vegconomist - the vegan business magazine

The only all-digital bank in the US partners with leading Atlanta entrepreneur, chef and philanthropist Pinky Cole on a community giveback program ATLANTA–(BUSINESS WIRE)–Varo Bank, N.A., the only all-digital nationally chartered bank in the US, has partnered with Pinky Cole to advance a shared goal of eliminating the barriers to financial freedom and wealth creation at the grassroots level. Pinky broke boundaries to achieve success on her own terms when she launched Slutty Vegan ATL, the plant-based Atlanta restaurant phenomenon with a national following. She has since founded the Pinky Cole Foundation to support others in their entrepreneurial dreams. Varo, launched in 2017, was founded with the vision of building a better bank for millions of consumers who have been underserved and overcharged by the traditional banking system. Together, they aim to help Atlantans create a brighter future and gain financial ground during this holiday season. “I built my business from scratch and know firsthand that everyone deserves the opportunity to make their money work for them, regardless of their history or income level,” notes Pinky Cole. “I’m so thrilled to partner with Varo as their mission truly resonates with what I represent and believe in. Together, we can do more to help people with the tools and access they need to successfully manage their money and put themselves on stronger financial footing.” Additional information about Varo and Pinky’s upcoming giveback can be found below: Pinky’s December Days of Giving: The December Days of Giving are an initiative where Pinky ...

CULT Food Science Corp., a Canadian investment platform, announces it has completed a strategic investment into Singapore cultivated seafood startup Umami Meats.  Umami Meats, which was named a semi-finalist in the XPRIZE “Feed the Next Billion” competition, plans to leverage proprietary technology the startup has developed that is capable of lowering the costs of producing cellular growth serum. Cell growth serum is a critically important ingredient for cultivating cells into meat, but the product’s prohibitively high cost has consistently presented a major challenge to the cultivated meat industry. According to CULT, the production of growth serum for cultivated seafood accounts for 80% of total production costs.  Lowering the price of cultivated seafood  By focusing on reducing the price of serum, CULT says, Umami aims to position itself as a technology leader that will help make cultivated seafood much less expensive to produce, and therefore easier for companies to bring to markets.  According to CULT, Umami will first focus on improving the process for cultivating Japanese Eel, Yellowfin Tuna, and Red Snapper. The startup also intends to work with Halibut, Grouper, and Mahi-Mahi as future projects.  In November, Shiok Meats, another Singapore cultivated seafood startup, opened a new “mini-plant” dedicated to research and development of that company’s cultured crustacean products. Together, Umami and Shiok are part of a fast-growing group of startups, including Blue Nalu, Finless Foods, Wildtype, and Avant that seek to disrupt the $1.5 trillion seafood economy with animal-free alternatives.  A “misunderstood” opportunity “We are excited to have CULT ...

The Urgent Company purchased Coolhaus for an undisclosed amount and plans to transition the ice cream to Perfect Day’s fermented dairy The Urgent Company, the consumer products label owned by Perfect Day Foods, announced it has acquired Coolhaus, a top-selling, woman-led ice cream brand sold in over 6,000 stores. The landmark move means both companies will merge resources and structures, and The Urgent Company intends to fully transition Coolhaus into an animal-free brand using Perfect Day’s dairy proteins in the coming months. The agreement marks the first time The Urgent Company or Perfect Day has acquired a conventional food brand with the intention of completely shifting it to animal-free ingredients.   According to Forbes, Coolhaus CEO Natasha Case and The Urgent Company’s Paul Kollesoff have been in talks for a possible deal since earlier this year, and Case will stay on as The Urgent Company’s President of Brand Experience. In spite of the transition, Coolhaus stated the line of dairy-free, plant-based ice creams it currently sells will remain unchanged. Coolhaus now joins several other brands in The Urgent Company’s portfolio that feature animal-free dairy protein: Brave Robot (ice cream), Modern Kitchen (cream cheese), and the California Performance Co. (sports nutrition powder.) Growing Leader in the Dairy Aisle The Urgent Company was launched by Perfect Day Foods in 2020 to create consumer-facing products with the startup’s fermented dairy proteins. Seeking to become a leader in the dairy aisle, The Urgent Company steadily released groundbreaking new brands and products throughout the second half ...

The Veganuary campaign, a non-profit encouraging the public to go vegan for January and beyond, has seen millions of participants from almost every country in the world since its inception in 2014 – it is a global movement that significantly impacts vegan business: more than 600 brands, restaurants, and supermarkets promoted the campaign 2021, launching more than 825 new vegan products! Aside from the charity’s incredible influence on plant-based business, the results from its six-month follow-up survey of Veganuary 2021 participants revealed a permanent reduction in meat consumption for a large majority, with 68% also reporting health benefits including more energy, better skin and improved mood. Veganuary is an absolute inspiration and a force to be reckoned with, and we were delighted to catch up with Chief Executive Ria Rehberg. What’s your background and what did you do before Veganuary? My background is in animal protection and before joining Veganuary I was Co-Executive Director of Animal Equality Germany, the German branch of an international animal protection non-profit, for several years. My academic background is in intercultural communications, so I was very excited to have been chosen by the founders of Veganuary to come on board early in 2019 to lead on Veganuary’s international expansion and grow our diverse team all across the globe. What are you most proud of / what is Veganuary’s biggest achievement or milestone in your opinion? The Veganuary campaign and challenge have played a significant role in making veganism more mainstream and creating an environment in ...

German climate-neutral company GREENFORCE has raised €15 million in an equity round to accelerate growth, international expansion and the continued expansion of its research and development centre in Munich. GREENFORCE is a vegan food tech company developing, marketing and distributing sustainable meat and dairy alternatives. The company, winner of the 2021 Green Product Award and PETA’s Vegan Food Award, sells vegan Easy-to-Mix products in powder form in e-commerce and food retail with about 8,500 sales outlets so far. The food tech company also brings prominent investors on board: presenter and entrepreneur Joko Winterscheidt and delicatessen expert and Oktoberfest host Michael Käfer join a significantly oversubscribed private placement alongside renowned institutional investors from Germany and abroad. Joko Winterscheidt states: “The impact of reducing animal products is enormous. GREENFORCE products alone have already saved over 45,000 tonnes of CO2 and 66 million bathtubs full of water in direct comparison to meat production in the same quantity. With house numbers like that, you get me.” Michael Käfer adds: “Sustainability is not a passing trend. The demand for sustainable food is growing dynamically, so we need good alternatives to animal products. GREENFORCE has done an excellent job in this area and is driving innovation in the industry.” ...

In what may be a first for the industry, US cultivated salmon producer Wildtype has announced distribution partnerships with SNOWFOX and Pokéworks. SNOWFOX operates sushi bars at 1,230 grocery locations across the US, while Pokéworks is a rapidly-growing fast-casual restaurant chain that currently has 65 locations. These partnerships will ultimately allow customers to sample Wildtype’s cultivated sushi-grade salmon for the first time. “We believe that people should have the option of fresh fish without the harmful metal toxins, microplastics, or antibiotics commonly found in seafood today,” co-founder and Chief Scientist Aryé Elfenbein told vegconomist earlier this year. However, Wildtype will need to significantly scale its production and gain regulatory approval from the FDA before a market launch is possible. The company took a step towards this in July, when it opened what it claimed was the world’s first cultivated salmon pilot plant. The pre-order list for the salmon was launched in September 2020. “Our agreements with Pokéworks and SNOWFOX will help introduce Wildtype’s cultivated salmon to people looking for healthy seafood options that are actually sustainable,” said Justin Kolbeck, co-founder and CEO of Wildtype. “This is a significant milestone as we move closer to bringing our cultivated salmon to restaurants, grocery stores, and eventually kitchen tables across the U.S.,” added Elfenbein. ...

New distribution of Stuffed Beasts at 123 Real Canadian Superstore locations across Canada and 40 Loblaw and Zehrs stores throughout Ontario. This seasonal rotation at Loblaw stores is incremental to the 1,400 stores that are currently selling The Very Good Butchers products across North America. VANCOUVER, British Columbia–(BUSINESS WIRE)–The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY.V) (FSE: OSI) (“VERY GOOD” or the “Company”), a leading plant-based food technology company, today announced that their popular Stuffed Beast, under its core The Very Good Butchers brand, will be available for purchase in select Loblaws and Real Canadian Superstore locations across Canada. After selling out of the limited-edition Stuffed Beast last year, VERY GOOD increased production and distribution for the 2021 holiday season. Available for purchase in mid December, the Stuffed Beast can be found in 123 Real Canadian Superstore locations nationally and 40 Loblaw and Zehrs stores throughout Ontario (collectively “Loblaws stores”); along with other Canadian retailers such as Whole Foods, Thrifty Foods, La Moisson, Country Grocer, Natures Emporium, Organic Garage, Fiesta Farms, Good Rebel, Vegan Supply, and many more natural and independent stores. This seasonal rotation at Loblaw stores is incremental to the 1,400 stores that are currently selling The Very Good Butchers products across North America. “We’ve been thrilled to see such overwhelming demand for our best-selling Stuffed Beast, and are incredibly excited to bring this limited-edition product to select Loblaws and Real Canadian Superstore locations across the country,” said Mitchell Scott, co-founder and CEO of The Very ...

Impossible Foods launches restaurant The Impossible Shop in California, Texas, Arizona, Illinois and more.  Alt meat giant Impossible Foods has launched various restaurant concepts in collaboration with US hot dog eatery Dog Haus. The delivery-only, ghost kitchen is called The Impossible Shop and marks Impossible’s first own-brand foray into the sector.  Having opened 19 locations in California and eight in Texas, Impossible has added a further four locations in Arizona, three in Illinois, as well as individual locations in New York, Maryland, Colorado, and Wyoming. The Impossible Shop operates out of Dog Haus restaurant locations and is available on delivery platforms including DoorDash, Postmates, Uber Eats, and GrubHub. The menu features the latest products from Impossible Foods, such as the Impossible Chicken Nuggets Made From Plants, Impossible Burgers, chili, patty melts, and Impossible Sausage Made From Plants burritos.  Impossible Foods recently announced a $500 million investment raise, taking the company’s total funding to $2 billion since its founding in 2011, and making the claim to now be the fastest-growing plant-based meat company in retail. With The Impossible Shop launch it might have set its sights on becoming the fastest-growing in the restaurant world too.  ...

According to a report by writer, translator, and market research specialist Waku Miller, the Japanese alt-meat market is beginning to take off after the country’s government declared it an “important sector” last year. The government is now promoting the development of plant-based and cultivated meat alternatives, viewing them as both a potential solution to the environmental impact of meat production and a way of improving food security. Miller’s report examines the current state of the Japanese alt-meat market, looking at high-profile players in the fast food and plant-based sectors. Some key takeaways are: Japanese fast food chains such as MOS Burger and Dotour Coffee are now offering vegan burgers, with MOS offering a meatless alternative to every beef burger on the menu. Japan’s only publicly-listed alt-meat company, Next Meats, has raised considerable funding and is now offering a wide range of plant-based products. The country’s second-largest meat-packer, Itoham Yonekyu, has moved into the alt-meat sector by launching a plant-based product line via its subsidiary Itoham Foods. The full report can be viewed here. Note that the report was originally published on November 1 and some details may since have changed. ...

Israeli company Future Meat Technologies is in the process of raising $320 million in a funding round that will bring the company’s total worth to $600 million. Some of the funding will be used to build a cultivated meat facility in the US. Meat processor Tyson Foods and food processing corporation ADM are expected to be among the participants in the round. Both companies have previously invested in Future Meat. In June, Future Meat opened what it claimed was the world’s first industrial cultivated meat facility near its headquarters in Israel. But the company intends for its products to be available in the US next year, which will be much easier following the opening of the planned American production plant. Future Meat is already in the process of gaining regulatory approval for the facility. Currently, most cultivated meat is too expensive to be widely adopted, but Future Meat has made huge progress towards price parity with conventional meat. Earlier this year, the company created a quarter of a pound of cultivated chicken for $7.50, slashing previous costs by a thousand times. Future Meat is able to manufacture cultivated meat more cheaply than some of its competitors because the company’s technology uses connective tissue cells that proliferate naturally. This process does not require the use of stem cells or expensive fetal bovine serum. “This facility opening marks a huge step in Future Meat Technologies’ path to market, serving as a critical enabler to bring our products to shelves by 2022,” said ...