Food Business Africa

Plant-based company NotCo raises US$235 million to bolster expansion into new categories

Jul 27, 2021Jul 28, 2021 Editor

CHILE — Latin America’s fastest-growing food company NotCo has raised US$235 million to bolster its expansion into new categories in North America. The funds were raised in a Series D funding round led by Tiger Global and participated in by DFJ Growth Fund, ZOMA Lab, athletes Lewis Hamilton and Roger Federer, and musician Questlove. According to a report by FoodBev, the Plant-based food technology company has raised more than US$350 million to date with the recent funding round taking NotCo’s valuation to US$1.5 billion. Launched five years ago, NotCo uses a proprietary artificial intelligence platform to create new…

Swedish food startup Veg of Lund unveils world’s first potato-based dairy alternative

Jul 27, 2021Jul 28, 2021 Editor

SWEDEN – Swedish-based food start-up Veg of Lund has unveiled a new dairy alternative made from the humble potato in an effort to minimize the climate impact of the dairy products. In developing the new alternative touted as the world’s first potato-based dairy alternative, Veg of Lund teamed up with Professor Eva Tornberg of Lund University. The partners claim the creation, called DUG, tastes delicious, goes perfectly with hot drinks, and is kind to the environment. Veg of Lund said innovation with the potato allowed it to fulfil its mission to minimise its climate…

ADM to acquire soy ingredient company Sojaprotein to bolster position in alternative proteins market

Jul 26, 2021Jul 26, 2021 Editor

SERBIA – Archer Daniels Midland (ADM) has announced plans to acquire Serbia-based non-GMO soy ingredients group Sojaprotein even as it looks to strengthen its position in the alternative protein sector. Founded in 1977, Sojaprotein offers a variety of non-GMO soy ingredients for European and global customers in the meat alternative, confectionery, protein bar, pharmaceutical, pet food and animal feed segments. Its acquisition will accelerate ADM’s growth in the alternative proteins space where it already has an impressive portfolio which includes a soy protein complex in Brazil; a pea protein plant in the US ; its PlantPlus Foods joint venture; and partnerships…

US Plant-based startups Nobell Foods, Urban Remedy raise funds to accelerate growth

Jul 23, 2021Jul 26, 2021 Editor

US – Plant-based startups Nobell Foods and Urban Remedy have raised new funds to build internal capacities, accelerate growth, and fund expansion into new markets. Nobell Foods, a California-based Plant-based cheese startup, raised US$75 million in a Series B funding round that was led by venture capital company Andreessen Horowitz. Investment groups Breakthrough Energy Ventures and FootPrint Coalition Ventures, as well as several other participants also participated in the round that raised Nobell Food’s total funding secured so far to over US$100 million. Nobell plans to use the funding to increase its internal team, expand farming partnerships,…

Michael Aucoin to steer alternative proteins company Eat Beyond to new horizons

Jul 21, 2021Jul 22, 2021 Editor

CANADA – The future direction of Eat Beyond now rests on the hands of Michael Aucoin who has been appointed new CEO of the Vancouver-based investment issuer focused on the plant-based and alternative food sector. Aucoin will succeed Patrick Morris, who has served as the company’s CEO since its establishment in 2019, and brings with him over 25 years of experience in food sales management and the consumer-packaged goods industry. Prior to joining Eat Beyond, Aucoin served as president of the Canadian division of dairy cooperative Agropur and has also held several senior sales and marketing…

Impossible Foods to debut plant-based chicken nuggets as competition in alternative protein market heats up

Jul 19, 2021Jul 21, 2021 Editor

US – Impossible Foods has announced plans to launch a plant-based chicken nugget, a few weeks after its competitor Beyond Meat launched its meat-free chicken tenders in more than 400 stores across the United States. Impossible Foods said its nuggets, which are soy-based and use sunflower oil, will first launch in restaurants and then roll out to grocery stores. According to the meat alternative startup, the chicken nuggets will not use any of Impossible Foods’ plant-based heme — the company’s ingredient that replicates the meaty taste of beef and pork. Impossible Food’s chicken nuggets are…

Danone acquires majority stake in Harmless Harvest to accelerate growth of its plant-based business

Jul 2, 2021Jul 4, 2021 Editor

USA – French dairy company Danone has through its venture arm Danone Manifesto Ventures (DMV) purchased a majority stake in Harmless Harvest to accelerate the growth of its plant-based business. Harmless Harvest offers a range of organic coconut-based products, including coconut water, snack drinks, and yogurt alternatives. The company is Fair for Life Certified and is said to be committed to sustainable agriculture through its Regenerative Coconuts Agriculture Project. According to a statement from Danone, its new acquisition expects to generate more than US$100 million in sales in 2021, doubling its revenue from…

Alternative protein university course launched in Singapore to drive innovation in plant-based proteins

Jun 22, 2021Jun 27, 2021 Editor

SINGAPORE – Nanyang Technological University, Singapore (NTU)—one of the top universities in Asia—has approved a new undergraduate course titled “Future Foods – Introduction to Advanced Meat Alternatives,” to help drive innovation in plant-based foods. The course which will be launched in August this year was created in collobaration with the Good Food Institute Asia Pacific (GFI APAC), a global nonprofit headquartered in Washington DC that works to accelerate alternative protein innovation. According to a statement from GFI APAC, the course aims to equip NTU students with expertise and knowledge of the food industry focusing…

Danone offloads US plant-based nutritional products brand Vega as part of portfolio review

Jun 18, 2021Jun 18, 2021 Editor

FRANCE -French dairy giant, Danone is selling Vega, Canada, and U.S. plant-based nutritional products brand, as part of a strategic portfolio review announced in October last year. According to a statement from Danone, Vega will be sold to funds managed by WM Partners, a US-based private equity investment firm focused on the health and wellness industry. WM Partners said the acquisition was made through the HPH II Investments Master Fund. Over the last two years, the HPH II fund has acquired hydration brand Ultima Replenisher, collagen business Great Lakes and…

Plant-based foods startup Motif FoodWorks raises US$226m in Series B funding round

Jun 17, 2021Jun 17, 2021 Editor

US – Motif FoodWorks, a fast-growing food startup spun out of Ginkgo Bioworks in 2019, has raised US$226 million in a series B funding round led by Ontario Teachers’ Pension Plan Board and funds and accounts managed by BlackRock. The Ontario Teachers’ Pension Plan Board participated in the seed funding round through its Teachers’ Innovation Platform (TIP). Other participators in the round included AiiM Partners, Wittington Ventures, Rethink Food, Rage Capital and Rellevant Partners. Existing investors including Breakthrough Energy Ventures, CPT Capital, General Atlantic, Louis Dreyfus Company and Viking Global…