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

Plant-based diets are on the rise among multicultural consumers, according to a new study published last week by Danone North America. However, results suggest there is a gap in the market caused by a lack of culturally diverse plant-based food innovation, cultural stigmas and barriers to access including product affordability and education.

The company this week launched a line of coconut-based powder creamers available in three varieties: Think (Cacao Coconut with Lion’s Mane and MCT Oil), Gut Health (Vanilla Coconut with Probiotics and MCT Oil) and Balance (Original Coconut with Ashwagandha and MCT Oil).

Green Circle Capital Partners announced yesterday it has raised $13 million for its first fund in a new venture capital division, Green Circle Foodtech Ventures (GCFV), with an anchor investment from Hormel Foods’ VC arm 199 Ventures.

After receiving Generally Recognized as Safe (GRAS) status earlier this month, Massachusetts-based food technology company Motif FoodWorks announced last week that its patented heme protein HEMAMI has launched for large-scale commercial distribution.

Alt-meat producer Global Village Fruit, producer of the Jack & Annie’s brand, formally announced today a $23 million funding round that closed this summer.

Maxine Kozler Koven, co-founder of LDR Ventures & Consulting, discussed the venture capital firm’s investment philosophy and portfolio, which includes stakes in Sweetgreen, Thrive Market and Shaka Tea, the importance of nurturing the development of early-stage founders, the relevance of innovation when evaluating new concepts and the historical lack of funding for female-led companies.

Like the viral speed of the hashtag #TikTokMadeMeBuyIt, TikTok is becoming one of the fastest-growing social commerce channels worldwide and is helping brands reach hundreds, even thousands, of new consumers via videos of skin care or vegan ice cream – if they can market themselves right.

Hain Celestial will acquire better-for-you food incubator That’s How We Roll, the owner of Proven Brands, Inc. and KTB Foods, Inc., from private equity firm Clearlake Capital Group in a $259 million deal, Clearlake announced today.

Alt-dairy ingredient provider Perfect Day has reached an agreement to acquire ice cream brand Coolhaus from investment group Sunrise Strategic Partners for an undisclosed fee, the company announced today.

In this week’s checkout: Capital City brings its Sweet Hot Mambo Sauce to KFC, The Specialty Soya and Grains Alliance launch U.S. Identity Preserved Certification, Kraft Heinz to combine U.S. and Canada Businesses and Forever Cheese brings on specialty food veteran Tyler Hawes.

With everything from an angry and animated tortoise to a TikTok Tastemonial challenge, these latest activations have embraced a variety of brand building tactics including user-generated content and a unique group of brand ambassadors.

Food tech ingredient platform The EVERY Company, formerly Santa Clara Foods, announced this week it has closed a $175 million Series C capital round co-led by McWin and existing investor, Rage Capital. Temasek, Grosvenor’s Wheatsheaf Group, TO Ventures and Prosus Ventures also participated.

Over the course of the pandemic retailers and food delivery services continuously invested in delivery platform innovations, creating an expedited process of grocery shopping with virtually no contact. However, as lockdowns begin to lift, innovation hasn’t slowed and consumers have now become accustomed to this efficiency, prompting retailers to find creative ways to bring the store to them, almost instantly.

Non-dairy ice cream brand NadaMoo! announced today it had raised roughly $10 million in funding aimed at helping the sixteen year-old company expand its distribution.