Better Foods Secures Funding from Former President & CEO of McDonald’s Don Thompson
Better Foods, a plant-based subsidiary of South Korea’s Shinsegae Food (KRX: 031440), an arm of retail giant Shinsegae, announces it has secured investment from Cleveland Avenue, a VC firm established and run by Don Thompson, former president & CEO of McDonald’s. The amount of the deal was not disclosed. South Korea’s plant-based market has been thriving over recent years and last October the country became the second national government after Denmark to enstate a national action plan for plant-based foods, thus emerging as the second country to actively participate in transforming the food system. On the flipside, in November, South Korea’s Ministry of Food and Drug Safety (MFDS) published labeling guidance for plant-based products, prohibiting the use of animal food names such as “beef,” “pork,” …