Target Buys Shipt for $550M, Mario Batali, Johnny Iuzzini and Ken Friedman’s Sexual Misconduct Allegations, Target Buys Shipt for $550M + 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.

Three prominent men in the restaurant industry – Mario Batali, Johnny Iuzzini and Ken Friedman – have stepped down in the face of sexual misconduct allegations by multiple women.

Target has closed an all-cash deal to buy out Shipt for $550 million up against Amazon. Walmart and Jet are joining forces with BuzzFeed to sell kitchen tools, appliances and food through Tasty’s recipe videos.

Soylent CEO Rob Rhinehart has stepped down aftermajor setbacks over the past two years. Investors are betting on a meat tax and urging big food companies to start diversifying into plant protein. Tyson Foods has taken the cue and joined Cleveland Avenue in a $55 million investment in Beyond Meat.

And finally, Puerto Rico’s food industry is still in recovery mode, and farms were hit the hardest. Global losses are estimated to amount to $2.8 billion.

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. Mario Batali  Away from Restaurant Empire Following Sexual Misconduct Allegations – Eater

Four women accused the chef of inappropriate touching in a pattern of behavior that spans at least two decades. Batali will also step away from his television show, “The Chew,” while ABC reviews allegations.

2. ABC Pulls ‘Great American Baking Show’ Following Johnny Iuzzini Misconduct Allegations – Eater

Eight women have come forward with sexual misconduct and abuse allegations against Iuzzini, most of the incidents stemming from his time as pastry chef of Jean-Georges.

3. Ken Friedman, Power Restaurateur, Is Accused of Sexual Harassment – New York Times

Ten women accused Friedman of unwanted sexual advances and many others stated working for him required tolerating daily kisses and touching. He has taken an indefinite leave of absence from his restaurant operations.

4. Target to Buy Shipt for $550 Million in Challenge to Amazon – Bloomberg

The all-cash deal will let Target customers order groceries and other goods online, and then have the items sent directly to their doors from nearby Targets. The deal will give Target same-day delivery at half of its 1,834 stores by next summer.

5. The CEO of Food-Replacement Startup Soylent Is Out – Business Insider

Rob Rhinehart has stepped down, and Bryan Crowley, president of Soylent’s parent company, will take over as CEO. The company has seen major setbacks over the past two years, including a temporary halt to sales after food poisoning incidents.

6. Walmart and Jet Are Joining Forces with BuzzFeed in Their Quest for Millennial Shoppers – Business Insider

The retailer will start selling its kitchen tools, appliances and eventually food through links in Tasty’s recipe videos. Tasty has nearly 91m Facebook followers, and its recipe videos have accumulated more than 65b views.

7. Andreessen Horowitz Has a New, $450M Bio Fund – TechCrunch

The bio fund has made dozens of investments already, including Freenome, Apeel, PatientPing and BioAge Labs. Investments range from $2m at seed stage to north of $10m for Series A stage companies.

8. Ginkgo Bioworks Secures $275M in Series D, Valuing the Company at Over $1B – TechCrunch

The funding comes from previous investors Viking Global, Y Combinator’s Continuity Fund, Cascade Investment, Bill Gates, as well as new investor, General Atlantic. It will be used to build out its Bioworks3 production facility.

9. Unilever Teams with Big Banks on Blockchain for Supply Chain – GreenBiz

The company has begun a year-long pilot program that will use blockchain to manage transactions within its tea supply chain. It is partnering with British supermarket Sainsbury, packaging company Sappi and three global financial service companies to develop the blockchain system.

10. Food and Beverage Is the Fastest Growing Online Channel – Food Dive

Global online F&B sales will increase 80% over the next five years, according to Euromonitor International. By 2022, global online retail sales will eclipse traditional grocery sales.

11. Taxes on Meat Could Join Carbon and Sugar to Help Limit Emissions – Bloomberg

Investors are betting governments around the world will start taxing meat production as they aim to improve public health and hit emissions targets. They are pushing companies to diversify into plant protein.

12. Meat Giant Tyson Foods Increases Stake in Plant-Based Brand Beyond Meat: A ‘Fantastic Alternative for Consumers’ – Food Navigator

Beyond Meat has raised $55m in a financing round led by Cleveland Avenue and supported by Tyson. The funds will be used to more than triple the size of its production footprint, further fund R&D as well as expand sales and distribution.

13. How Puerto Rico’s Food Industry Is Picking Up the Pieces After Hurricane Maria – Eater

Restaurants have begun to open and become hubs for communities. Puerto Rico’s agriculture sector lost $45m of net produce with Irma and $200m with Maria. Global losses are estimated at $2.8b.

14. A Store in Every World Capital:’ Eataly Plans Further Expansion and Eyes IPO – Fortune

The Italian food emporium is planning an IPO on the Milan stock exchange as early as next year. In the next two years, it plans to open 7 locations in 6 countries across Europe and North America.

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