DoorDash’s $12.6B Valuation, Kroger to Eliminate Plastic Bags + More

Image: DoorDash

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.

Just three months after raising $400 million, DoorDash has closed another $600 million, valuing the company at a whopping $12.6 billion. The company only became a unicorn last year when it was valued at $1.6 billion.

In retail news, Kroger has announced it will be eliminating all plastic bags by 2025.

And finally, the FDA is scheduled to have a hearing with 140 testifying on whether companies can add CBD to food, beverages and dietary supplements.

Check out our weekly round-up of last week’s top food startup, tech and innovation news below or peruse the full newsletter here.

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1. DoorDash, Now Valued at $12.6B, Shoots For The Moon – TechCrunch

The delivery startup now has an extra $600m in firepower to continue gaining market share in the US and Canada. The company was valued at $1.4 billion just last year. New investors Darsana and Sands Capital participated in the round along with existing investors.

2. Kroger, Nation’s Largest Grocery Chain, Eliminates Plastic Bags – CBS News

The retailer will phase out the use of plastic bags in its stores by 2025. The grocer orders about 6b bags each year.

3. FDA Kicks Off Review of CBD with 140 People Scheduled to Testify at First Public Hearing Friday – CNBC

The FDA is taking its first big step toward deciding whether companies can add CBD to food, beverages and dietary supplements.

4. Perdue Farms to Acquire Panorama Meats – Food Business News

Financial terms were not disclosed. The Panorama brand will join a growing list of sustainable premium meat companies within Perdue Farms.

5. Israel: International Group to Invest $100M in Israeli Foodtech – Bloomberg

Crowdfunding investment platform OurCrowd is joining forces with agri-food technology investor Finistere Ventures and two food and beverage companies to invest $100m in Israeli startups.

6. Farm Tech & Supply Chain Tech Drive $1.6B in Funding to European AgriFood Tech Startups in 2018 – AgFunder

Europe’s agrifood tech ecosystem raised just 9% of the funding that went to foodtech and agtech startups globally in 2018.

7. Ben & Jerry’s Announces Plans to Make CBD-Infused Ice Cream – The Guardian

Long known for stoner-hinting flavors such as Bonnaroo Buzz, Phish Food and Half Baked, the ice cream maker plans to add cannabidiol to its products as soon as it is legalized at the federal level.

8. Impossible Whopper Boosted Burger King Traffic by 18%, Report Says – CNBC

Locations in Burger King’s Impossible Whopper test market, St. Louis, outperformed the chain’s national foot traffic average by 18.5% in April.

9. DecisionNext Raises $7M Series A to Forecast Agricultural Commodities Pricing – AgFunder

Dalus Capital led the round, which will help DecisionNext build out its sales team so that it can expand on its existing markets in North America, Asia Pacific and Europe.

10. China: Mung Bean-Based Egg Substitute Debuts in Chinese Market – Food Navigator

JUST has launched in China, following rollouts in the North American and European markets.

11. Aldi Launches New Vegan Meat Line – Deli Market News

The retailer gets in on the meatless meat hype with its latest product range, featuring sausage, burgers and more.

12. Where the 2020 Presidential Candidates Stand on Food and Farming – Civil Eats

We’ll be tracking policy positions and public statements so you don’t have to.

13. USDA Unveils $16B Farmer Assistance Program – Meat + Poultry

Surplus processed foods, meat and dairy are slated for distribution to food banks, schools and other entities that serve low-income individuals. About $14.5b will be direct payments to producers of grain and oilseeds, dairy and tree nuts.

14. Women, Women of Color & Gender Non-Conforming Innovator Database

We created this open-source list to increase representation, support and investment in women, women of color & gender-nonconforming innovators in food. Join the list & help us spread the word using #womxninfood

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