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.
Impossible Foods has raised a whopping $200 million to fund its development of new products like pork, steak and milk, as well as expand its internationalization efforts and build out its manufacturing capacity. In other plant-based news, JUST said it aims to turn an operating profit before the end of next year and then will consider an initial public offering.
In restaurant news, Dan Barber has officially announced that he will pivot his two restaurants to a chef-in-residence program. Neither will reopen in their current format in 2021, nor will they continue to be called Blue Hill. Meanwhile, nearly 60% of hospitality industry workers out of jobs in NYC, and many have been forced to turn to a patchwork of food relief to survive.
In other news, mid-year investments in agrifoodtech have totaled $8.8 billion between January and June across 798 deals. E-Grocery ventures continued to be the best funded category.
And finally, Kamala Harris is bringing her years-long focus on hunger, worker rights and protections, and environmental justice to the Democratic ticket.
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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.
The new round values the company at $4b valuation. Coatue led the round. Funding will be used to increase R&D efforts and work on new products like pork, steak and milk, as well as expand internationalization efforts and build out manufacturing capacity.
Neither of the chef Dan Barber’s two restaurants will reopen in their current format in 2021, nor will they continue to be called Blue Hill. Barber will be stepping away from kitchen duties to focus on the chef-in-residency program.
Pure Circle has been fined $575k for importing stevia that was made by prison labor in China, in violation of federal trade laws.
In total, $8.8b in investments were counted across 798 deals in the January-June period. EGrocery ventures continued to be the best funded category.
This is the first time the company has indicated when it could turn profitable and possibly list.
As vice president, experts say Harris would be able to advance her years-long focus on hunger, worker rights and protections and environmental justice.
With nearly 60% of hospitality industry workers out of jobs in NYC, many have been forced to turn to a patchwork of food relief to survive.
The Ontario Teachers’ Pension Plan Board led the round. Funding will be used to speed up commercial deployment and invest in the creation of new technologies.
Wheatsheaf Group led the round. TemperPack has developed a curbside recyclable alternative to expanded polystyrene. One of its biggest partners is HelloFresh. New funding will be used to increase production capacity and explore expansion into Europe.
Lever VC has closed its $23m Fund I, which is dedicated to investing in early stage plant-based and cell-based protein food tech. Seventy percent of the backing comes from family offices.
Talis Capital led the round. The company plans to expand its multifunctional food platform, which features an app, cooking classes and its own branded food product line.
The goal is to convert 8k acres of marginal cropland through Montana and South Dakota. Once established, cattle will be grazed throughout to maintain them.
The Trump administration has let other changes to the label stall out, but advocates and farmers say the USDA should do more to support organic.
And no chef and restaurant awards will be handed out in 2021, either.
Check out our list of resources to learn about systemic racism in the food and agriculture industries. We also highlight Black food and farm businesses and organizations to support.
Contaminated items continue to grab the spotlight, deepening the uncertainty over whether the $220b cold chain industry could be implicated in the spread of Covid-19.