Investment

Canadian pea and canola plant protein maker Merit Functional Foods has been placed in receivership with creditors filing court order Wednesday.

Gut health-focused snack bar brand BelliWelli announced this week it raised $15.4 million in a funding round that closed in January, led by New York-based private equity firm The Invus Group.

Plant-based food company Eat Just recently laid off about 40 of its over 300 employees, totaling 18% of its JUST Egg division. The California-based company’s cultured protein business, GOOD Meat, was not impacted.

After bringing in $31 million in financing over the past year, Chinese food brand Xiao Chi Jie (XCJ) is preparing for its retail debut, beginning with a new name: MiLa.

When plant-based nutrition brand Soylent began in 2013, it adopted a tech-influenced approach, dubbing its products Soylent 1.1, Soylent 2.0, and so on. Now, after its acquisition by CPG portfolio company Starco Brands earlier this week, the food and beverage maker is in stable release.

Glancing at the ingredient deck for plant-based proteins, you’re likely to find some familiar names, but there’s another ingredient that might soon be universal: konjac. The ancient root veggie found its way into alt-seafood despite not offering any protein content itself.

Publicly traded consumer products company Starco Brands, Inc. has acquired plant-based food and beverage maker Soylent, completing the brand’s evolution from red hot food-tech startup to cross-category CPG platform.

Vegan dairy brand Miyoko’s Creamery has seen its namesake, founder and CEO Miyoko Schinner, formally depart the company, according to an announcement from the brand today.

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.”