Source: Wall Street Journal
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.
Eat Just has become the world’s first company to gain regulatory approval to sell its cell-cultured chicken in Singapore. Kind will acquire Nature’s Bakery for a projected sum of $400 million, following news of its acquisition by Mars.
Restaurant tech startups are gaining traction amid the pandemic, with news of Toast’s valuation soaring to $8 billion seven months after cutting half its staff. In addition, Lightspeed has acquired Upserve for $430 million. Last but not least, Uber has completed its acquisition of Postmates for $2.65 billion.
During an economic roundtable Tuesday, President-elect Joe Biden expressed his support for providing restaurants with grants instead of loans.
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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 cell-cultured chicken will eventually be produced under Eat Just’s new GOOD Meat brand through partnerships with local manufacturers and go on sale to restaurants before it is available to consumers.
Terms of the deal were not disclosed but believed to be around $400m. The acquisition will help Kind owner Mars continue to build its health-and-wellness business.
Toast laid off half its employees in April, but has bounced back quickly. The company was previously valued at $4.9b in February, before the pandemic.
Upserve brought in $40m in revenue during the 12-month period ending on September 30. The deal is supposed to grow Lightspeed’s footpring by 7k locations.
Uber will run the consumer-facing Postmates app separate from its Uber Eats app. The acquisition will give Uber Eats the largest market share in Los Angeles.
Biden’s support for direct aid to restaurants is no small statement. The industry wasn’t a topic of discussion during the presidential debates and isn’t mentioned in the Biden-Harris transition plan.
The company has raised $196M co-led by Alibaba and Jeneration Capital. New capital will be used to expand sales channels and generate more income for small and medium-sized businesses.
The 2021 Forbes Food & Drink 30 Under 30 list highlights up-and-coming superstars from the worlds of restaurants, packaged food, alcohol, recipe development and ag tech who have persevered despite the odds.
The £1.6b subsidy farmers receive every year for simply owning or renting land will be phased out by 2028, with the funds used instead to pay them to restore wild habitats, create new woodlands, boost soils and cut pesticide use.
T Rowe Price led the round. Funding will be used to double the size of the company’s engineering team and grow its sales arm.
Kinnevik led the Series C. Funding will be used to continue its global expansion. HungryPanda is now live in 47 cities across Australia, Canada, France, New Zealand and the UK.
The startup will use funding to boost its innovation and expansion efforts.
Financial terms were undisclosed. JoyRun offers a peer-to-peer food and drink last-mile delivery.
The fund will focus on Series A and B deals with an average check size of $1m to $6m with a focus on Israel, Europe and the US.
The company is looking to raise up to $2.8b in its IPO and list 33m shares at a price between $75 and $85.
The delicate proxy clash has pitted Democrats eager to emphasize issues like hunger and nutrition against traditionalists who believe the department should represent rural America.
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.