Investments & Acquisitions – vegconomist – the vegan business magazine

KoRo CEO Florian Schwenkert. © KoRo

Healthy Snack Brand KoRo Secures €35M in Oversubscribed Funding Round

November 20, 2024

German healthy snack brand KoRo has raised €35 million in an oversubscribed Series C round led by Coefficient Capital. Existing investors such as Five Seasons Ventures, HV Capital, Partech, Haub Legacy, and SevenVentures also participated. KoRo will use the funding to continue its current growth strategy, expanding its product range and strong presence in the European market. In particular, the brand will focus on France, Italy, and the Benelux region, as current sales trends indicate significant growth potential. KoRo has already seen some success in these markets in 2024, gaining a listing at the Netherlands’ largest retailer Albert Heijn, and recruiting Olympic gold medalist Teddy Riner as a brand ambassador in France. “Pioneering role” Following a period of significant growth, KoRo now has two million …

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California-based Shiru, a company driving AI-powered protein discovery and partnerships, announces the launch of ProteinDiscovery.ai, the world's first protein marketplace and discovery platform.

Shiru Expands AI-Powered Ingredient Discovery with $16M Boost to Revolutionize Products, Categories, and Industries

November 14, 2024November 13, 2024

AI-enabled protein discovery company Shiru has raised $16 million in a Series B funding round led by S2G Ventures, with participation from CPT Capital, Lux Capital, Nourish Ventures, and Meach Cove Capital. The round brings Shiru’s total funding to $36 million. The funding will support the Californian startup’s expansion into areas such as flavor innovation, skincare ingredients, advanced materials, and agriculture as “more partners realize the benefits of AI-driven ingredient innovation.” Additionally, it will advance Shiru’s recently launched platform, ProteinDiscovery.ai. Founder and CEO Dr. Jasmin Hume shared, “AI-powered discovery isn’t only the future of ingredient innovation — it’s here today, and we’re eager to expand our capabilities across flavor, skincare, and agriculture.” Revolutionizing products and industries The startup’s ProteinDiscovery.ai platform allows users to search, identify, …

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Happy Plant Protein Raises €1.8M for Technology Empowering Local Food Manufacturers to Produce Plant Protein

November 12, 2024

Happy Plant Protein, a spinout from VTT Technical Research Centre of Finland, has raised €1.8 million in a pre-seed funding round led by Nordic Foodtech VC. The round also saw participation from Butterfly Ventures and Business Finland via a grant. The funding will be used to further develop and license Happy Plant Protein’s patented technology, which allows for the production of high-quality plant proteins with existing extrusion machinery. The technology could empower local food manufacturers and brands to produce their own plant proteins, removing the need for imports. This would make plant proteins available with only minor investments and no regulatory hurdles, accelerating new product development and market entry. The process is also significantly more affordable than conventional methods of manufacturing plant protein isolates, since …

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Doisy & Dam Acquired by Organic Cocoa Producer Food Thoughts

November 11, 2024

UK-based vegan chocolate brand Doisy & Dam has been acquired for an undisclosed sum by Food Thoughts, a producer of organic cocoa and cacao products. Doisy & Dam was founded in 2012 and offers a range of ethical and sustainable plant-based confectionery, including plant-based alternatives to products such as M&Ms and Maltesers. The chocolates are available at major national retailers such as Asda, Sainsbury’s, and Holland & Barrett, along with various independent stores. Food Thoughts focuses mainly on fairly traded cocoa powder, along with chocolate chips and cacao nibs. The company is increasingly offering plant-based products such as chocolate chips made with oat milk, making the acquisition of Doisy & Dam a logical step. Food Thoughts purchased Doisy & Dam from plant-based beverage and snack …

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Döhler Invests in Nukoko to Scale “World’s First” Cocoa-Free Chocolate From Fava Beans

November 6, 2024

Döhler, one of the world’s leading ingredients companies, recently announced an investment and strategic partnership with the UK-based startup Nukoko to scale the production of the “world’s first” cocoa-free chocolate from fava beans. The partnership aims to address challenges in the cocoa industry, from rising prices (89% in 2023) driven by climate change and declining yields to environmental impact and socio-economic issues, by offering a “delicious” and sustainable alternative to chocolate. [perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]”Nukoko’s technology presents a groundbreaking solution for the food and beverage industry”[/perfectpullquote] With Döhler’s support, Nukoko will transition from pilot-scale to industrial-scale production by 2025, utilising 10,000-litre fermentation batches to increase output efficiently. In addition, Döhler’s expertise in regulatory processes and food safety will aid Nukoko as …

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Oddlygood Announces Acquisition of UK Plant-Based Drinks Brand Rude Health

October 29, 2024

Oddlygood, a Finnish plant-based food and drink company, has announced the acquisition of British brand Rude Health as it seeks to expand its presence in the competitive UK and European plant-based markets. [perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]”Our ambition is to become one of the leading plant-based companies in the UK and Europe”[/perfectpullquote] The acquisition, for an undisclosed amount, supports Oddlygood’s mission to become a leading player in the plant-based sector across the UK and Europe, and follows the company’s purchase of Nordic plant-based brand Planti in 2023, which expanded its footprint in Sweden’s spoonable snacks and Finland’s cooking product sectors. Rude Health, founded in 2005 by Camilla and Nick Barnard, started as a home-based venture and has since evolved into a recognized …

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TV Presenter Maya Jama Becomes Investor & Co-Owner of Plant Milk Brand Sproud

October 29, 2024

Award-winning British television presenter and entrepreneur Maya Jama has become an investor and co-owner of Swedish pea milk brand Sproud. Jama is a two-time British Vogue cover star and the face of global campaigns for Rimmel, Dolce & Gabbana, and Self-Portrait. She is known as the host of last year’s Fashion Awards, this year’s BRIT Awards, and the popular ITV series Love Island. Additionally, Jama was recognised on this year’s Forbes 30 Under 30 List. Following the investment, she will act as a strategic advisor and brand ambassador to Sproud, becoming the face of the company. “I’m really excited to become a co-owner of Sproud,” said Jama. “There’s a lot to love — the products taste amazing, and the packaging is eye-catching, too, but ultimately …

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Modern Plant-Based Foods Enters Pet Food Market With Acquisition of AnimalKind

October 28, 2024October 28, 2024

Modern Plant-Based Foods Inc. (CSE: MEAT), a Vancouver-based company specializing in plant-based food products, has announced the completion of its acquisition of AnimalKind, a plant-based pet food company headquartered in Richmond, British Columbia. Through this acquisition, Modern Plant-Based Foods is expanding into the plant-based pet food sector, diversifying its portfolio beyond human food products. [perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]”AnimalKind will help us broaden our product offerings and better serve our customers with high-quality, sustainable solutions”[/perfectpullquote] The acquisition of AnimalKind was finalized through the purchase of all outstanding securities of 1471394 B.C. Ltd., the company operating under the AnimalKind brand. AnimalKind’s product line includes sustainably sourced, plant-based treats for pets, such as blueberry, apple, and pumpkin treats for dogs. According to the Share …

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Separate images copyright Mike Tyson Insta /Mr. Charlie's, image created by vegconomist

Mike Tyson’s Investment to Drive Mr. Charlie’s Franchise Expansion Across US and Beyond

October 23, 2024

Mike Tyson, former heavyweight boxing champion and entrepreneur, has invested in the plant-based fast food chain Mr. Charlie’s Told Me So (TMS). Made through Tyson’s holding company, Carma HoldCo, this investment is expected to significantly boost Mr. Charlie’s expansion plans, paving the way for a broader US and international presence. [perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]”I very much believe in the healthy benefits of a vegan diet and was a strict vegan for many years”[/perfectpullquote] Known for his advocacy of veganism and plant-based eating, Tyson is helping drive the next phase of growth for the restaurant, which has already gained attention for its unique take on fast food and its social impact initiatives. Tyson’s involvement signals a new chapter for Mr. Charlie’s, which …

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Smart Foods Acquires The Aussie Plant-Based Co From Liquidation

October 17, 2024

Last week, it was announced that The Aussie Plant-Based Co had entered liquidation due to cash flow difficulties. Today it is revealed that the company has now been acquired by Gold Coast-based food manufacturer Smart Foods. Food & Drink Business reported that Smart Foods has agreed to purchase the company’s plant and equipment, stock, intellectual property, and the vEEF and Love Buds brands. Some assets will be sold, allowing for the retention of around half the company’s workforce. Fënn Foods, previously the parent company of vEEF, will cease to operate as an entity after the acquisition. Following the agreement, operations have already restarted at The Aussie Plant-Based Co’s facility on the Sunshine Coast. Smart Foods reportedly hopes to expand distribution across Australia, securing listings at …

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La Vie Raises €25M, Reports €19M in Revenue and Significant UK Retail Growth

October 7, 2024

French plant-based pork and deli brand La Vie has secured €25 million in a new funding round, taking the total amount it has raised over the past three years to €50 million. The round saw participation from historical shareholders and new specialised investors such as Zintinus and Sparkfood. A crowdequity campaign with over 3,000 investors, claimed to be France’s largest, also contributed to the €25 million total. La Vie will use the funding to improve its existing plant-based deli products and develop new ones. The funding round was successful despite the current economic situation, which has seen food tech investments fall significantly. While many plant-based companies have struggled in this environment, La Vie continues to thrive; the startup has reported revenues of €19 million so …

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Simulate Announces Acquisition by Ahimsa Companies

October 7, 2024

Simulate, the company best known for producing plant-based nugget brand NUGGS, has announced an acquisition by plant-based investor Ahimsa Companies. As reported by Axios, Simulate required significant capital and opted to find a buyer rather than attempting to raise the funding. The deal was a combination of cash and equity, though the valuation of the company has not been disclosed. “Ahimsa is very values-aligned, and they’ve been committed to this space and mission for a long time,” Sam Terris, co-founder and CEO at Simulate, tells vegconomist. “We were looking for a partner that balances pragmatism and optimism — a group that could help get alt protein economics to work on a large scale, while also willing to invest in higher upside technology. Ahimsa fit the …

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Plant-Ex Ingredients Secures £9M Investment to Drive International Expansion

September 11, 2024

Plant-Ex Ingredients, a UK producer of natural plant-derived flavours, colours, and extracts, has secured £9 million in funding from major investor BGF. The minority investment will help Plant-Ex to expand internationally, with a focus on the US market. The company established a division in Chicago earlier this year, and also has sites in Poland and Turkey. Within the last month, Plant-Ex has opened a new facility in Bristol with twice the capacity of its previous site; this should allow for further growth within the UK and internationally. The company’s products are already available in over 50 countries worldwide. Plant-Ex has also announced the appointment of Susan Barratt as non-executive chair. Barrett is highly experienced in the food and consumer goods industry, having previously held roles …

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Sperri plant-based meal replacement beverage

Plant-Based Meal Replacement Brand Sperri to Expand Into the US Following New Investment

September 11, 2024

Sperri, a Canadian brand of organic and allergen-free plant-based meal replacement beverages, has announced a new investment. Led by Nàdarra Ventures and supported by Invest Nova Scotia, the funding will allow Sperri to expand into the US and develop new products. Sperri was co-founded by Gregg Curwin, President and CEO of nutrition company Novagevity, and Dr. Mary Lynch, a physician and pain management specialist. Lynch was inspired to develop the beverages after noticing that many of her patients struggled to tolerate existing meal replacements due to ingredients such as dairy, gluten, refined sugars, and soy protein. To come up with a solution, Lynch partnered with Curwin, a seasoned entrepreneur. Their collaboration resulted in the development of Sperri, which is said to be Canada’s first organic …

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Employees breaking the ground of the new faba and pea facility

Swedish Cooperative Lantmännen Invests SEK 1.2 Billion in New Pea & Faba Protein Facility

September 4, 2024

Swedish cooperative Lantmännen announces a SEK 1.2 billion (€105M) investment in a new plant-based protein facility in Lidköping, Sweden. Expected to be operational by the first half of 2027, the new plant will produce 7,000 tonnes of pea and faba protein isolates annually for plant-based foods, from meat and dairy alternatives to sports drinks, gluten-free pasta and bakery products. The plant will create approximately 30 new jobs directly, plus hundreds of additional opportunities during the plant’s construction phase. [perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]”We need to produce more food to supply the world’s growing population”[/perfectpullquote] Magnus Kagevik, Group President and CEO of Lantmännen, shares, “We need to produce more food to supply the world’s growing population, and there is a global and long-term …

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The Tofoo Co., the UK’s No. 2 Meat-Free Brand, is Acquired by Comitis Capital

August 20, 2024

German investment management firm Comitis Capital (“Comitis”) has acquired The Tofoo Co., the UK’s No. 2 meat-free brand, which commands over 60% of the tofu market share. Comitis Capital, which sees The Tofoo Co. ready for its next growth phase, aims to leverage its investment, expertise, and network to expand the brand. Founders David Knibbs and Lydia Smith will remain invested and continue to oversee the company’s growth in the UK and international markets. [perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]”The Tofoo Co. represents a great addition to our portfolio, covering the thriving plant-based food market.”[/perfectpullquote] Nikolaus Bethlen, Managing Partner at Comitis, shares: “The Tofoo Co has firmly established itself as a leader in the plant-based meat alternatives market with a strong brand image offering high-quality …

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Adamo Foods Secures $2.5M to Scale Clean-Label Mycelium Steak

August 13, 2024August 13, 2024

Adamo Foods, a UK startup making beef steak alternatives from fungi, has raised $2.5 million in a seed funding round co-led by UK Innovation Science and Seed Fund (UKI2S) and Joyful Ventures. Adamo will use the funding to increase the production of its clean-label mycelium steak to pilot scale and expand its team by hiring senior food industry experts. The company also plans to develop more products, such as a chicken breast alternative. Milo Runkle, co-founder and General Partner at Joyful Ventures, will join Adamo’s board following the raise. With the mycelium steak, which is claimed to be the first ultra-realistic beef steak alternative made from fungi, Adamo plans to disrupt the whole-cut meat alternatives market. While most conventional meat products consumed worldwide are whole …

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Above Food Acquires The Redwood Group’s Specialty Crop Food Ingredients Division in $34 Million Deal

August 9, 2024

Above Food Ingredients Inc. (Nasdaq: ABVE) has announced the acquisition of The Redwood Group (TRC), LLC’s Specialty Crop Food Ingredients Division. The acquired assets, which are based in Montana, supply high-quality grains, pulses, and specialty crops to over 35 countries, serving both the human and pet food sectors. [perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]”This acquisition […] strengthens our international footprint as our first US physical facilities”[/perfectpullquote] The deal, valued at $34 million, marks Above Food’s first physical expansion into the United States, significantly enhancing its supply chain and market presence. The assets generated $164 million in unaudited revenue in 2023 and have averaged an adjusted EBITDA of $5.3 million over the past three years. Lionel Kambeitz, founder, president, CEO, and executive chairman of …

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Bristol’s Boundless Raises £1.5M, Becoming UK’s No.1 Gut Health Snack

August 7, 2024

Following an investment round of £1.5 million from notable industry investors including Graze co-founder Ben Jones (announced as the company’s director and investor in 2022), and the ex-head of M&S Food, Boundless of Bristol says it has secured its position as the UK’s number one gut health bagged snack. With the value of sales up by 110.2% year-on-year and volume up by 171%, the company’s value share in the Better For You category is leading at 1.6 times faster than its closest competitor according to Boundless, marking 58% year-on-year growth and putting founder & CEO Cathy Moseley in the top 10% of FMCG female founders. Boundless’ vegan-friendly portfolio includes chips in Sour Cream & Onion, Smoky Bacon, Sea Salt & Cider Vinegar, and Chipotle & …

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Probios Acquires BiotoBio in “Most Important M&A Transaction of the Year” in Food Health & Wellness

August 1, 2024

The Italian company Probios announces the acquisition of BiotoBio with the support of Agreen Capital. Probios aims to strengthen its position in the European health and wellness food sector via BiotoBio, a leading Italian supplier of organic, healthy and natural foods and cosmetics. The acquired portfolio includes the brands Baule Volante, Finestra sul Cielo, Fior di Loto, and Vivibio. According to Probios’ management, this is a “transformative” deal and an important step in the strategic plan of Probios and Agreen Capital to consolidate a leading centre for organic, healthy and natural food in Europe. Probios’ previous investor, EcorNaturaSì, will retain a minority stake. “This acquisition – the most important M&A transaction of the year so far in the Food Health & Wellness sector – will …

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