Upcycling Trend, Alt Protein, Diversity Investing In Focus

January of 2022 has continued to see a sturdy fundraising and M&A pipeline within the meals and beverage area, following a document yr for U.S. VC actions — a staggering $329.9 billion invested throughout an estimated 17,054 offers, PitchBook confirmed. Whole 2021 exit worth was over $774.1 billion in 2021, with IPOs accounting for 88% of whole VC exit worth at $681.5 billion.

In shopper items and companies, U.S. VC offers have additionally reached all-time excessive as of This autumn 2021 at $30.5 billion, greater than doubled in comparison with the identical interval of the prior yr. Shifting ahead, PitchBook analysts anticipate the precision agriculture sector to expertise document M&A exercise in 2022, whereas fermented protein will see vital widespread adoption good points fueled by document VC funding.

Right here’s the newest fundraising and M&A information roundup for the meals and beverage class:

B-Corp Kencko Raises $10 Million To Cut back Meals Waste

Plant-based meals firm Kencko, a B-corp that began by specializing in blender-free smoothies and gumdrops, whereas diverting meals waste by freeze dried know-how, has raised $10 million in Sequence A funding after seeing its gross sales develop by 500% per yr. This spherical was led by current investor Siddhi Capital, with further participations from each present and new buyers together with Subsequent View Ventures, Riverside Ventures, Silas Capital, Cheyenne Ventures, Shilling Capital, Indico Capital, Mission Level, Collect Ventures, and Nextblue Ventures, bringing the model’s whole funding to greater than $13.5 million. Kencko might be increasing into a brand new ready-to-heat product class to ship a nutritionally balanced sizzling meal later in February.

PurePlus Raises $1.56 Million To Launch Upcycled Faves Sweet

Plant-based elements provider PurePlus has raised a $1.56 million pre-seed funding spherical led by Trousdale Ventures and PTK Capital to launch its personal branded sweet, Faves, made with upcycled vegetables and fruit. Faves claims it really works with U.S. farmers to acquire imperfect produce that may have in any other case ended up in landfill, and a part of its aim is to supply a wholesome different to the confectionery aisle whereas preventing towards local weather change. Amy Keller, the CEO and cofounder of PurePlus says the funding might be used to develop Faves’ footprint within the confectionery trade, and her staff will solely give attention to model consciousness and gross sales progress for its proof of idea.

Purely Elizabeth Getting into New Class Upon $50 Million Increase

Breakfast meals firm Purely Elizabeth has closed a $50 million sequence B financing spherical to drive its continued progress by product innovation, e-commerce, and funding in advertising. The spherical was led by the brand new SEMCAP meals & diet division, and joined by co-investors Swander Tempo Capital and SEMCAP’s Companion, Recent Del Monte. The corporate has grown a 55% CAGR over the previous 5 years, and has practically doubled its retailer doorways from 8,000 retailers in 2018 to fifteen,000 retailers in 2021. Purely Elizabeth, which primarily sells nutrient-dense breakfast meals within the pure channel, together with granola and oatmeal, will develop its SKUs inside their present line of choices, whereas working to launch into a brand new class later this yr.

Dalci Raises $1.5 Million For Intestine-Pleasant Brownies Enterprise

Intestine-friendly brownies startup dalci has raised an oversubscribed $1.5 million pre-seed funding spherical led by CPG angel buyers Anush Amin and Nirav Desai, who function their very own specialised pharmacy and prescription supply service, Apotheco Pharmacy Group. The founding father of dalci, Najwa Khan, has turn into one of many only a few feminine meals and beverage entrepreneurs within the U.S. with Bengali and Moroccan ancestry to lift greater than $1 million in seed funding. dalci’s merchandise are made with out sugar alcohols, components, gums, or emulsifiers historically used for shelf stability.

De La Calle Raises $7 Million To Increase Tepache Enterprise

De La Calle, a tepache model based by Rafael Martin Del Campo and Alex Matthews to honor the centuries-old beverage that gained recognition on the streets of Mexico, has closed $7 million in a sequence 4A funding spherical led by KarpReilly. Made with fermented pineapples, De La Calle is low in sugar and comprises gut-health boosting probiotics. This funding units De La Calle up for vital progress within the U.S. beverage market, together with the launch of 4 new flavors: Watermelon Jalapeño, Chamoy, Cactus Prickly Pear, and Grapefruit Lime, in addition to nationwide retail growth later this yr.

Waterdrop Raises $66.8 Million To Speed up World Growth

Austrian hydration firm Waterdrop, which has just lately entered the U.S. market, has closed a sequence B funding spherical of €60 million, roughly $66.8 million, led led by Singapore-headquartered world funding agency Temasek with further participations by current shareholders Bitburger Ventures and Founders Future. The capital might be used to additional speed up the corporate’s world growth and steady R&D pipeline. Waterdrop has reached $100 million in income in 2021, and just lately entered the beverage tech trade with the discharge of Lucy, the primary good cap able to filtering water by an UV-C system.

Meat Snacks Producer Chomps Raises $80 Million PE Cash

Chomps, which manufactures meat snacks with out hormones, antibiotics or added sugar, has secured a $80 million minority funding from personal fairness group Stride Shopper Companions after reportedly producing $100 million in gross sales in 2021. The cash might be used to speed up Chomps’ strategic initiatives, together with product innovation, model constructing, and distribution growth.

Eat Past World Holdings Acquires Mylk Manufacturers

Alt protein funding agency Eat Beyond Global Holdings has agreed to amass Mylk Manufacturers for roughly $9 million. Mlyk Manufacturers’ shareholders will nonetheless maintain roughly 39% of possession within the pro-forma firm upon the completion of the deal. The corporate’s immediately owned beverage model, Banana Wave, is comprised of fiber-rich oats and bananas. Obtainable in 5 completely different flavors: unique, unsweetened unique, mango, chocolate, and strawberry, all merchandise are gluten-free, soy-free, and non-GMO with 90 energy or fewer, and comprise vitamin b, potassium, and protein.

The Planting Hope Firm Acquires RightRice

Girls-led plant-based meals and beverage participant, The Planting Hope Firm, has acquired different legume-based meal model RightRice for $7 million. Beforehand backed by Strand Fairness, RightRice was created by Keith Belling who can be the mastermind behind one of many fastest-growing potato chips manufacturers Popchips, and it is without doubt one of the first manufacturers to launch in collaboration with each Complete Meals and Amazon. The acquisition broadens Planting Hope’s capabilities in nutrient-dense innovation and rising class management. Its in depth sustainability-focused portfolio consists of Hope and Sesame sesame milk, Mozaics veggie chips, and Veggicopia dips and snacking olives.

Upside Meals Acquires Cultured Decadence

Beforehand generally known as Memphis Meat, cultured meat producer Upside Meals has acquired mobile agriculture firm Cultured Decadence for an undisclosed sum. The deal is predicted to speed up the commercialization of lab-grown shell-free seafood together with lobster meat. Cultured Decadence, which is able to undertake Upside’s model upon the transaction whereas remaining in Wisconsin as its innovation heart and headquarters, has amassed a complete funding of $2.2 million to this point, in response to PitchBook.