Plant-based made using traditional fermentation

© FÆRM

FÆRM Receives €1.3M to “Democratize” Plant-Based Cheese with Fermentation Method

Danish plant-based cheese startup FÆRM has received follow-on funding through a founder-friendly convertible loan of €1.3 million from BioInnovation Institute‘s Venture House program. FÆRM is a B2B company licensing a patented method that mimics dairy fermentation to produce what it describes as flavorful, high-quality, and clean-label plant-based cheese. Food producers or both dairy and plant-based cheese companies can integrate FÆRM‘s process without significant investments to make products and tap into the growing vegan cheese market.  “Every day, Andrea Donau and the rest of our amazing team at FÆRM are working hard to democratize plant-based cheese. And this new collaboration with BioInnovation Institue Venture House is a big step forward,” co-founder Mikkel Dupont shared on social media. What makes cheese great? Andrea Donau and Dupont established FÆRM in 2020 to revolutionize plant-based cheese using …

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Enifer mycoprotein facility

© Enifer

Enifer Raises €36M for Mycoprotein Facility Producing the “Missing Ingredient for a Sustainable Food Chain”

Finland’s Enifer has secured enough funding to begin the construction of a mycoprotein facility that will upcycle food industry sidestreams into fungi-based protein ingredients. The facility will cultivate up to 3,000 tons of Enifer’s proprietary mycoprotein, PEKILO®, every year; this is said to be enough to meet the annual protein needs of around 40,000 people. According to the company, the plant will be the first worldwide to produce this type of mycoprotein from sidestreams. The construction of the facility is expected to cost €33 million and be completed by the end of 2025, with operations ramping up in 2026. The new funding consists of a €15 million Series B round led by the private equity fund Taaleri Bioindustry Fund I, with follow-on investments from existing …

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CEO's Linda Obregon and Karina Zegarra of Peruvian Veef

Linda Obregon and Karina Zegarra © Peruvian Veef

Peruvian Veef Secures $320K in First Funding Round, Aims for Latin American Expansion

Peruvian Veef, a plant-based food startup in South America, has raised $320,000 in its first funding round, led by US-based venture capital investors. This round included contributions from Ahimsa Foundation and Sustainable Food Ventures, along with a non-dilutive government grant from ProInnovate Peru. Founded by Karina Zegarra, with a focus on affordable, locally-made plant-based meat alternatives, the company has developed a range of 11 products inspired by Latin American cuisine, including beef, chicken, cold-cuts, and traditional Peruvian dishes like anticucho and grilled chicken. According to the company, these products are competitively priced at less than half of some imported alternatives. The company has established a significant presence in the local market, with its products available in over 70 stores and leading sales at Peru’s specialty …

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Freshcut Foods

© Freshcut Foods

UK Food & Beverage M&A Activity Reaches Highest Deal Volume Since 2016

A report by corporate finance house Oghma Partners has found an increase in merger and acquisition (M&A) activity in the UK food and beverage sector. Deal volume increased in the first four months of 2024 compared to the same period in 2023, reaching the highest levels since T1 2016. However, deal values remained low; only 4.7% of deals were above £50.0 million in Enterprise Value, and none surpassed £100.0 million. Total deal value decreased by 31.7% compared to the same period last year. This is largely due to challenging macroeconomic headwinds in the UK, which have persisted despite the recent easing of market conditions. Furthermore, 14% of deals were acquisitions out of administration, as inflation and high interest created a difficult trading and funding environment …

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Canadian plant-based seafood startup Save Da Sea has secured CAD 650,000 in a seed II financing round to accelerate its US expansion and hire additional team members in Victoria.

© Save da Sea

Save Da Sea Secures Funds for Expansion, Proving that “Profit with Purpose” is Possible

Canadian plant-based seafood startup Save Da Sea recently secured CAD 650,000 in a seed II financing round to accelerate the US expansion of its salmon and tuna alternatives and hire additional team members at its headquarters in Victoria. The startup made its US debut at Market of Choice, a retail chain with 11 locations throughout Oregon, last week, as reported by Betakit. Meanwhile, its US expansion plans include other listings following a strategy to concentrate on natural foods retailers in the Pacific Northwest. Last year, CEO and founder Aki Kaltenbach reported that the company’s revenue in the Canadian market had tripled year over year, encouraging a US launch of its fresh refrigerated smoked salmon and tuna products. The round was led by the Business Development Bank …

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© Nicola Kagoro

Support Plant-Based Cooking Workshops in African Schools

The Animal Welfare and Environment Network for Tanzania (AWENET) raises awareness in Tanzanian schools about the environmental and health benefits of plant-based eating. The organisation has made Meatless Mondays and Fridays possible in schools, while their Vegan School Lunches Outreach Programme aims to reach 12,000 students this year – all made possible thanks to the support of ProVeg Grants. Your donation to ProVeg Grants will help organisations like AWENET to expand their plant-based school food programmes, thus impacting hundreds of catering staff and thousands of students. Since launching in 2019, ProVeg Grants has provided more than 900 grants to organisations and individuals in over 90 countries working to change the global food system. Every contribution you make reaches, supports, and empowers organisations around the world. …

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beyond meat investor profile

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Despite 8th Consecutive Quarterly Decline, Ethan Brown Predicts a “Pivotal and Terrific Year” for Beyond Meat

Beyond Meat has reported its Q1 2024 financial earnings, communicating a continued decline in revenue, prompting a nearly 14% drop in the company’s stock. Net revenues fell 18% year-over-year to $75.6 million, marking the eighth consecutive quarter of year-over-year revenue declines for the company.  This development follows a significant surge in the company’s stock value in February after Beyond announced its 2023 Q4 earnings. Despite a nearly 8% decline in Q4 revenue compared to the previous year, Beyond Meat received favorable reviews from analysts during the recent earnings call. This positive feedback was due to the fact that, although US sales decreased, the company’s performance exceeded analyst expectations. The decrease in revenue in Q1 was largely due to a 16.1% reduction in the volume of …

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Voyage Foods founders

Founders Adam Maxwell and Kelsey Tenney. © Voyage Foods

Voyage Foods Secures $52M for Future-Proof Allergen-Free Foods, Bringing Total Raise to $94M

Californian food innovation company Voyage Foods has secured $52 million in a funding round, bringing the total amount it has raised to $94 million. The round was co-led by Level One Fund and Horizons Ventures, with participation from SOSV, Collaborative Fund, and Nimble Partners. Voyage Foods is working to recreate popular products and flavors without the top nine allergens. The company has already developed peanut-free and hazelnut-free spreads, both made using roasted seeds; in the fall of 2023, the spreads launched at Walmart stores US-wide, in an unusual success for a startup. Additionally, Voyage Foods is addressing issues such as climate change and deforestation by creating alternatives to foods with a large environmental impact. These include bean-free coffee made from roasted chickpeas and rice hulls, …

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Elysabeth Alfano impact investing

© Elysabeth Alfano

Impact Investment Strategies Unveiled in New GenConnectU Course by VegTech Invest’s Elysabeth Alfano

GenConnectU has recently introduced an on-demand educational offering, “Impact Investing with Plant-based Innovation,” targeted at those interested in sustainable investment practices. The course is led by Elysabeth Alfano, CEO of VegTech Invest, who brings substantial expertise in the plant-based investment sphere. The course curriculum is designed to educate enrollees on how to integrate ethical considerations into their investment choices, specifically focusing on the plant-based innovation sector. It aims to equip participants with the necessary knowledge and skills to navigate public markets with a sustainability-focused approach. Elysabeth Alfano’s professional background includes a start at The Kellogg Company and various executive roles before transitioning to a focus on sustainability investing and consulting. She has shared her insights on global stages, such as the United Nations and Yale …

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Irish consumers go plant-based

© Oatly

Oatly Stock Rises Following Promising Q1 Financial Results

Leading oat milk producer Oatly has published its financial results for the first quarter of 2024, revealing an “encouraging start to the year”. The results have boosted Oatly stock, which is up 3.42% and has risen above the 200-day line. Compared to the same period last year, Oatly’s Q1 revenue rose by 1.8% to $199.2 million, while constant currency revenue increased by 1.2% due to growth in the North America and Europe & International segments. Gross margin reached 27.1%, up 9.7 percentage points. First quarter net loss was $45.8 million, an improvement of $29.8 million compared to Q1 2023; meanwhile, adjusted EBITDA loss was $13.2 million, a $36.7 million improvement. These results indicate that Oatly is moving towards break-even. For the remainder of 2024, Oatly …

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Jooules' team.

CFO Luke Stevenson (L), Founder David McLellan, and Research Scientist Usama Mukhtar © Jooules

Jooules Secures NZ$1M to Transform CO2 into Complete Protein Ingredients

Jooules, a New Zealand startup that turns greenhouse gas emissions into protein ingredients, has secured NZ$1 million in a pre-seed round led by early-stage investor Sprout Agritech LP. David McLellan, a participant in the Sprout Accelerator program, founded Jooules to transform protein production with an animal and land-free process that delivers a climate-positive ingredient.   A pioneer in New Zealand, the startup leverages cutting-edge science, gaseous fermentation, and specific microbe strains that consume CO2 and turn it into a complete protein powder.  With the new capital, the startup plans to grow its technical team and scale its platform while it develops products in collaboration with the Crown research entity SCION.  Warren Bebb, investment manager at Sprout, shares, “They’ve invented a way to address a global challenge that uses …

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Blackbird Foods pizza

© Blackbird Foods

Blackbird Foods Launches Equity Crowdfunding Campaign to Take Company to “Next Level”

Blackbird Foods, a New York City-based plant-based food manufacturer, has announced the initiation of a new equity crowdfunding campaign via StartEngine. The company, currently valued at $15 million, has established itself in the market with a wide distribution across national retailers such as Sprouts, Whole Foods, and Target. Established in 2020, Blackbird Foods has been consistently developing new products and expanding its retail footprint in the United States. The company began with plant-based seitan for foodservice in NYC, and moved into hand-tossed frozen pizzas and plant-based wings. Blackbird Foods reported a 60% increase in sales from 2022 to 2023, which it attributes to its ability to rapidly innovate and respond to consumer demands due to its self-manufacturing capabilities in New York City. This year, in …

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Beyond Meat company logo on a website with blurry stock market developments in the background, seen on a computer screen through a magnifying glass

© Dennis - stock.adobe.com

10 Vegan Stocks We’re Watching and Why

According to data from Acumen, the global vegan food market revenue is poised to reach $49.6 billion by 2032 with a CAGR of 11.8% from 2023 to 2032. Investors aiming to tap into the rising interest in the vegan industry have a range of opportunities to consider, from stable, long-established companies like SunOpta to emerging, higher-risk ventures such as CULT Food Science Corp. Here are 10 vegan stocks that we are watching this year and why (to reveal the stock charts simply click the first check box). Beyond Meat (NASDAQ: BYND) Despite market volatility and competitive pressures, Beyond Meat remains a leader in innovation within the plant-based meat sector. While the current stock price is sitting significantly lower than the recent highs experienced after its …

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Edonias's founders.

Pierre Mignon (L), Hugo Valentin, and Nicolas Irlinger © Edonia

Edonia Raises €2M to Redefine Plant-Based Alternatives with Umami-Powered Ingredients from Microalgae

Edonia, a French startup unlocking the potential of microalgae to create protein ingredients for plant-based foods, has raised €2 million in a pre-seed financing round led by France’s leading impact seed fund, Asterion Ventures, with participation from Bpifrance. With the new capital, the Paris-based startup will expand its technical and business teams and transition to the scale-up phase. In addition, it will gear up to launch its first product: a texturized ingredient for plant-based meat that is said to offer a meat-like texture, grilled umami flavor profile, plus 30% protein, naturally and without additives. Edonia shared: “We are proud to complete this pre-seed financing round with Asterion Ventures, France’s leading impact seed fund. Thanks to the financial support from Bpifrance, which complements this equity round, we are perfectly positioned …

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Crème de la Crème ice cream

© Crème de la Crème

Greenyard Acquires Belgian Plant-Based Ice Cream Producer Crème de la Crème

Global fresh produce supplier Greenyard has announced the acquisition of Crème de la Crème, a Belgian food tech company producing plant-based ice cream and frozen desserts. Crème de la Crème has 25 years of experience in the sector and has developed hundreds of plant-based ice creams, including for major companies such as Alpro and Carrefour. The products are sold as far afield as the Middle East and East Asia. Last year, Greenyard acquired Italian plant-based ice cream producer Gigi, which has developed a unique method of replacing cream with plant fibres. Through the acquisitions, Greenyard says it aims to offer a range of plant-based products “for any moment of the day”. “We are happy to integrate the Crème de la Crème team into the Greenyard …

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Cultimate Foods showcased its CultiFat at a tasted event held at ProVeg Incubator in Germany

© ProVeg International

Cultimate Foods Secures €2.3M to “Deliver the Meaty Flavors Consumers Crave” Via Cultivated Fats

Despite the difficult fundraising environment, German startup Cultimate Foods, a B2B cultivated fat supplier for the alt protein industry, has secured €2.3 million in seed funding to scale the production of its functional ingredient, CultiFat, and expand its operations and commercial collaborations. High-Tech Gründerfonds, one of Europe’s leading seed investors, led the round, which also included participation from the Life Science Valley Wachstumsfonds, b.value AG, and Kale United. Food tech investor Big Idea Ventures also joined the round. Made from beef and pork fat cells using cell ag technology, CultiFat contains the essential fatty acids responsible for the distinctive flavor and aroma of meat. According to Cultimate Foods, its fat is a game-changing ingredient that elevates the taste and texture of plant-based meat. The German startup has developed two …

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Alex Podcast episode 1

Investment Climate Podcast: Tim Fronzek of Nosh.bio Reveals the Secrets to Fundraising Success

In this new podcast series, co-produced by vegconomist, Alex Shandrovksy interviews investors about benchmarks for funding alt proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs. Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including leaders in alternative proteins and cellular agriculture. His focus is on investor relations and post-raise scale for agrifood tech companies. Episode 01: Tim Fronzek, Nosh bio’s fundraising playbook In this first episode, Alex talks to Tim Fronzek from Nosh.bio to unlock the secrets to weathering the storm of fundraising in a tumultuous investment climate. As our esteemed guest, he unveils the narrative of his company’s gripping quest for seed funding against a backdrop of spiraling …

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Mycorena receives European Space Agency funding

© Mycorena

Mycorena Receives Funding From European Space Agency to Develop Food for Space Missions

Swedish mycoprotein producer Mycorena has received funding from the European Space Agency’s (ESA) Discovery Programme, in recognition of its products’ potential for use on long-distance space missions. Mycoprotein is sustainable, rich in essential nutrients, and said to support muscle health and overall wellbeing. Furthermore, it can be produced in a closed-circuit system using byproducts and sidestreams generated during space travel. According to Moritz Fontaine, Discovery & Preparation Officer at ESA, this idea to optimize resource efficiency is “highly interesting for space applications”. The system could also have psychological benefits, providing astronauts with a familiar meat-like texture rather than the “tasteless paste” currently offered on space missions. An initial prototype of the system was one of the winners of Phase 2 of NASA’s 2023 Deep Space …

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Mosa CAMPUS

Image courtesy of Mosa Meat

Mosa Meat Raises €40M From Investors Including Poultry Producer PHW Group

Dutch cultivated meat company Mosa Meat has raised €40 million in an oversubscribed funding round. The capital will be used to scale up production processes, drive down production costs, and prepare for market entry. The round was led by Lowercarbon Capital and M Ventures, with other participants including Dutch state-owned impact investor Invest-NL, LIOF (the regional development agency for the Limburg province), and LEF (the Limburg Energy Fund). Significantly, the round also attracted investors with a background in the conventional meat sector, including one of Europe’s largest poultry producers, PHW Group. PHW has been involved in the cultivated meat sector for some time; in 2022, it partnered with Israel’s SuperMeat with the aim of bringing cultivated products to market in Europe. Later that year, PHW …

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Strong Roots Good Made Easy#

© Strong Roots

McCain Foods Announces Acquisition of Irish Plant-Based Frozen Food Brand Strong Roots

Following its initial investment of $55 million in Strong Roots back in 2021, McCain has now announced the acquisition of the Ireland-based “veg-first food brand” for an undisclosed sum. Following the acquisition, Strong Roots will operate as a distinct business under the leadership of Charlotte Turton, while Samuel Dennigan will remain “working alongside the team to propel further portfolio innovation and brand growth,” says the company. A brand advisory council will be established, including Dennigan and members of the Strong Roots and McCain teams, as well as external advisors, to expedite future growth. Shortly after McCain took a minority share in 2021, Strong Roots founder Samuel Dennigan spoke to vegconomist about his optimism for the future of the fast-growing frozen food brand, saying, “We’re very …

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