Alt Proteins Could Account for 11% of Global Protein by 2035, Deliveroo Aims for $12B IPO + More
Source: Food Dive Every week we track the business, tech and investment trends in CPG, retail, restaurants, agriculture, cooking and health, so you don’t…
Source: Food Dive
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.
A new report predicts that there is potential we could reach peak meat by 2030, and with more regulatory support, it could happen as early as 2025 in both the US and Europe. Alternative proteins could reach price parity with conventional meat by as soon as 2023.
Some big ticket investment rounds and IPOs made news headlines this week – Deliveroo is seeking a $12 billion valuation in its London IPO; Eat Just has raised $200 million; goPuff has raised $1.15 billion and Nuro has raised $500 million from Chipotle and Toyota’s Woven Capital.
Last but not least, a new study has found that we could save a whopping $100 billion in medical costs if we prescribe fruits and vegetables – food is medicine, afterall.
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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. Alternative Proteins May Capture 11% of Total Protein Sales by 2035 – Food Dive
A new study estimates the segment will be valued at $290b in the next 14 years, as well as potentially reach price parity with conventional meat products as early as 2023.
2. UK: Amazon-Backed Deliveroo Seeks Valuation of Up to $12B in Its London IPO – CNBC
Shares will be priced between £3.90 and £4.60. That implies an estimated market cap of between £7.6b and £8.8b. Deliveroo will use proceeds to enhance its platform and push deeper into on-demand grocery deliveries.
3. Eat Just Raises $200M from Qatar Sovereign Wealth Fund, Microsoft Co-Founder – AgFunder
The Qatar Investment Authority led the round. Funding will be used to build capacity for Eat Just’s various products, accelerate R&D programs and build its brands internationally.
4. US Federal Court Rules That Hydroponic Produce Can Be Certified Organic – AgFunder
Representing several soil-based organic farmers, the Center for Food Safety had petitioned the government to cease certification of hydroponic operations.
5. SoftBank-Backed Delivery Startup goPuff Valued at $8.9B in New Funding Round, More Than Double from Five Months Ago – CNBC
The company raised $1.15b from investors including SoftBank Vision Fund 1. Funding will go towards US and international expansion, new technology, talent and product categories.
6. Nuro Raises $500M in Funding Round Backed by Toyota’s Woven Capital and Chipotle – Forbes
Last November, Nuro raised $500m led by T Rowe Price Associates. The company is refining its R2 vehicles, which were piloted in California last year.
7. “Prescribing” Fruits and Veggies Would Save $100B in Medical Costs – Fast Company
Researchers at Tufts University made the case that subsidized fruits and vegetables could prevent millions of cases of chronic diseases.
8. Germany: Gorillas, the On-Demand Grocery Delivery Startup, Raises $290M and ‘Surpasses’ $1B Valuation – TechCrunch
Coatue Management, DST Global and Tencent led the round. The company plans to reward its rider crew and warehouse staff with $1m bonuses.
9. Netherlands: Meatable Banks $47M from DSM, Others to Realize the Plur-Potential of Its Cellular Pork & Beef – AgFunder
New investors included DSM Venturing, Section 32, Vertex Pharmaceuticals and others. Funds will be used to advance small-scale production, diversify its product portfolio and moving further into beef.
10. Business Owners Struggle with Unrelenting Anti-Asian Violence in NYC – Eater
Asian and Asian-American restaurateurs say the murders in Atlanta have reinforced the rise in violence and fear they’ve already experienced for over a year.
11. 7 in 10 US Consumers Would Swap Cell-Based Chicken for Traditional Meat – Food Dive
The study done by an outside firm on behalf of Eat Just found overall attitudes toward cultured meat offerings are becoming more favorable.
12. Chile: Bezos-Backed Vegan Milk Startup in Chile Eyes ‘Unicorn’ Status – Bloomberg
The company aims to reach an estimated value of $1b in its next funding round. It’s citing a 2021 outlook of a fourfold increase in sales and a fivefold jump in volume, tripling its current worth.
13. India Food Delivery Startup Zomato Is Said to Plan IPO Filing Next Month – Bloomberg
The food delivery firm aims to raise about $650m. It could complete the listing in Mumbai before the end of September.
14. Bell & Evans Partners Cargill, Rodale Institute to Transition 50K Farm Acres to Organic – AgFunder
The program aims to convert 50k acres of corn and soybean fields to certified organic production over the next five years, to be used for Bill & Evan’s chicken feed.
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