Check out our weekly round-up of last week’s top food startup, tech and innovation news below or peruse the full newsletter here.
1. USDA to Invest Over $4B to Strengthen the Food Supply Chain – Supply Chain Dive
Part of the Build Back Better Initiative, the USDA will invest in making critical supply chains stronger, aiding food production and processing, improving food distribution and storage, and ensuring equitable market access for food producers.
2. $1.64M Cultured Meat 2021 Market is Expected to Reach $2.7B by 2030 at a CAGR of 95.8% – Vegonomist
A new study provides an in-depth analysis of the global cultured meat market, with current and future trends to elucidate the imminent investment pockets in the market.
3. Food System Change: ‘Who’s Making Decisions, Who’s Benefiting, Who’s Gaining the Wealth?’ Errol Schweizer’s Got Questions – Green Queen
Errol Schweizer talks the rise of conscious consumerism, supply chain ethics, agroecological philosophy, gig work and more.
4. Chanel, Adidas Invest in Companies and Funds Related to Sustainable Agriculture – FreshFruitPortal
Chanel is backing the Landcape Resilience Fund, which aims to raise $100m by 2025 to invest in projects to promote sustainable ag. Adidas is investing in Spinnova, a company that makes textile fibre out of wood or agricultural waste.
The alt protein company, which leans on precision fermentation and cutting-edge materials science, will use proceeds to increase its R&D capabilities, scale and commercialize its plant-based protein tech, and add to its employee roster.
6. Boxed to Go Public in SPAC Deal Valuing Online Grocer at $900M – Grocery Dive
Boxed will go public in the US under its current name and receive $334m in net cash. The company sees an opportunity to license its in-house technology to other companies in the future.
7. Specialty Food Sales Hit Record $170.4B in 2020 – Food Dive
A rise in home cooking and baking bolstered demand for pantry staples, while more online shopping pressured the segment.
The Exxon and Shell debacles portend a climate reckoning for food companies. The message here is clear: it is “open season” on any company or industry that shows a direct link to impacting climate with greenhouse gases.
9. Sequoia-Backed Faire Raises $260M to Hit a $7B Valuation – CB InsightsFaire is an AI-based platform that allows retailers to purchase wholesale merchandise for their stores. Its operations are spread across 80 countries, providing more than 200k retailers with over 20k brands. Funding will be used to expand across Europe.
Ronaldo’s removal of two Coca-Cola bottles at a Euro 2020 news conference coincided with a $4b drop in the market value of the American drink giant.
12. Vita Coco Owner Is Planning an IPO at Over $2B Value – Bloomberg
The owner of coconut water company Vita Coco is planning to go public this year after investors rushed to back Oatly’s initial public offering.
13. McDonald’s Hit by Data Breach – Wall Street JournalThe chain said hackers stole some data from its systems in markets including the US, South Korea and Taiwan, in another example of cybercriminals infiltrating high-profile global companies.
Popmenu’s online suite of tools allow restaurants to build their own branded websites, with interactive menus and ordering software. It serves as an alternative to delivery marketplaces.
15. Food Banks Welcome $1B Investment by USDA – The Counter
Shortly after shutting down the controversial Farmers to Families Food Box program for good, Biden’s USDA refocused its efforts to tackle hunger.
16. SBA Rescinds Approval of 3K Restaurant Revitalization Fund Applications After Discrimination Claims – Restaurant Dive
The agency revoked approvals of women, veteran and other disadvantaged applicants after Texas and Tennessee judges issued injunctions on the disbursement of the funds, arguing the prioritization of certain operators was unconstitutional.
17. Yelp Records Its Highest Seated Diners Total Ever in May – Restaurant Dive
More than 3.7m diners used the Yelp app to dine out in May 2021— its highest totals ever — surpassing pre-pandemic highs.
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