Delivery Hero Raises $775M, James Cameron Launches Pea Protein Facility + More

Every week we track the business, tech and investment trends in CPG, retail, restaurants, agriculture, cooking and health, so you don’t have to. Here are some of this week’s top headlines.

Two of Europe’s leading restaurant delivery services absorbed major investments with Berlin-based Delivery Hero receiving $775 million and British online company Deliveroo raising $385 million.

Capital continues to flow into plant-based protein, and Monday saw the biggest one yet with Oscar Winner James Cameron’s launch of North America’s largest pea protein facility to produce organic, plant-based foods on a global scale. Long-established CPG giant, Nestlé, has received more bad press as Bloomberg revealed its success in the industry occurred at the cost of going into economically depressed areas with lax water laws.

In ag news, plant microbiome startup Indigo Ag was funded $156 million, bringing its total investment to $300 million.

Finally, grocer woes continue with a new study claiming only 10 percent of Americans enjoy cooking – prompting retailers and manufacturers to figure out creative ways to boost the category.

Check out our weekly round-up of last week’s top food startup, tech and innovation news below or peruse the full newsletter here.

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1. Germany: Jaspers Invests Another $775M in Food Take-Out Giant Delivery Hero – TechCrunch

Jaspers has acquired another 13% of the company, equivalent to about $775m from Rocket Internet. It now owns 26.3% of Delivery Hero, the Berlin-based food delivery giant. 

2. Oscar Winner James Cameron Launches North America’s Largest Pea Protein Facility – Organic Authority

The 160k metric-ton Verdant Foods will work with Saskatchewan farmers to integrate food production with new value-added products. The facility will work to not only process the peas but also to develop organic, plant-based foods for global food producers.

3. UK: Deliveroo Raises $385M in New Funding, Now Valued at ‘Over $2B’ – TechCrunch

The Series F round is led by US fund managers T. Rowe Price and Fidelity. Total funding now sits at $860m. The new capital will be used to expand its “Editions” program, grow its technology team and rapidly expand into new towns, cities and countries.

4. Indigo Ag Raises $156M Series D First Close to Expand Product Line Globally – AgFunder

Indigo Ag, the startup using plant microbiome research to create microbial inputs for farmers, has raised $156m, taking total funding to over $300m. Investment was led by Flagship Pioneering, Alaska Permanent Fund, Baillie Gifford and Activant Capital. Funding will go towards manufacturing Indigo’s next line of microbial products, Indigo Soybeans and Indigo Corn. 

5. OpenTable’s Founder Is Still Betting on Food Startups Despite a Troubled Market – CNBC

Founder Chuck Templeton’s venture firm S2G Ventures has closed a $180m to invest in food startups. Its portfolio includes emerging brands like Sweetgreen and Beyond Meat as well as “hard tech” startups like Ataraxis Bioscience and MycoTechnology.

6. Nestlé Makes Billions Bottling Water It Pays Nearly Nothing For – Bloomberg

The company’s operation in Michigan reveals how it’s dominated the industry by going into economically depressed areas with lax water laws.

7. The Grocery Industry Confronts a New Problem: Only 10% of Americans Love Cooking – Harvard Business Reviews

As more people opt to buy prepared meals, grocers need to reallocate shelf space, and manufacturers will need to exit entire categories.