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

Better-for-you CPG brands are catering to the rising demand for nutrient-dense, better-for-you products with a range of new low-carb, low-sugar and low-calorie sweet and savory snacks over the past month.

Private equity firm SEMCAP invested in Purely Elizabeth last November, the company announced today. The deal, part of a $50 million round, marks the first investment by the firm’s newly launched Food and Nutrition division, which is led by managing partner John Haugen, the former general manager of General Mills’ 301 Inc. investment group.

The race to increase variety with more complex formats within the animal-free and plant-based protein space appears to be heating up, following a busy week of M&A activity and new product announcements. Here’s a recap of the news.

In this week’s Checkout: ChickP closes $8 million funding round and brings in a new CEO, Bush’s Beans activate its ‘Can’ Film Festival competition and indoor farm Plenty partners with Walmart and closes $400 million funding round.

Unovis Asset Management has closed a second fund valued at roughly $162 million as the venture capital firm plans to invest in companies that offer consumers ‘a menu’ of plant-based food options.

The Planting Hope Company acquired legume-based rice alternative brand RightRice from Betterer Foods for $7 million in an all-cash acquisition earlier this week. The deal places all of Betterer’s assets under the publicly traded company.

Blended meat brand Misfit Foods has a new name: Phil’s Finest. The new branding and packaging overhaul is designed to help the company move beyond its roots in the juice category, according to founder and CEO Phil Wong.

In this distribution roundup: Spudsy reaches Whole Foods with latest product launch, nib mor launches at BJ’s wholesale club stores, Brewpub Jerky enters Publix across the Southeast, Pan’s Mushroom Jerky signs on with Kroger and more.

Trading savory for sweet, CPG executive Arnulfo Ventura announced today that he has left bean-based snack brand Beanfields to be CEO of sustainable snack brand Alter Eco. “I think we really have a chance to set the mark for what it means to be the regenerative snack company for the future,” Ventura told NOSH.

Plant-based nutrition platform kencko announced today the closing of a $10 million funding round that will help fuel the launch of a new line of hot meals. The round was led by existing investor Siddhi Capital with participation from new backers including Next View Ventures, Riverside Ventures, Silas Capital and Cheyenne Ventures, among others.

Health and wellness ecommerce brand Athletic Greens announced today that it has raised $115 million in a funding round led by venture capital firm Alpha Wave Global, which also has investments in companies like Alibaba, Uber and Atai Life Sciences. The deal, which raises the powdered beverage maker’s valuation to over $1 billion, is expected… Read more »

After seven years away, seasoned CPG executive Doug Radi is heading back to Rudi’s Organic Bakery, this time as the bakery brand’s CEO, where he’ll be tasked with rebuilding “significant momentum” for the brand.

This week we’re joined by Ross Iverson, co-founder and chief investment officer of Manna Tree Partners, a food-focused private equity firm whose portfolio includes stakes in Health-Ade, Gotham Greens and Urban Remedy. Iverson discussed the firm’s vision to improve human health by investing in better-for-you brands, why diligence plays a bigger role than innovation when evaluating companies and how Manna Tree assesses early-stage brands.

Plant-based food and beverage company The Planting Hope Company has acquired Betterer Foods, the producer of legume-based rice alternative RightRice, for $7 million.