Image Source: Impossible Foods
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.
Restaurants and bars across the US have shuttered in an effort to contain the outbreak of COVID-19. In response to the crisis, a slew of programs, grants, and resources—from grassroots efforts to government relief—have begun to take shape.
Amidst the economic turmoil caused by the COVID-19 pandemic, Impossible Foods has raised $500 million to boost its manufacturing, expand its distribution in supermarkets, and speed up the commercialization of its new line of products. Ample Hills has filed for Chapter 11 bankruptcy, citing its Brooklyn manufacturing facility as the main cause of its financial distress.
Meanwhile, groceries are scrambling to respond to the overwhelming demand, experiencing delivery strains and record app downloads as more shoppers move online.
In an effort to do our part and support the community we love so dearly, we have compiled a list of resources and organizations that are providing support to those in need. We are also offering free job postings to anyone who is looking to employ people impacted by the COVID-19 pandemic.
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Check out our weekly round-up of last week’s top food startup, tech and innovation news below or peruse the full newsletter here.
South Korea’s Mirae Asset Global Investments led the round, bringing total raised to $1.3b. The latest funds will help the company expand its manufacturing capacity.
The governors of Washington, Maryland, Massachusetts, Illinois, Michigan, New York, Connecticut, New Jersey, and Ohio have taken the most dramatic state-wide steps so far, ordering all bars and restaurants closed. Carryout and delivery will continue to be permitted.
In an effort to do our part and support the community we love so dearly, we are compiling a list of resources and organizations that are providing support to those in need. Please add any resources, organizations, initiatives, virtual gatherings, etc. so we can promote them.
Here are local and nationwide resources that we hope can provide some relief for laid-off restaurant workers.
The annual trade show is critical in helping launch products, and the loss of face time with retailers and buyers has left many companies searching for creative solutions to recover.
The producer cited issues with its Brooklyn manufacturing facility as the main cause of its financial distress, noting that it had built out a factory to increase volume and lower costs, but instead it resulted in increasing losses.
Grocers aren’t meeting the now-intense demand for their delivery services, as consumers endure cancellations and long waits on orders they are placing to prepare for long stretches at home.
Rumored investors include Singaporean bank DBS, Visa and Thailand’s Siam Commercial Bank. The new funds give the company more firepower to compete against Grab.
Instacart, Walmart Grocery and Shipt have seen respectively 218%, 160% and 124% increases in average daily downloads compared to the previous month.
Grocers are hiring immediately for thousands of temporary, part-time and full-time positions across the US in an attempt to restock bare shelves, sanitize stores and meet demand for online order fulfillment and delivery.
The offer to “suspend fees” is actually a short-term fee deferral only that applies to commission fees and not delivery or processing fees. The contract also stipulates that restaurants stay on the Grubhub platform for at least one year.
75,000+ restaurant industry members and concerned individuals signed a Change.org petition seeking a government-sponsored aid package to protect this essential industry from demise.
As the coronavirus spreads, the public interest requires employers to abandon their longstanding resistance to paid sick leave.
A federal court blocked the Trump administration’s rule that would have forced 700,000 low-income Americans to lose access to SNAP, citing the coronavirus pandemic in her decision to suspend the rule.
The bipartisan bill would also mandate paid sick leave for some workers, but exempt companies with 500 or more employees—a huge segment of the food industry.