Source: The Verge
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.
Despite the looming presence of Amazon in the grocery space, startups and traditional grocers are still rushing to compete. Accel Robotics has just raised $30 million from SoftBank to take its automated cashierless stores global. Walmart ceased Jet.com’s fresh food delivery business in New York City last week. Meanwhile, Kroger is getting into the business of ghost kitchens with its new partnership with Clustertruck.
In CPG news, Impossible Foods is looking to raise up to $400 million. PepsiCo has acquired the maker of PopCorners, BFY Brands, for an undisclosed sum.
Last but not least, the Trump Administration is moving forward with its cutback on food stamps, impacting nearly 700,000 people. The new rule makes it harder for states to waive work requirements.
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The company is now ready to scale its “frictionless commerce platform” globally, a move that will include increasing its manufacturing capacity.
The USDA gave its final approval to the first of three rules that are ultimately expected to cut more than 3m from the food stamp rolls. The rule will remove 700,000 people from the food stamp program by enforcing federal work requirements.
The is looking to raises $300-400m at a valuation of between $3-5b, according to sources.
Jet.com is ending its fresh food delivery business just a year after introducing the service in New York City, another sign that the urban-focused site is scaling back.
PepsiCo announced plans to acquire BFY Brands, maker of PopCorner snacks, from Permira. Financial terms of the deal were not disclosed.
The company is now focusing on prepared meals. It announced it would be launching four delivery-only kitchens in partnership with Clustertruck.
The delivery company filed confidential paperwork for an IPO earlier this year, but the markets turned on cash-burning business after the struggles of Uber and Lyft and near collapse of WeWork.
Data from USDA shows that beginning farms are smaller and less financially successful than their more established counterparts—and reveals some surprises.
U.K. supermarket-tech company Ocado has won contracts around the world. Its latest deal in Japan is a tall order to fill on top of everything else.
FDA said it cannot recognize CBD as generally recognized as safe (GRAS) for use in human or animal food.
Zume is in talks with investors to be valued at $4b in a new round of fundraising. Softbank pumped $375m into Zume just last year, and is expected to back Zume again.
The round was led by Main Sequence Ventures and Horizon Ventures. V2food will use its funding to expand R&D and build a new production facility in Australia.
The Yale University study looked at eight states participating in the Online Purchase Pilot of the 2014 Farm Bill that allows people on SNAP to purchase groceries online. The provision could go nationwide after the trial ends in 2021.
New York City health officials are requiring Farmer’s Fridge to get permits and inspections for its machines, which dispense salads and bowls.
Over $1.45B was invested across 247 deals in 2018, according to the research in our second annual investment report produced in partnership with Ryan Willams. Check out the report for a deep dive into the investor and investment trends. We also share a complete list of deals and acquisitions.