Food Industry News, Insights, and Education for the CPG Community

Price hikes helped General Mills drive sales past analysts’ expectations and improve margins despite consumers’ growing caution, according to the company’s Q1 2024 earnings report released today.

Snack brand LesserEvil has closed a roughly $19 million capital raise, as it seeks to bet big on single-serve snacking and automation. Of the total raise, $13.5 million will go towards offering early investors liquidity while $5.5 million will go to the company as a primary transaction.

Savor the nostalgia because after nearly four decades, Natural Products Expo East is on its last lap. Organizer New Hope Network confirmed in a letter to attendees yesterday that this year’s annual conference, which begins today in Philadelphia and runs through Saturday Sept 23, will be the show’s last.

Shoppers are continuing to struggle with how to mitigate the higher prices at grocery stores, according to Circana, with 94% of consumers are concerned with the cost of food.

Today Nick Giannuzzi, founder of law firm Giannuzzi Lewendon, along with RxBar founder Peter Rahal and Orgain founder Andrew Abraham, announced the official launch of their venture firm Humble Growth, which is debuting with a first fund of $312 million.

In a LinkedIn post yesterday, Sir Kensington’s co-founder Scott Norton unveiled Unfold Ventures, a $300 million Fidelity-owned fund “dedicated to backing the next generation of breakthrough consumer companies”

The rapper Wiz Khalifa, Philippe Chetrit, CEO of adaptogenic-enhanced snack brand Toodaloo; and the co-founders of Khalifa Kush, Tim Hunkele and DJ Saul, have joined together to launch MISTERCAP’s, a new line of mushroom-based products.

After filing for Chapter 11 bankruptcy in June, Aerofarms announced today it has restructured the organization to be “fully-funded” following the court’s approval of its asset purchase agreement.

In this week’s notable new products roundup, Chobani celebrates Halloween by “dressing up” its yogurts in “costumes,” Lexington Bakes relaunches its Hazelnut Gianduja Brownie with Erewhon and Dolcezza unveils an NPR-inspired gelato.

Last month, collagen powder mix maker Obvi made its first acquisition, purchasing ground coffee manufacturer Coffee Over Cardio. The deal is just the first step, the company said, in its mission to become a CPG portfolio with a deep presence in the Midwest by way of its New Jersey HQ.

Gluten-free snack brand Quinn Foods has ended over a year and a half searching elevating chief commercial officer Al Matulis to CEO who has been with the company since 2019.

After a four-year run leading keto snack brand Highkey, Joe Ens is trying his hand at the refrigerated dips and plant-based food space as the new CEO of Fontaine Santé Foods.

At NOSH Live on November 30 + December 1 in Marina del Rey we’ll hear from three key players on the Trü Frü & Mars deal.

The rising costs of retail have pushed The Planting Hope Company to shift its growth strategy outside of the grocery store. Late last month the company announced plans to acquire QSR-cafe chain Argo Tea – marking a turning point in its new growth plan which centers on the managed food service channel.