• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Skip to navigation
Close Ad

The Spoon

Daily news and analysis about the food tech revolution

  • Home
  • Podcasts
  • Events
  • Newsletter
  • Connect
    • Custom Events
    • Slack
    • RSS
    • Send us a Tip
  • Advertise
  • Consulting
  • About
The Spoon
  • Home
  • Podcasts
  • Newsletter
  • Events
  • Advertise
  • About

Business of Food

July 14, 2021

Next Gen Foods Raises $20M, Will Bring its Plant-Based Chicken in the U.S.

Next Gen Foods, which makes a plant-based chicken brand TiNDLE, announced yesterday that it has raised a $20 million extension of its seed round. This extension includes new investors such as Global Fund GGV Capital, Bits x Bites, Yeo Hiap Seng, as well as existing investors Temasek and K3 Ventures. This latest round follows Next Gen’s $10 million raise in March of this year and brings the company’s total amount of funding to $30 million.

Singapore-based Next Gen Foods first launched its TiNDLE brand through restaurants in the spring of this year. TiNDLE is made from soy protein, wheat gluten, wheat starch, and sunflower and coconut oils, and contains 17 grams of protein per serving. The company says TiNDLE is now sold in more than 70 restaurants in Singapore, Hong Kong, and Macau.

With its new money, Next Gen says it will expand into the U.S. market and hire more than 50 employees that will primarily be based in the San Francisco Bay Area. At the same time, Next Gen will continue its expansion across the APAC and Middle East, and establish a research and development center in Singapore.

Next Gen Foods is entering the U.S. market at a time when there are more plant-based chicken options than ever. Other startups making forays into the plant-based chicken space include SIMULATE, Rebellyous, Daring, and Nowadays. Not to mention Beyond Meat, the publicly traded plant-based giant, which just launched its own plant-based chicken tenders for restaurants this week.

That so many companies are vying to create a plant-based chicken alternative isn’t surprising given that chicken is the most consumed meat in the U.S., Next Gen’s product could help it stand out in that competitive field however, because its chicken isn’t a nugget or a tender. It’s more of a meat analog that the company says can be prepared using a number of different techniques (grilling, frying, etc.) across a range of cuisines.

July 13, 2021

Air Protein, GOOD Meat, IntegriCulture Among the Semifinalists for XPRIZE’s Alt-Protein Competition

Nonprofit XPRIZE has announced 28 semifinalists teams that will move forward in the Feed the Next Billion competition. The multi-year competition will support companies developing compelling chicken and fish alternatives that replicate or outperform the real thing in terms of nutrition, environmental sustainability, animal welfare, and taste and texture. 

The competition, first announced at the end of 2020, is being conducted in partnership with ASPIRE, the project management arm of Abu Dhabi’s Advanced Technology Research Council (ATRC). Grand-prize winners will not be chosen until 2024. when multiple winners will collectively receive $15 million.

For now, the 28 finalists chosen to continue the competition will have the next year to work with the competition, ASPIRE, and The Tony Robbins Foundation to develop the first iterations of their products. Up to 10 finalist teams will be chosen towards the end of 2022 and will split a “milestone award” of $2.5 million. 

Those 10 finalists will have one last round of competition where they will need to create “at least twenty-five cuts of structured chicken breast or fish fillet analogs of 115 gram or four ounce that replicate the sensory properties, versatility, and nutritional profile of conventional chicken or fish.” One grand prize winner will receive $7 million, with second- and third-place winners getting $2 million and $1 million, respectively.

The 28 finalists chosen this week represent all three pillars of alternative protein: plant-based, cultivated, and fermentation. Some of these companies are better known than others. Eat Just’s GOOD Meat, for example, is the only company in the world that has regulatory approval to sell cultivated meat (in Singapore). MeatOurFuture, on the other hand, is a public-private partnership that is known primarily in South Africa at this point. Others, including plant-based seafood company Brew51 from India, Japan’s IntegriCulture, and Air Protein, are all at various stages of development in terms of their products.

You can read the full list of companies, which span 14 different countries, here.

XPRIZE’s Feed the Next Billion competition was developed in response to the organization’s Future of Food Impact Roadmap, where the organization pinpointed 12 “breakthrough opportunities” that could help build a better food system. Alt-protein is a major area.

No one company developing alternative proteins has yet proven their technology and/or ingredients can feed the next billion. There remain many, many questions around the nutrition of products, the cost of making them, and, for some, whether or not they can ever really be produced at that scale. XPRIZE’s competition will no doubt go some ways towards answering those questions over the next few years.  

July 13, 2021

Comet Bio Raises $22M Series C for its Upcycled Ingredients

Comet Bio, which manufactures various ingredients through upcycling, announced today that it has completed its Series C with an initial close of $22 million. The round was led by Open Prairie, the Louis Dreyfus Company (LDC), BDC Capital, as well as existing investor Sofinnova Partners.

With headquarters in London, Ontario and Schaumberg, Illinois Comet Bio takes agricultural leftovers from farms and upcycles them through a proprietary process to turn them into a number of different ingredient products including a prebiotic dietary fiber called Arrabina, sugar syrup alternatives called Sweeterra, as well as animal and bionutrition industrial products.

Upcycling is a trend we follow closely here at The Spoon, and it’s one that thankfully seems to be catching on with a number of startups. ReGrained upcycles grain from beer brewing into bread and even ice cream. Kern Tec upcycles stone fruit pits into oils and and alternative dairy products. And Rind produces upcycled dried fruit snacks.

In fact, there’s been so much momentum going into upcycled foods that the field now has its own certification label. As my colleague, Mike Wolf wrote recently:

The interest in upcycled food is also a part of a broader interest in companies up and down the food system in tackling the problem of food waste. The pandemic helped accelerate this interest as everyone saw entire crops go to waste, but the reality is rising costs of food products has made reducing food waste not only appealing to sustainability-oriented organizations, but also to the bottom-line focused types in big corporates at CPG, retail and restaurants.

In the press announcement, Comet Bio said it will use the new funds to invest in its product innovation and health claims development.

 

July 13, 2021

Netled and Oh My Greens Sign €15M Contract to Bring More Vertical Farming to Sweden

Finland’s Netled has signed a three-year investment agreement with herb grower Oh My Greens, the two companies announced today. The agreement is worth €15 million (~$17 million USD) over three years and will provide Sweden-based Oh My Greens with Netled’s turnkey vertical farm called Vera.

Netled’s Vera system comes as a few different forms, the smallest iteration being a cabinet-sized farm that lives in the produce section of a grocery store. Netled also offers a larger in-store model, a larger “compact” model (8 meters by 6 meters), and an industrial-scale version that is modular and can be added to as product demand increases. 

It’s this larger industrial version of Vera that Netled will provide to Oh My Greens, which is owned by Swedish-American investment, management consultancy, and social impact firm Applied Value Group. Oh My Greens sells its potted herbs in Sweden and hopes to gain more share of the market in Sweden through the Netled partnership. Speaking in today’s press release, CEO Moses Isik said his company considered 17 different vertical farming technology providers before deciding on Netled and its Vera system.

The indoor farming system includes LED lighting, a dynamic spacing system, HVAC, a nutrition system, automation software, and production management and horticulture intelligence software. The idea is to provide clients with a plug-and-play vertical farming system that grows more plants faster and saves companies on CAPEX and OPEX costs. 

The deal with Oh My Greens means Netled can build up more of a presence in Sweden, where companies like Urban Oasis and Grönska already operate vertical farms.

Moving forward, Netled will provide technical and consultancy services for its technology while Oh My Greens works on producing and supplying produce to Stockholm retailers. For now, that’ll largely be the usual vertical farming fare of leafy greens and herbs.

July 13, 2021

Report: Nestlé Is Getting Into Cultivated Meat Through Deal With Israel’s Future Meat

CPG giant Nestlé intends to enter the cultured meat market via a partnership with Israel-based alt-protein company Future Meat, according to a report from Bloomberg. 

Unnamed sources familiar with the matter said Nestlé is working on various products that mix its own plant-based proteins with cultivated meat from Future Meat. 

More granular details on the deal, such as specific products are not available at this time. Future Meat recently opened what it says is the world’s first production facility for cultured meat. The plant, located in Future Meat’s hometown of Rehovot, Israel, can produce 500 kilograms of cultured meat per day, or the equivalent to about 5,000 hamburgers, according to the company. The new facility is currently processing cultured chicken, pork, and lamb. Beef production is also in the works.

Future Meat’s end products will be a combination of cultivated and plant-based protein, which is exactly what Nestlé is aiming for in its deal with the company. Future Meat told the Spoon recently that its products are currently 45 to 75 percent cultured meat, with an edible scaffold made of plant protein.

Earlier this year, Future Meat told The Spoon it has been able to decrease the cost of cultured meat production by 1,000x over the last three years. At last check, the company had brought the cost of its cultured chicken breast down to $7.50 USD per quarter-pound serving. It followed that up with news that the production price could drop to $2 within the next 12 to 18 months.

Actual product launches for both Future Meat and Nestlé are contingent on the companies getting regulatory approvals. Currently, Future Meat is working to get regulatory approval here in the U.S., with the goal of selling its products in foodservice venues next year. A partnership with a major CPG like Nestlé may boost the company’s ambitions in this area.

July 13, 2021

86 Repairs Nabs $7.3M in Funding for Restaurant Maintenance Tech

Restaurant tech company 86 Repairs has raised an additional $5.3 million, bringing its total funding for its seed round to $7.3 million, according to a press release sent to The Spoon. Investors in this latest raise include TDF Ventures, Gordon Food Service, MATH Venture Partners, Revolution, and Cleveland Avenue. To date, 86 Repairs has raised $8.8 million.

Chicago-based 86 Repairs says the new funds will help the company build out more products for its maintenance and repairs management platform for restaurants.

The 86 Repairs system manages repair and maintenance processes for restaurants by digitizing information about all a restaurant’s equipment, and then handling the bulk of the work when there is an issue. For example, if a walk-in cooler breaks down, the restaurant calls or texts 86 Repairs, who handles things like troubleshooting, warranty checks, and setting up an appointment with a preferred technician. The company says it takes care of all communication, scheduling, and dispatching with a restaurant’s preferred equipment vendors.

The 86 Repairs platform also includes a “data insights” portion that displays things like incident history and overall spend on maintenance repair. The idea is to give restaurants one central location at which to view all data about all maintenance, even for large, multi-unit chains. To that end, a number of different chains already use the platform, including McDonald’s, Jimmy John’s, Sonic, and Famous Dave’s.

As predicted, both interest and investment in restaurant back-of-house technologies has increased since the start of the year. Though U.S. restaurants are for the most part reopened at full capacity, the need for cost-cutting and cost-saving measures is more important than ever.

ResQ, which just raised $7.5 million, is the other notable restaurant tech right now focused on repairs and maintenance.

Software that can digitize the maintenance management process makes sense for larger chains like McDonald’s. For smaller, independent restaurants — the benefits may be a bigger question mark. Spending money on another software subscription may or may not be justifiable, depending on how much a restaurant is able to save in overall maintenance and repair costs.

July 12, 2021

Equilibrium Capital Closes a $1.02B Fund for Indoor Ag

Equilibrium Capital has closed its second fund dedicated to indoor agriculture. The Controlled Environment Foods Fund II (CEFF II) raised a total of $1.02 billion, exceeding its original goal of $500 million. 

Speaking in a company blog post, Equilibrium CEO David Chen said that the fundraising for CEFF II reflects a broader shift where larger institutional investors are concerned. “Investors and retailers are increasingly looking for more sustainable and less volatile ways to invest in and scale agriculture. The fund is reflecting the magnitude of the opportunity and the growing importance of CEA in our food system,” he said. 

CEFF II will invest between $10 million and $125 million per deal, mostly in high-tech greenhouses and indoor farms as well as “other CEA segments of alternative proteins and aquaculture.” The fund is focused largely on North America: the United States, Mexico, and Canada. 

Equilibrium’s current assets are mostly in lettuce and tomatoes, which are two of the most popular produce types when it comes to indoor ag. However, Chang name-dropped berries in blog post, saying that Equilibrium will be “dramatically expanding” its presence in the berry family in the future. The statement reflects the larger development for indoor ag where more companies are either currently growing or planning to grow berries. Chang also mentioned peppers, cucumbers, mushrooms, and herbs.

The new fund follows the original CEFF, which closed at $336 million in April 2019 and includes well-known CEA companies like AppHarvest, Revol Greens, and Little Leaf Farms. All of those companies focus on raising crops in high-tech greenhouses, as opposed to the massive vertical farm setups a la AeroFarms or Plenty. Whether CEFF II will invest in more vertical farms remains to be seen. Chang said there were “niche applications” for the technology, though he was not specific about what those applications are. Currently, most vertical farming operations only grow leafy greens and herbs at the kinds of volumes that can supply grocery stores and restaurants. Debate persists as to whether this particular indoor ag format can produce more crops in an environmentally and economically sustainable way.

July 11, 2021

Grocery, Meet the Ghost Kitchen

One year ago, Euromonitor International predicted the ghost kitchen market could be worth $1 trillion by 2030. 

The prediction, made by Euromonitor’s Global Lead for Food & Beverage Michael Schaefer, reverberated around a restaurant industry that was still deep in the midst of dining room shutdowns and restrictions related to a global pandemic. Little wonder that from that point on, many saw ghost kitchens as a kind of savior for the restaurant industry.

But Schaefer and Euromonitor were looking way beyond restaurants when they made their mega-prediction. At the time, (and later on at SKS 2020), Schaefer suggested the ghost kitchen market could reach $1 trillion because it will grow to encompass all manner of foodservice businesses: grocery outlets, dark convenience stores, and ready-made meals, in addition to restaurants. In other words, restaurants alone won’t push the market to the $1 trillion mark. Instead, it will get there because the lines between ghost kitchens, groceries, and the like will become less defined over time.

That already happening, actually, and was illustrated again recently with GoPuff’s announcement that it’s hiring staff for ghost kitchens. 

GoPuff isn’t a restaurant in any shape or form. It’s a new kind of grocery delivery service that operates in dense residential areas and promises to deliver food items to customers’ doorsteps 24/7 in roughly 30 minutes or less on average. The company’s $1.5 billion fundraise from earlier this year should indicate the popularity that the speedy-grocery-delivery segment currently enjoys. 

But GoPuff’s hiring advertisement calls for chefs as well, which suggests the company wants to add some restaurant concepts to its offerings. GoPuff isn’t alone in this. DoorDash, which began life as a restaurant delivery service, opened its own ghost kitchen in 2019 and now also operates “ghost convenience stores,” which are just as they sound. A Canadian company that’s just called Ghost Kitchens carries limited offerings from QSRs along with a mix of easy-to-fulfill grocery and convenience items like ice cream pints and frozen veggie burgers. ClusterTruck has its own virtual restaurant menu but also operates out of Kroger locations. And there are companies like C3, which operate delivery-only restaurants out of a range of physical locations, including hotels, residential properties, and other non-restaurant venues.

All of these versions of the ghost kitchen prioritize speed above pretty much everything else. They also roll up neatly into a statement Schaefer made this time last year about the trajectory of ghost kitchens.

“As more and more of the foodservice environment becomes optimized for delivery, a generation of consumers growing up with smartphones becomes accustomed and habituated to being able to order literally anything from their smartphone. That is going to drive ever-more innovation,” he said.

In 2021, that innovation appears to be the speedy delivery service. As companies further blur the lines between the ghost kitchen, the grocery, and the convenience store, they’ll launch new formats that are less about having a food experience and more about getting a food item in one’s hands as fast as humanly and technologically possible.   

More Headlines

Following Tensions, McDonald’s Cuts Tech Fees for Franchisees by 62 Percent – The company has changed its stance on the $423-per-month fee for franchisees after a third-party review of of billing. 

DaVinci Kitchen Equity Crowdfunds €500,000 for Robotic Pasta Kiosk – The company’s campaign ran from March to the end of June this year on Seedmatch, with 488 investors participating.

C3 Raises $80M to Expand Its Virtual Food Hall Concept – The $80 million fundraise will go towards further expansion in the form of signing leases with real estate developers at various mixed-use, retail, and hospitality spaces.

July 9, 2021

Try Brave Robot’s Animal-Free Ice Cream During Its Live Tour This Summer

Nothing hits the spot quite like cold ice cream on a hot summer day. And if you want to throw in a little food tech futurism with your frozen treats, you can get free taste of Brave Robot as its ice cream truck continues its live taste tour on both coasts this weekend.

Brave Robot’s ice cream is animal free, as it uses Perfect Day’s technology that re-creates dairy proteins from microflora. The result is real dairy ice cream (so those with dairy sensitivities should take heed!) with no animal inputs.

We (and our families) tasted Brave Robot ice cream last year and enjoyed it. At the time, I found it to be just ever-so-slightly chalkier than animal-based ice cream, but that certainly didn’t stop me from polishing off the variety pack I bought.

Though Brave Robot ice cream is available at select retail outlets nationwide right now, the company has hit the road with ice cream truck to hand out free samples and merch this summer.

But most of all, who doesn’t want free ice cream — especially when it’s so futuristic? Here’s where Brave Robot’s tour will be this weekend, check out the website to see where they will head to next.

Cape Cod, MA:
7/9 Boston’s Vanderbilt Hall, 11a-2:30p
7/9 Stop & Shop Quincy, 4:30p – 7p
7/10 Falmouth Heights Beach, 10a-2p
7/10 Horseneck Beach, 3p-7p
7/11 Reggae On The Beach, New Bedford MA, 3p-7p

LA & Orange County:
7/9 Ralphs Tustin, 13321 Jamboree Rd, 11a – 4p
7/10 Gelson’s Laguna, 30922 South Coast Hwy, 11a-3p
7/10 Emerald Bay Community, Laguna Beach, 5p-9p
7/11 Gelson’s Newport Beach, 1660 San Miguel Dr, 11a-2p
7/11 Gelson’s Rancho Mission Viejo, 30731 Gateway Pl, 3p-7p

July 8, 2021

P&P Optica Raises Fresh Funding for Hyperspectral Food Safety Inspection Tech

Canada’s P&P Optica (PPO) has raised an undisclosed amount of Series B funding for its food safety inspection technology, which uses hyperspectral imaging to gather quality metrics on the food inside of processing plants. 

The round was led by Ag Capital Canada, with new investor Synovus Family Office as well as existing investors Fulcrum Global Capital, Export Development Canada (EDC) and others.

Waterloo, Ontariro-based PPO says it will use the new funds to implement its system across more food processing plants in Canada and the U.S. The PPO Smart Imaging System uses hyperspectral imaging to “see” inside of foods like produce and meats. In doing so, the system is able to gather more precise information on overall food quality. For example, PPO’s tech can determine the fat-to-lean ratio for bacon and sausage, measure the tenderness of a steak, and even detect foreign matter like rubber, cardboard, or plastic. Wood, bone, and even certain types of metals can also be found in food items, and often not detectable by traditional x-ray machines.

While PPO’s physical imaging system itself is meant to be used inside the food processing plant, users can access data on food remotely, from a cloud-based dashboard. The company says that thanks to an AI element, the system can learn over time from what it sees and in doing so detect contaminants faster. 

ImpactVision is the other notable company with a hyperspectral imaging system for food producers. The company was recently acquired by Apeel, and its tech will be used to assess shelf life and quality of produce items. PPO’s system, on the other hand, is at this point more for meat products.

Being able to see inside food could potentially help companies catch safety issues before food leaves the plant, saving them from performing recalls and wasting food and money.

PPO says the new funding will be also go towards expanding the company’s analytics software, including the aforementioned AI tool.

July 8, 2021

Instacart Appoints Fidji Simo as its New CEO

Grocery delivery company Instacart announced today that it is appointing Fidji Simo as its new CEO effective August 2. Simo has been on Instacart’s board since January of this year. She has spent the past decade at Facebook where she was most recently Vice President and Head of the Facebook app. Instacart Founder and soon-to-be-former CEO Apoorva Mehta will move into a new role as Executive Chairman of the Board and will also report to Instacart’s Board of Directors.

According to the press announcement, Simo oversaw development at strategy for the Facebook app, and helped drive Facebook’s mobile monetization strategy. She was also responsible for “rolling out videos that autoplay in News Feed,” which may or may not be a plus, depending on your point of view.

However, Simo was also at Facebook as it moved from a private company to a public one and will most likely be leading Instacart as it does the same. Founded in 2012, Instacart has since raised $2.7 billion in funding and is preparing for an IPO. The company was thrust into the national spotlight last year as the pandemic pushed record numbers of people into online grocery shopping.

Simo is also joining Instacart at a time when it is facing competition on many fronts. Big players like Amazon and Walmart are ramping up their own grocery delivery efforts, a new wave of smaller grocery stores offer grocery delivery in as few as 10 minutes, and other third-party delivery services such as DoorDash and Uber are moving further into grocery. In response, Instacart has been forced to add half-hour express delivery in select cities. The service is also reportedly looking to create automated fulfillment centers.

Then there is the question looming around Instacart’s grocery delivery business in general. During the pandemic, it was an easy way for retailers to quickly add delivery infrastrcuture to their business. But given Instacart’s fees and concerns about who owns the customer relationship, not all retailers are finding the same value with the service.

Given all that, Simo is taking over Instacart at a critical point in the company’s existence and will certainly have her hands full the moment she starts.

July 8, 2021

Wells Fargo Picks 5 Indoor Ag Companies for Its Latest Innovation Incubator Program

Five early-stage indoor agriculture companies will participate in the ninth cohort of the Wells Fargo Innovation Incubator (IN2), which works with cleantech companies and entrepreneurs across food and housing sectors. Chosen participants for this cohort will focus on tools and processes that can make indoor farming more environmentally and financially sustainable. 

The Wells Fargo Foundation funds the program, which is co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL).

Indoor ag has seen some major milestones and investments in 2021, but whether its a truly sustainable endeavor (financially and environmentally) remains a hotly debated topic. For example, growing greens inside fully controlled environments like vertical farms might cut down on inputs like land and water usage, but an enormous amount of energy is needed to run a farm off fully on artificial lighting. (Greenhouses, because they use natural sunlight, are usually a different story.) Additionally, leafy greens are still the only crop large-scale vertical farms can grow in huge quantities, and from a calorie perspective, salad can’t fully feed a growing world population.

Claire Kinlaw, director of Innovation Commercialization at the Donald Danforth Plant Science Center, said in a statement today that this year’s cohort is “focused on validating technologies that address key challenges in the indoor agriculture industry, including environmentally and financially sustainable ways to deliver light, control growth environments, evaluate environmental impacts and solve the need for crop varieties that are well-adapted for indoor environments.”

Companies chosen for the program address these issues and others:

  • Atlas Sensor Technologies monitors water hardness in real time to reduce waste and cost of water and improve how water softeners operate
  • GrowFlux makes intelligent horticulture lighting via an IoT platform the company says can save 20-30 percent in energy costs
  • Motorleaf specializes in AI for indoor ag in order to give growers information around yields and carbon footprint
  • New West Genetics does genomics-assisted breeding for the hemp industry
  • SunPath uses patented fiber optics tech to improve lighting for indoor farms

All participants will receive up to $250,000 in non-dilutive funding from Wells Fargo. Over a 12- to 18-month period, companies will conduct research and development at NREL and at the Donald Danforth Plant Science Center in St. Louis, Missouri. 

Previous
Next

Primary Sidebar

Footer

  • About
  • Sponsor the Spoon
  • The Spoon Events
  • Spoon Plus

© 2016–2025 The Spoon. All rights reserved.

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube
 

Loading Comments...