Investment

Cell-cultivated protein companies appear to be locked in a race to build commercial-scale production plants, even as the industry awaits full regulatory approval from both the FDA and the USDA, reflecting the long and complex road towards widespread commercialization and price-parity with conventional meat and seafood.

Last week Turtle Island Foods, which makes Tofurky and Moocho, was acquired by a subsidiary of multibillion dollar company Morinaga Milk Industry Co. With a purchase price of over $50M, the deal came as CEO Jaime Athos said the company was “facing a lot of challenges.”

In this week’s roundup: PE firm Kainos Capital closes $1B fund; Nestle, Wholesome Crave and UMass Dining launch plant-based meal program; ADM faces labor union charges and Motif Foodworks expands by offering out bioprocessing capabilities.

Morinaga Nutritional Foods, a subsidiary of Morinaga Milk Industry Co, has acquired Turtle Island Foods, the producer of Tofurky and alt-dairy line Moocho, putting the Japanese-owned company in control of one of the leading plant-based meat brands in the category.

In this week’s news roundup, actress Anne Hathaway has invested in food tech company The EVERY Co., Brazilian frozen foods brand Brazi Bites has named La Porteña Foods as the winner of its first Latino Entrepreneur Accelerator Program, and The Hershey Company reports Q4 and FY 2022 earnings.

Frozen Chinese food maker Xiao Chi Jie received a capital infusion of $21 million just over three months after the company had announced a previous raise of $10 million.

After announcing the launch of a new investment fund in May 2022, Washington, D.C.-based Union Kitchen has laid off its sales and marketing team as part of a corporate reorganization.

Unilever has appointed former H.J. Heinz executive Hein Schumacher to lead the CPG company effective July 1 reaffirming the multinational company’s commitment to its food brands.

Ultimately the holding company plans to have four entities in the company’s portfolio, two of which are already accounted for: egg white-based chip company Quevos and supplement and energy drink brand ProSupps.

In this week’s roundup: FDA Food Policy and Response Commissioner Frank Yiannas resigns; Flashfood expands to new Stop & Shop locations; Bipartisan SHIP IT Act is introduced to Congress; Meati opens the Mega Ranch; and Tyson CFO pleads guilty.