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

After a rebrand and expansion into savory snacks earlier this year, direct-to-consumer keto brand Schoolyard Snacks has raised $5 million in a Series A funding round from Lyra Growth Partners as it builds out a platform of “old school snacks made the new way.”

Ten years after launching, Quinn Snacks has a sweet new partner: The Hershey Company, which announced a minority investment in the snack company last week. Hershey will provide the brand with both strategic advice as well as capital, CEO and founder Kristy Lewis said.

Meat alternative startup Meati announced last week the close of a $28 million Series A round of funding, which the Colorado-based company will use to scale production of its fungi-based chicken and steak cuts. The goal, Meati CEO and co-founder Tyler Huggins said, is to reach price parity with traditional meats before a launch into retail and food service.

Check out the gallery for October’s notable releases, including Veggie Made Great’s partnership with Beyond Meat, Swiss Rosti’s rebrand and a limited edition flavor from SkinnyPop to celebrate the brand’s 10th anniversary.

Having sampled the food delivery market, strategic Nestlé is looking for a bigger bite. The global food producer announced today the acquisition of meal delivery service Freshly, which it previously invested in. The company acquired Freshly for $950 million, with the opportunity for potential earnouts valued at an additional $550 million.

In this week’s Checkout: Brands participate in initiatives to fuel voters at the polls, Kellogg’s and Kraft Heinz report third quarter earnings and KIND calls out Clif to promote its energy bar launch.

The proposed regulations will create a Cannabinoid Hemp Program to license hemp retailers and processors and establish quality control standards for laboratory testing, manufacturing, packaging and labelling hemp products.

“Candy Season” typically begins at Halloween and carries across Christmas, Valentine’s Day and Easter. But this year, with the Covid-19 pandemic still raging, the consumer appetite for holiday celebrations is unclear. Still, there’s a bright spot for potential future indicators of success: though confection brands were concerned about Halloween sales, many brands with natural or better-for-you offerings are reporting a solid start to the holiday season.

Now, we’re turning to the brand’s point of view. In this episode of Category Closeup: Product Showcase NOSH editor Carol Ortenberg and Taste Radio producer Ray Latif will interview executives and brand leaders from both emerging and established ice cream companies to discuss company strategy, category evolution and new product information.

Though ice cream sits in the freezer, it’s still hot with consumers, investors and retail buyers. So for the second edition of Category Close-Up, a video series available exclusively to BevNET and NOSH subscribers, we’re taking a deep dive into the trends and news — as well as the innovative brands and products — that are currently shaping the ice cream industry.

In an impressive fast-growth story, insurgent low-sugar candy brand SmartSweets has sold a majority share to TPG Growth Fund. “It really felt like the right time for a meaningful growth partner in order to have the rocket fuel to really put behind our mission to kick sugar and really amplify it in an accelerated pace with more resources than we’ve ever had before,” founder Tara Bosch told NOSH. As part of the deal, Bosch will step aside as CEO.

In the latest distribution news, the U.K.’s Little Dish and Ireland’s Strong Roots expand in the U.S., TB12 debuts in retail and Clio Snacks launches its new low sugar innovation on Walmart shelves.

Jing Gao, founder & CEO of Sichuan-inspired sauce and seasoning brand Fly By Jing, discussed the origins of her passion for Chinese food culture and why she set out to create a brand that could elevate consumers’ expectations for the cuisine’s flavors

Citing concerns about unproven claims and potential violations of the Federal Food, Drug and Cosmetic Act, the Food and Drug Administration released warning letters this week that it had sent to a pair of food brands that offer children exposure to allergens in the hopes of warding off allergic reactions later in life. The agency gave both SpoonfulOne and Ready, Set Food! 15 days to reply to the letters or else risk legal action.