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

Online retailer Boxed announced today that it would become a publicly traded company via a merger with SPAC Seven Oaks Acquisition Corp. Seven Oaks said Boxed is expected to grow at a compound annual growth rate (CAGR) of 33% over the next five years, ultimately achieving $1 billion in net revenue by 2026.

In this week’s Checkout, Beech-Nut exits the rice cereal segment following a voluntary recall due to high arsenic levels; Instacart announces a $1 million ad initiative to support Black-owned brands; LiveKindly Collective acquires The Dutch Weed Burger; and actress Zooey Deschanel joins better-for-you shopping app Merryfield as co-founder and chief creative officer.

Faire, an online marketplace for retailers and brands, announced yesterday that it had closed an additional $260 million in funding. With this funding, Faire is valued at $7 billion, the company stated.

This week Clio Snacks expanded an ongoing recall of its chilled yogurt bars to almost all SKUs. The cause of the issue is connected to Clio’s chocolate production line, according to the company’s CEO and co-founder, Sergey Konchakoviskiy.

Popcorn startup Opopop wants to make popcorn “fun and cool again” — a mission it hopes to achieve by innovating in a space that hasn’t seen many major product advances since the invention of the air popper decades ago. Launched this week by music industry entrepreneurs Jonas Tempel and Bradley Roulier, Opopop is beginning by reimagining the microwave popcorn space.

As consumers “hunkered down” last year amid the pandemic, demand for new food and beverages was very much up, according to IRI’s New Products Pacesetter report examining the performance of 2020’s new product launches. And while a plague year may seem like a period for comfort food and old favorites, new and innovative products saw big benefits from out-of-stock issues and a desire among shoppers for a “change of pace.”

Cirona Labs, a cannabinoid manufacturer and supplier for food and beverage brands, announced today that it has raised $1.5 million in an oversubscribed seed round, led by LiDestri Food & Drink, BevSource and Sweetener Supply.

In the quest for a better-for-you pizza crust, it looks like cauliflower could be facing stiff competition from the chickpea. Yesterday pasta and pizza brand Banza announced its chickpea pizza crusts would be added to the menu at Oath Pizza, replacing the chain’s gluten-free and cauliflower crust options.

Following today’s final Boot Camp panel, it’ll be two weeks until our two day strategy extravaganza, BevNET & NOSH Virtually Live. We’ll be hosting the event online from 3-5 p.m. EST on Tuesday and Wednesday, with content followed by open networking and discussion. This one is for BevNET/NOSH Insiders only, though, so if you aren’t one yet, you should be.

Alternative protein company SIMULATE, maker of plant-based chicken nugget and patty brand NUGGS, announced today it has raised $50 million to fuel new product innovation and grow its retail presence both in the U.S. and internationally.

With its use of egg whites as a protein source and front of pack “ingredient” list, RXBAR disrupted the bar category and inspired a slew of imitators. But now the Kellogg’s owned brand is saying so long to both signature elements for the launch of a new, plant-based line extension.

It’s with great excitement that we get to announce that BevNET Live, NOSH Live, and Brewbound Live are returning to the Loews Santa Monica Beach Hotel this December. After a year off, we’re just going to have to make up for it with more knowledge, more collaboration, and more fun.

After nearly a decade in business as a food manufacturer, direct-to-consumer snack brand NatureBox is taking on the role of retailer with the launch of Partner Market, an ecommerce store for wellness-focused food and beverage products. The move is designed to allow the company to offer more variety for both direct to consumer customers and for an expanding corporate business. It comes after the company received requests for more products beyond its current offerings.

Online grocery service Hungryroot announced today that it had closed $40 million in funding from the growth fund of venture firm L Catterton. The company projects it will have $175 million in revenue this year.