vegconomist - the vegan business magazine

Zikooin Company secures 28 billion Won — around $23 million — including 6 billion Won for the construction of a new production plant set to be one of the largest plant-based meat factories in Asia. The Seoul based company produces a plant meat called Unlimeat, created from overproduced grains discarded due to imperfections. Last April, the company first announced its plans to expand into the USA, however its USP lies in the fact that instead of recreating Western-style meat products, Unlimeat focuses on traditional Korean dishes such bulgogi barbecue and sliced beef produced in the shape required for Asian meals. Aside from the US, Unlimeat’s export markets include Taiwan, Hong Kong, Mainland China, Vietnam, and Australia. The company has launched five varieties of meat alternatives: sliced meat, which is sold at Subway and Dominos Pizza in South Korea; patties; minced meat; pulled barbeque; and meatballs. Additionally, its recently launched vegan cheddar cheese set the company forth into the alt dairy sector. Zikooin Company has also collaborated with CU, one of the most popular convenience store chains in South Korea, on a line of vegetarian products. Zikooin Company states that it plans to have its new Clean Meat Factory operational by the first half of 2022, which according to the company is set to be an 8,910m2 facility built on 14,657m2 of land in Jecheon’s 3rd industrial complex. CEO Min, Keum-chae of Zikooin Company said, “We have carried out a large-scale infrastructure investment in preparation for increasing our production capacity. The results will ...

Impossible Foods announces it has raised $500 million in a funding round led by existing investor Mirae Asset Global Investments of South Korea. The company has now raised close to $2 billion since its founding in 2011, claiming it is now the fastest-growing plant-based meat company in retail, outpacing the next ten leading companies combined*. “It is important to us to partner with true innovators like Impossible Foods as they work to solve one of the most critical challenges facing our planet — climate change.” Mirae Asset Fund Services announced on the 19th of this month that its total net of ETF to invest in the US market exceeded 5 trillion won. South Korean investors are increasingly interested in the alternative meat sector, as one fifth of the South Korean population is decreasing meat consumption in a market trend led by Korean millennials. Impossible Foods’ previous rounds include a $500 million round in March 2020, also led by Mirae, followed by an additional $200 million round in August of 2020. The fresh funds will allow continued growth in retail and across its supply chain, product portfolio, and technology platforms. “Mirae Asset is excited to double down on the team at Impossible Foods as they continue transforming the global food system,” says Thomas Park, president of Mirae Asset Global Investments (US). “It is important to us to partner with true innovators like Impossible Foods’ CEO Pat Brown and support the entire Impossible Foods team as they work to solve one of ...

Odd Burger, the first vegan fast-food chain to go public, today announces it has entered the Frankfurt Stock Exchange to begin trade in the European market, and that it has received eligibility from the Depository Trust Company (DTC), enabling its stock to be more easily purchased by US investors. The Toronto-based company has begun trade under the symbol IA9 on the Frankfurt Stock Exchange, the twelfth largest stock exchange in the world by market capitalization, and the largest in Germany. In addition, Odd Burger has changed its U.S. ticker symbol on the OTCQB to ODDAF.   Odd Burger currently operates six locations, plus four in development, with plans to have 20 restaurants operational by this time next year throughout the US and Canada. Previously known as Globally Local, earlier this month the chain announced record sales in October of more than $233,000, a 41% increase over the previous month. “Our intention to be a publicly-traded company has always been strategic, to maintain a level of independence that isn’t always possible when companies accept venture capital or investments from large food and agriculture conglomerates,” said Odd Burger co-founder and CEO James McInnes. “In Canada, the United States, and now Europe, we can be supported directly by people who share our vision to transform the fast-food industry, and that includes our regular customers.”  Odd Burger Corporation is traded on the TSX Venture Exchange under the symbol ODD, on the OTCQB under ODDAF, and on the Frankfurt Stock Exchange under IA9. For more ...

A new map shows the most popular vegan brands on Twitter across all states in the US. The results are based on geotagged Twitter data in the last month; tracking over 200,000 tweets, hashtags, and direct keyword phrases for vegan food brands.  Oat-based dairy leader Oatly came out on top of the data, being the most trending brand in 19 states including California, New York, and Texas. MorningStar Farms came in second with nine states including Illinois and North Carolina, and Gardein in third with six states including Florida and Michigan.  Beyond Meat was top trending in six states including Missouri and Minnesota, and Impossible Foods took three states including Oklahoma. Quorn was top in Ohio and Nebraska, while Tofurky was most popular in Washington and Hawaii, with Eat Just – producer of Just Egg – winning Oregon.  Other popular brands like Violife ranked highly, but did not win any states. The map was put together by vegan blog and recipe site Vegan in the Freezer using trends software with direct access to geotagged twitter data.    ...

Australia’s Wide Open Agriculture (WOA) just announced a distribution agreement with Woolworths for Dirty Clean Food’s oat milk OatUP. Dirty Clean Food is the food brand of Wide Open Agriculture and is known for producing animal meat through Regenerative Agriculture. Woolworths appears an ideal partner for the distribution of new plant-based brands in Australia, continually expanding its vegan range over the past two years. The retailer now stocks products such as OmniFoods’ plant-based spam and pork mince, Deliciou’s vegan snacks and seasonings, Veganz’ plant-based pizza, and Fable Foods’ vegan beef. The chain has also been considerably increasing its range of vegan meats and cheeses, and recently invested in plant-based brand Harvest B. Wide Open Agriculture expects the agreement to generate sales of more than $750,000 per annum for Dirty Clean Food, as the agreement includes national distribution, making OatUP available for purchase in approximately half of Woolworths stores in Australia. The agreement further includes the opportunity for Dirty Clean Food to market its brand and to communicate the regenerative farming practices used by its oat suppliers directly to Woolworths customers. Dirty Clean Food’s OatUP is currently available in 350+ outlets across Australia and expects continued expansion of its distribution in Australia and Asia over the next six months, as the company received and shipped multiple orders from its Singapore distributor GrowHub, with market testing and tasting continuing in additional markets in Asia. Additionally, Dirty Clean Food is on track to get its high protein oat milk using its proprietary lupin ...

A study by kitchen suppliers Maxima Kitchen Equipment has revealed the 30 most funded plant-based companies in Europe, with British meal delivery service allplants taking the top spot. Following its $52 million Series B round, the largest ever for a European plant-based company, allplants has now raised a total of over $1 billion (€63,047,234) in funding from 54 investors. The company has previously told vegconomist it aims to become “Europe’s number one plant-based food platform”. Another meal delivery service, Denmark’s Simple Feast, takes second place with €51,754,871 in funding. The company has raised funds via crowdfunding as well as more traditional routes, and successfully launched in the US earlier this year. Swiss company Planet Foods is in third place with €47,268,210. Two British alt-meat companies — Meatless Farm and THIS — complete the top five. The UK dominates the list, accounting for 16 of the top 30 companies — others include Huel in sixth place, Neat Burger in 16th, TheVeganKind in 21st, and VFC in 26th. Other notable mentions are Spain’s Heura and Sweden’s Sproud and Hooked, in seventh, 19th, and 22nd places respectively. The full list is as follows: 1 AllPlants 2 Simple Feast 3 Planted Foods 4 The Meatless Farm 5 THIS 6 Huel 7 Heura Foods 8 Simris 9 Activate 10 Strong Roots 11 Nourished 12 VeganNation 13 The Cheeky Panda 14 SagaNatura 15 Vegetarian Express 16 BYBI 17 Neat Burger 18 The Collaborative 19 Sproud 20 Olygose 21 TheVeganKind 22 Hooked Foods 23 Plant Jammer 24 ...

Eclipse Foods, the US vegan ice cream producer, has announced a retail rollout in Whole Foods Market locations throughout Northern California. The move marks a significant milestone for the brand as it continues to expand its retail footprint and scale operations for its functional plant-based dairy platform.  Eclipse’s signature ice cream is made using its proprietary dairy platform that replicates micelles from plants to create alt dairy products using 100% plant-based ingredients. The brand claims its products mimic the exact taste, texture, and functionality found in conventional dairy, with 73% of blind taste participants finding Eclipse to be creamier than the bestselling conventional dairy ice cream equivalent.    Launched in 2019, Eclipse products are gluten-free and made without the use of soy, coconut, nuts, or stabilizers. Consumers can find the Cookie Butter, Mint Chip, and Vintage Vanilla Ice Cream flavors now available in Whole Foods Market locations throughout Northern California.  Non-Dairy Ice Cream Market  The vegan ice cream market shows no signs of slowing down, with oat-based dairy giant Oatly releasing a range of frozen dessert bars in the US, as well as more ice cream products in the UK. Brave Robot recently sold over a million pints of its vegan ice cream, and vegan Magnum, owned by multinational Unilever, was recently voted the world’s best for 2021 by consumers.  “Entering Whole Foods Market, a retailer synonymous for offering premium ingredient, high-caliber products, marks an important moment for Eclipse as we continue to grow our retail presence nationwide,” commented Aylon Steinhart, ...

Canadian investment issuer Eat Beyond Global Holdings, Inc. announced it has signed a letter of intent to acquire plant-based milk brand Banana Wave. The transaction would be part of an agreement to purchase all outstanding shares from Mylk Brands, Inc., which owns Banana Wave as a subsidiary.  Originally launched in 2013, Banana Wave was the first banana-based milk to hit the US market. Since then, other brands such as Mooala and Almond Breeze have also launched banana milk products, which – unlike oat, almond or soy milks – all blend whole fruit into the beverages. Earlier this year, Banana Wave was chosen as the “best-tasting alternative milk” in a blind taste test on NBC’s Today Show. Based in Boca Raton, Florida, Banana Wave’s plant-based milks are made from oats and real bananas, available in original, unsweetened original, mango, chocolate and strawberry. “We are delighted to be able to add Banana Wave to Eat Beyond’s roster of portfolio companies,” said Michael Aucoin, Eat Beyond CEO, “Banana Wave products are truly differentiated in an increasingly competitive dairy alternative category.  With truly great flavour and compelling nutritional benefits, we believe the Banana Wave brand is a product on the cusp of greatness.” According to Eat Beyond, the proposed transaction is still subject to regulatory approval, definitive documentation and third-party valuation of Mylk, Inc. Eat Beyond’s portfolio includes other successful alt-protein brands including Nabati Foods, Zoglo’s Incredible Food, The Very Good Food Company Inc. and Eat Just, Inc. Says Steve Gelerman, CEO of Banana Wave: “We ...

Shiok Meats, the first company in the world to develop cultivated crustacean products, has officially opened a “mini-plant” at its headquarters in Singapore. The plant will help the company’s R&D team with process optimization, technology transfer, and data-based development. To design and construct the plant, Shiok partnered with sustainable infrastructure solutions company Black & Veatch and FoodNet International Holdings. The official opening of the plant was initiated by Ms. Grace Fu, Singapore’s Minister for Sustainability and the Environment. In her speech, she praised the innovation of alt-protein companies. “We are beginning to see rapid development of alternative protein products, fueled by increasing consumer preference for sustainable food products,” Ms. Fu said. “Such innovations seemed like a pipe dream just a few years ago but are gaining popularity among consumers now. And I am glad to see Singaporean companies at the forefront of this global drive.” World-first cultivated crustacean products It has been just three months since Shiok unveiled the world’s first cultivated crab meat, which it showcased at private tasting event in late August. Two weeks previously, the company acquired Gaia Foods, Southeast Asia’s first cultivated red meat startup. Shiok has also announced it is on track to be the first company in the world to launch cultivated shrimp, following a $12.6 million Series A round in 2020. The shrimp is set to be produced at a first-of-its-kind commercial pilot plant from next year. “We have built a state-of-the-art facility which will be a stepping stone towards our pilot manufacturing ...

New Zealand-based animal-free cheese producer New Culture has raised $25 million in its Series A funding round. The oversubscribed round was led by Ahren Innovation and CPT Capital. While there are countless vegan cheeses made with ingredients such as coconut, soy, nuts, and starches, these products often struggle to achieve the stretching and melting properties of conventional cheese. This is because they don’t contain casein, a protein found in milk but not in plant-based foods. Stretch, melt, and bubble New Culture has solved this problem by using fermentation to develop animal-free casein. The company uses the protein to produce animal-free mozzarella, which is said to stretch, melt, and bubble just like dairy cheese. The Series A funding will allow New Culture to make new hires and scale up so it can begin commercial production. The company’s mozzarella will be available at select US pizzerias and restaurants from next year. New Culture was founded in 2018, in response to the unsustainability of dairy cheese production and the lack of high-quality alternatives. Just a year later, the company already had a waiting list for its cheese and had completed a $3.5 million seed funding round. “Weʼre thrilled to close our Series A with an incredible syndicate of existing and new investors,” said Matt Gibson and Inja Radman, Co-founders of New Culture. “The progress we have made with our science and our cheese is a testament to the world-class team we have been fortunate enough to build and work alongside. We canʼt wait ...