Postmates Files for IPO, What the Green New Deal Means for Food, + More

Image source: Bloomberg | Photographer: Al Drago

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.

As part of biodiversity month here at Food+Tech Connect, we’ve launched an editorial series featuring interviews with over 45 CEOs, execs, farmers and investors. Join us on Tuesday, February 19th to hear from CEOs and COOs of Row 7, Alpha Food Labs, Kuli Kuli and Tender Greens as they take a deep dive into their supply chains and business strategies.

There is a lot happening on the retail front. Autonomous delivery startup Nuro has closed a $940 million round led by Softbank to scale up its fleet of self-driving bots. Whole Foods has just raised its prices on hundreds of items due to inflation. Other retailers are beginning to follow suit.

Postmates has officially filed for IPO, following Uber’s footsteps. In response, DoorDash is arming itself with more funding, with aims to raise $500 million to reach $6 billion in valuation.

And finally, the long-awaited policy proposal for the Green New Deal from Alexandra Ocasio-Cortez and Ed Markey has finally surfaced—and it aims to turn US agriculture into a positive force for climate change and social justice.

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. Introducing Biodiversity: The Intersection of Taste & Sustainability

We interviewed 45+ CEOs, execs, farmers and investors about the role biodiversity plays in our food industry. Read this week’s published responses from Arabella Advisors, MAD, Sweetgreen, Believe in Bambara and GODAN.

2. Food Biodiversity: Where Flavor & Sustainability Meet

Join us to hear how game-changing startups are creating a more biodiverse food system at our February Food+Tech Meetup. CEOs and COOs from Row 7, Alpha Food Labs, Kuli Kuli and Tender Greens will do a deep dive into their business models and supply chains.

3. SoftBank’s Next Bet: $940M into Autonomous Delivery Startup Nuro – TechCrunch

The investment will be used to expand its delivery service, add new partners, hire employees and scale up its fleet of self-driving bots. The company partnered in 2018 with Kroger to pilot a delivery service in Arizona.

4. Food Delivery Pioneer Postmates Files to Go Public – Bloomberg

The company could be valued at more than $1.85b in its listing. It is working with JPMorgan and Bank of America on its IPO.

5. Amazon Slashed Prices at Whole Foods. Now They’re Climbing Back Up. – Wall Street Journal

Whole Foods raised prices from 10 cents to several dollars as suppliers have boosted their prices in the face of growing costs. Retailers across the spectrum are starting to pass along similar price increases in response to the growing signs of inflation.

6. What the New Green Deal Means for the Food on Your Plate – Civil Eats

The long-awaited policy proposal from Alexandra Ocasio-Cortez and Ed Markey has finally surfaced—and it aims to turn US agriculture into a positive force for climate change and social justice.

7. A Structural Bias Harms Women-Led Enterprises and the Agrifood Issues They Are Working to Solve. We Want to Know What That Costs Us. – New Food Economy

The New Food Economy, AgFunder and Karen Karp & Partners investigate the funding gaps for women founders across the food and agriculture sectors.

8. Delivery Startup DoorDash Reaches for Over $6B Valuation in New Funding – Wall Street Journal

The company is arming itself with more private capital as rivals Uber and Postmates are planning IPOs.

9. Thiel-Backed Breakout Ventures Invests in Phylagen $14M Series A with Cultivian, AgFunder for Microbe-Based Traceability – AgFunder

Funding will be used to expand Phylagen’s microbial forensics service and to grow its microbiome database.

10. Cork-Born Startup Raises Further $34M to Bring Cow-Free Milk to Market – Irish Times

The round was led by Horizons Ventures, Temasek Holdings and ADM Capital. The company uses bioengineered yeast to produce real milk protein. It aims to go to market within a few years.

11. Honest Company Co-Founder Christopher Gavigan Has a New, Newly Funded, CBD Startup Called Prima – TechCrunch

Lerer Hippeau led the $3.3m seed round, with participation from Greycroft and others. The company plans to sell cosmetic and edible products directly through its education-driven website. Ingestible products include soft gel and powder blends for immunity, sleep and energy.

12. Plummeting Insect Numbers ‘Threaten Collapse of Nature’ – The Guardian

More than 40% of insect species are declining and a third are endangered. At this rate, insects could vanish within a century.

13. This Startup Is Trader Joe’s Meets Costco, with a Splash of Brandless – Fast Company

A $59 yearly membership on Public Goods gets you access to clean personal care products, ethically sourced household goods and organic food items at drastically low prices.

14. Women, Women of Color & Gender Non-Conforming Innovator Database

We created this open-source list to increase representation, support and investment in women, women of color & gender-nonconforming innovators in food. Join the list & help us spread the word using #womxninfood

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