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.
Grocery e-commerce sales of packaged food and beverages grew 125% in 2020, with potential to top $100 billion in 2021.
In other news, major investments made headlines this week with a $95 million Series D round bringing Imperfect Foods’ valuation to a whopping $700 million and Helsinki-based Wolt raising $530 million to expand beyond restaurant delivery.
Beyond Meat shares soared by 39% on Tuesday after it announced its joint venture with Pepsi to develop and market plant-based snacks and beverages.
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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.
Grocery sales rose 125% in 2020, accounting for 44% of all CPG e-commerce sales.
Insight Partners and Norwest Venture Partners led the $95m Series D round. The cash infusion will be used to accelerate growth, with an aim to double capacity and reduce errors and delayed deliveries.
The plant-based meat startup’s latest joint venture sparked a 39% jolt in its shares before settling at around 18%. The joint venture will develop and market plant-based snacks and beverages.
Iconiq Growth led the round. The company recently expanded into the grocery and retail sectors. Funding will go towards the buildout of a logistics setup for last-mile delivery and dark store operation.
The Craftory Limited led the round. New capital will be used to increase innovation, expand production and grow distribution.
We have a responsibility to all stakeholders in our supply chains to pursue deep and substantive change, starting with the social and economic issues that underlie how we grow, make, distribute and sell food. Errol Schweizer, host of The Checkout Radio and former VP of grocery for Whole Foods Market, shares 5 actions food retailers, brands and supply chain stakeholders must take to create a more fair, just and sane food system.
Funding will be used to accelerate the development of its celiac-friendly proteins and enable clinical trials for its peanut allergy treatment.
Investors included Kubota, Forbon, Maverick Ventures Israel and others. Funding will go towards completing product validation, commence production and launch its commercial service.
The FootPrint Coalition Ventures’ rolling VC funds aim to persuade investors to get behind his vision for fighting climate change through bioplastics, aquaculture, AI and more. It has already invested in Ÿnsect, Cloud Paper, Arcadia and others.
The termination of the only unionized Instacart workers in the US is part of larger layoffs at the company. Instacart is firing nearly 2k of its 10k workers and offering as little as $250 as severance.
New school meal standards? Help for small farmers? Maybe, but first the new administration has to deal with hunger, food safety and a diminished USDA.
As long as local food movements are predominantly guided by the privileged, rather than holding space for those who have been the most exploited, they will not be in the service of justice.
During the pandemic, entrepreneurial chefs have reshaped food culture across the country with tiny, homegrown pop-ups that thrive on social media.
Sales of organic produce rose from $1b to $8.5b, while conventional produce sales rose 10.7%. Challenges still loom for the category, from unsteady consumer income to uncertain supply chains.
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.