Cultured Decadence secures $1.6M.
When the COVID-19 pandemic hit in March 2020, New York City-based office lunch delivery platform Stadium, like many in the food service industry, was forced to abandon its business model practically overnight amid nationwide shutdowns. Faced with a steep revenue drop, co-founder and CEO Shaunak Amin found a silver lining, adapting Stadium’s backend system to launch build-your-own snack box platform SnackMagic, which hit profitability in December and now ships 50,000 boxes monthly.
A federal judge in Baltimore has denied a motion to dismiss fraud and racketeering counts in a lawsuit filed by dressing and condiment maker Tessemae’s against a group of former advisors and board members. The lawsuit, filed last June, alleges the defendants had attempted to steal the Tessamae’s business.
Plant-based foods are continuing to take a bite out of the U.S. retail food market, with sales up 27% to $7 billion in 2020, nearly double the growth of the total U.S. retail food market, according to a new report from the Plant Based Food Association and the Good Food Institute.
With the support of entrepreneur Mark Cuban, plant-based burger brand Everything Legendary is “going to be bold” in order to take a bite out of the increasingly crowded meat alternative category, according to CEO and co-founder Duane “Myko” Cheers. This month, the brand is making its retail debut, seeking to grab consumers’ attention with what it believes is a more approachable vegan meat product featuring vibrant packaging and a consumer-friendly ingredient label.
The Checkout: FDA Launches ‘Closer to Zero’ Baby Food Action Plan; Impossible Foods Debuts First National Ad Campaign
In this week’s Checkout, the FDA introduces “Closer to Zero” action plan for toxic elements in baby food; cultivated animal fat company Mission Barns raises $24 million; Impossible Foods launches its first national ad campaign; and Conagra reports its third quarter results for fiscal 2021.
Gathered Foods, maker of plant-based seafood brand Good Catch, announced yesterday it has raised $26.35 million in a funding round which the company will use to fuel new product innovation and continue its international expansion.
Label this one as a step back for Tofurky. Turtle Island Foods SPC, maker of the plant-based meat brand, along with food advocacy organization The Good Food Institute (GFI) last week lost an appeal to block a Missouri labeling law that would make it a crime for plant-based meat producers to represent their products as containing real meat.
In this week’s Checkout, Post Holdings acquires dry pasta brand Ronzoni; sugar-free gelato and chocolate bar maker Bon AppéSweet is named the winner of The Empower Project; synthetic honey maker MeliBio raises $850K; Anheuser-Busch breaks grounds on a $100 million EverGrain facility; and brands celebrate April Fools’ Day with creative product launches.
Plant-based start-up platform LiveKindly Collective announced yesterday the close of a $335 million funding round as the company looks to extend its brands’ reach to new geographies, while also growing its portfolio through new acquisitions and strategic partnerships.