Neat Burger founders

© Neat Burger

Neat Burger Raises $18M as Sales at First US Location Beat Expectations

Plant-based fast food chain Neat Burger has raised $18 million in a Series B round led by private institutional investment firm B-Flexion. Other participants included Formula One driver Lewis Hamilton (a longtime backer), Chimera Capital, and new investors such as Real Madrid goalkeeper Thibaut Courtois. Neat Burger will use the funding to continue expanding its global reach. The news comes after the UK-based chain opened its first permanent US location in Nolita, New York City, last month. Sales so far have beaten expectations, and the store is currently the best performing in the group’s estate due to high levels of repeat purchases. “We see New York as a tastemaker gateway to the US, and by all metrics it has been our most successful launch to …

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Vegan jerky and bacon bits in cart

©All Y'alls Foods

All Y’alls Foods Secures First Investment to Scale Up Plant-Based Jerky

Plant-based jerky brand All Y’alls Foods announces it has received an investment from Dr. Rizwan H. Bukhari, MD as part of a $1 million Simple Agreement for Future Equity (SAFE) note raise. Dr. Bukhari, a vascular surgeon, will also serve as the brand’s medical adviser.  According to All Y’alls Foods, it intends to use the investment to accelerate its growth.  “I am excited to join forces by investing in and becoming All Y’alls Foods medical adviser to help promote and develop healthier alternatives to animal-based products,” stated Dr. Bukhari, who is board certified in lifestyle medicine and owns the North Texas Vascular Center. Based in Texas, All Y’alls sells a line of meat-free jerky snacks and Big Crunchy Bacony Bits. In 2022, the company reported …

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Gluten-Free Vegan Mac and Cheese

©Eat Howl Inc.

Penguin Natural Foods Acquires Howl, Will Launch New Lineup of Plant-Based Mac and Cheeses

US plant-based foods company Eat Howl Inc. announces it is selling the Howl brand to Penguin Natural Foods, a leading manufacturer of innovative packaged foods. Eat Howl founders Chef Craig Thornton and Fred Michaels will stay on as advisors. Penguin also plans to release a new and improved lineup of Howl’s plant-based mac and cheese beginning in Summer 2023.  Through the acquisition, Penguin – which already manages most of Howl’s manufacturing – will take over the entire production process, including the production of the latter’s cashew sauce. According to Howl, this will improve the brand’s consistency and quality while accelerating innovation, and allow Penguin to sell private-label versions of Howl.  “We are excited to grow Howl into the premier plant-based brand that we know it …

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Current Plant-Based Seafood

©Current Foods

Wicked Kitchen Acquires Alt-Seafood Brand Current Foods to Expand Global Food Service

Global plant-based foods brand Wicked Kitchen announces it has acquired US alt-seafood startup Current Foods, adding an “exciting growth segment” to Wicked’s portfolio while reflecting the need for consolidation in the plant-based industry, the company states. The all-stock transaction will also strengthen Wicked’s food service capabilities by providing Current Foods’ plant-based, sushi-grade tuna and salmon.  The move marks Wicked’s second merger within a year, following its acquisition of alt-seafood CPG brand Good Catch in 2022. According to Wicked Kitchen CEO Pete Speranza, the merger with Current Foods will bring Wicked new global opportunities, channels and consumers.  “Current Foods is a perfect match for Wicked as a global-impact brand with the same mission and complementary products,” said Speranza. “With this deal and the Good Catch acquisition, we’re …

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Better Nature

© Better Nature

Better Nature Launches £3M Funding Round, Secures First UK Supermarket Listing at Tesco

UK tempeh producer Better Nature has launched a £3 million Series A round to help it expand into retailers and food service providers throughout the UK and Europe. The news comes as the brand prepares to launch at over 400 Tesco stores on June 1, marking its first UK supermarket listing. The tempeh will then roll out at another major supermarket in July. The Series A round will be led by institutional investors, angels, and value-add strategic investors. It follows a £1.6 million seed round in 2021 and a £700,000 seed plus round late last year. Better Nature currently has listings at Selfridges, Mindful Chef, Planet Organic and allplants, along with REWE in Germany. The brand plans to expand into more European countries and the …

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Premium plant-based Mozzarella cheese

©Vertage

Fresh Del Monte and Vertage Partner to Scale Healthy Foods, Including Premium Plant-Based Cheese

Fresh Del Monte, a leading global producer of fruits and vegetables, announces it is partnering with US chef-created food company Vertage to help scale the production and logistics of healthy plant-based foods, including dairy-free cheese.  Fresh Del Monte, which also invested in Vertage for an undisclosed amount, says the strategic partnership will provide commercial benefits for both companies.  As a new brand focused on making “uncompromising” products without animals, Vertage’s offerings include a line of premium dairy-free cheeses. Through the partnership, Fresh Del Monte will support Vertage’s growth by providing access to its production facilities, technology and logistics network.  In addition, Fresh Del Monte’s inland logistics company, which includes Tricont Trucking and Tricont Logistics, will give Vertage the ability to expand distribution by utilizing the …

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Kim Le founder Prime Roots

Image courtesy of Prime Roots

Prime Roots’ Total Funding Reaches $50M Following Series B Round

Prime Roots, a producer of koji mycelium-based deli meats, has secured $30 million in a Series B round. The raise takes the company’s total funding to $50 million. True Ventures, Pangaea Ventures, SOSV/IndieBio, and Monde Nissin (the parent company of Quorn) all participated in the round, among others. Prime Roots will use the funding to scale and expand to deli counters and restaurants nationwide. Prime Roots claims to be able to identically replicate the microscopic texture of meat through proprietary fermentation and food science technology. The company offers a range of alternatives to deli meats, including cracked pepper turkey, black forest ham, hickory bacon, salami, and pepperoni — all developed alongside acclaimed chefs. The products can be made in just three days, compared to months …

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revyve's healthy foods made with BSY proteins

© revyve

Netherlands: revyve Secures €8M For Upcycled Ingredients From Beer Industry

Cosun and Oost NL last week invested €8 million in Netherlands foodtech scale-up revyve to support the development and production of sustainable ingredients from food industry byproducts. revyve uses a patented technology to produce protein and fiber from brewer’s yeast, a byproduct of the brewery industry. These upcycled ingredients have a low carbon footprint and can replace animal proteins and E-numbers (such as methylcellulose). Because of their great versatility and high functionality, these ingredients can be used in a wide variety of food products, including meat alternatives, pastas, baked goods, sauces, and snacks. Revyve states it is working to increase production to more than 100 tons per year. At revyve, a process has been developed that enables the production of functional ingredients from brewer’s yeast. …

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Marc Coloma and Bernat Ananos, Heura founders

© Heura

Heura Raises Over €2.6M in Crowdfunding in Just 48 Hours

Heura, the leading Spanish company in plant-based meat products, has started its third crowdfunding round and has raised more than 2.6 million euros in 48 hours. Since its launch on May 5, the company has 3,400 more investors. The objective of this crowdfunding campaign, which will be active until May 17 through the Crowdcube platform, is to lead the plant-based protein market at the European level, deploy the net positive impact plan, and drive technological innovations under a new patent. European growth The plant-based sector currently generates sales in Europe of €5.7 billion and a GFI report from this February found that alt protein companies across Europe raised nearly 24% more last year than in 2021. Spanish companies in particular attracted €42 million in funding  …

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Microharvest team

The company's new Lisbon office. © MicroHarvest

MicroHarvest Raises €1.5M for Fermented Protein That Can Be Produced in 24 Hours

Agrifoodtech startup MicroHarvest has raised €1.5 million from Simon Capital, announcing that the new partnership will “strengthen the teams’ operational know-how” along with providing funding. The raise coincides with the opening of MicroHarvest’s new office in Lisbon on May 4. The company will now be based in both Hamburg and Lisbon, and is building a pilot plant in the latter city to produce prototypes and accelerate research. Highly efficient protein MicroHarvest produces fermentation-enabled protein using a proprietary technology based on biomass fermentation. The protein can be produced in just 24 hours from input to output, using a fraction of the resources required for many other alternative proteins. The company has already successfully scaled to a production rate of 300kg per day. According to MicroHarvest, there …

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Kale United acquires Lily & Hanna's

© Lily & Hanna's

Kale United Acquires Over 95% of Swedish Vegan Ice Cream Brand Lily & Hanna’s

Plant-based holding company Kale United has announced its acquisition of Lily & Hanna’s, a vegan ice cream brand based in Sweden. Kale United said it had agreed to purchase just under 70% of the shares in Lily & Hanna’s from the founder, and had also offered to purchase all other shares in the company from the remaining shareholders. As a result, Kale United will acquire over 95% of the business. The holding company said the acquisition would increase its turnover by more than 50% at group level, and increase its net asset value by around 10%. Lily & Hanna’s products are available at all major retailers in Sweden and are also sold in several other European countries. The coconut-based ice creams come in flavours such …

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Katjes-Greenfood logo

© KATJES GREENFOOD

Katjes Greenfood Acquires Minority Stake in mymuesli

Katjes Greenfood has acquired a 10.1% stake in mymuesli AG with retroactive effect from April 12, 2023, subject to antitrust review. Founded in 2007, mymuesli is the world’s first provider of individualized organic mueslis and, as the market leader in online retail, is one of the three best-known muesli brands in Germany. In terms of investment volume, this is the largest minority investment to date by Katjesgreenfood GmbH & Co. KG in the context of a single transaction. Following the successful placement of its first bond on the capital market at the end of 2022, Katjes Greenfood is further expanding its position in the market for innovative food concepts with an investment in Germany’s largest organic muesli supplier, mymuesli, and intends to tap new sales …

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Odd Burger fries

©Odd Burger

Canada: Odd Burger Continues Growth With Plans to Acquire Zoglo’s Food Corp

Odd Burger Corporation recently signed a non-binding LoI with Zoglo’s Food Corp, a private plant-based food company operational for 25 years with a retail footprint of over 700 locations, to acquire 100% of its issued and outstanding common shares and combine the businesses. Odd Burger is poised to gain access to Zoglo’s’ food manufacturing network in both North America and Europe, which will bring benefits as it scales international operations. In December 2022, the Canadian vegan fast food chain announced plans to develop up to 50 new locations in the state of Florida and in the DACH region of Germany, Switzerland and Austria. Zoglos products are largely available in ethnic and kosher sections of supermarkets and can also be found in the US and Europe. …

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Vegan fried chicken

©VFC

VFC Receives £6M for “Next Level” Expansion Plans and Ambitious NPD Pipeline

Vegan fried chicken brand VFC announces it has received a £6M ($7.4M) investment to further drive expansion in the UK and international markets. Led by Veg Capital, the funding will be used to grow VFC across multiple channels and introduce “game-changing” innovation in adjacent categories, such as chilled products, later this year.  Launched in 2020 by Adam Lyons and Veganuary founder Matthew Glover, VFC has since expanded throughout the UK and reached multiple global markets. According to the company, the past six months have seen especially strong growth, with brand coverage increasing tenfold. Exponential growth VFC reports its latest product innovations, including a “more meat-like” recipe, a new Spicy variety, and its first kids’ product, Stompers, has helped increase distribution at Sainsbury’s, as well as …

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© eniferBio

Finland’s EniferBio Raises €11M to Scale Up Production of Upcycled Mycoprotein

Finnish biotech startup eniferBio, which produces upcycled mycoprotein powder from food and agricultural byproducts, has raised €11 million in Series A funding. The round was led by Aqua-Spark, with participation from Tesi, Valio, Voima Ventures, and Nordic Foodtech VC. EniferBio will use the funding to scale up production of its mycoprotein powder to thousands of tons per year, along with seeking regulatory approval both in the EU and further afield. Called PEKILO, the mycoprotein is produced through fermentation and contains up to 70% protein. It is also highly sustainable, requiring very little land and water to produce. While the protein was initially developed decades ago as a more sustainable form of animal feed, eniferBio is exploring an array of other applications, including human food. The …

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