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.
AeroFarms has struck a deal with Spring Valley Acquisition that will allow it to raise as much as $357 million and go public on the NASDAQ exchange. The company will be valued at $1.2 billion. Meanwhile, DoorDash’s IPO plunged by 30% after closing at £2.87 a share after investors voiced concerns over the company’s treatment of riders and profitability.
In other news, Squarespace has acquired restaurant reservation platform Tock for $400 million. LiveKindly Collective has raised $335 million to expand its brands into new geographic locations, fuel future acquisitions and partnerships, and invest in plant-based innovation.
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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.
1. US Vertical Farming Group AeroFarms Joins Unicorn Club, Strikes SPAC Deal to Go Public – AgFunder
The transaction could allow it to raise $357m in gross proceeds. The deal will see AeroFarms go public on New York’s NASDAQ exchange, valuing the company at $1.2b.
The company saw its share price plunge by as much as 30%. The stock closed at £2.87 – down 26.3% from its debut price.
The company has sold for $400m. It currently counts 7k hospitality clients across the country and has processed more than $10b in sales across 200 cities.
4. LiveKindly Collective Closes $335M Funding Round – Food Dive
The Rise Fund led the round. Funding will be used to accelerate LiveKindly Collective’s brands into new geographic locations, fuel future acquisitions and partnerships and invest in plant-based innovation.
5. As Worries Spark Over the Carbon Impacts of NFTs, Some Unexpected Boosters Come to Their Defense – GeekWire
Nori matches farmers who adopt practices that sequester carbon in the soil with consumers and businesses eager to offset their carbon emissions. It uses Ethereum to mint an NFT which serves as a database for tracking the sales.
The app allows shoppers to form groups via its WeChat mini-program, enabling them to collectively buy farm produce and other groceries in bulk at competitive prices.
Luxor Capital Group and Lugard Road Capital led the round. Funding will be used to accelerate its 30-minute on-demand delivery and hire additional engineers.
Verlinvest led the round. The $100m cash injection will help Everli expand its operations further.
9. How Pizza Tech Startup Slice Is Taking Its $85M in Funding to Help Independent Pizzerias Beat Domino’s at Its Own Game – Business Insider
Slice wants to level the playing field for independent pizzerias looking to compete with Domino’s when it comes to technology.
Plant-based Nuggs embraced cloud kitchens as a way to just get product into people’s hands. Now it’s a vital testing lab and marketing tool.
11. Thrive Market Aims to Be World’s 1st Climate-Positive Grocer – Progressive Grocer
Thrive Market’s impact report included plans to become plastic neutral by 2023, allocate $4m towards food access and sustainability causes, and build upon its commitment to regenerative agriculture.
12. Reality Check, Please: The Market Will Not Stop Factory Farming – Michele Simon
Even if plant-based meats are “replacing” their animal counterparts, it leaves us with the same destructive and extractive business model invented by Big Food, with no improvements to human health or labor practices.
13. Decellularized Spinach Serves As an Edible Platform for Lab-Grown Meat – EurekaAlert
New research has found the veiny skeleton of a spinach leaf can support the growth of cell-cultured meat.
Robert Early’s Virtual Dining Concepts is partnering with celebrities and influencers in an attempt to cash in on the ghost kitchen gold rush.
Long considered a punchline, vegan cheese has quietly but steadily infiltrated mainstream supermarket shelves.
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The post AeroFarms to Go Public, Deliveroo Drops $2B Off IPO Value as Riders, Investors Revolt + More appeared first on Food+Tech Connect.plant-based cultured meat nuggs livekindly meat chicken cheese groceries cultured cell-cultured lab-grown ipo investors vc funding fund nasdaq esg investment