vegconomist - the vegan business magazine

As we reported earlier today, Cellular aquaculture specialist BlueNalu has announced an agreement with Europe’s leading frozen foods supplier, Nomad Foods, in the first-ever agreement in Europe between a CPG company and a cell-cultured seafood company. “This is a huge moment for the future of our oceans.” In light of this landmark in the progress and development of alternative seafood, Carlotte Lucas, corporate engagement manager at the Good Food Institute Europe, said to vegconomist today: “This is a huge moment for the future of our oceans. Nomad Foods is Europe’s largest frozen food company – its partnership with BlueNalu will supercharge progress towards the commercialisation of cultivated seafood, and a truly sustainable seafood industry. “Cultivated seafood is made from a small sample of fish cells, instead of trawling oceans or building polluting fish farms – so it can deliver the foods people enjoy today, while cutting climate impacts and reducing pressure on sea life. It’s exciting to see Nomad recognising this potential. “High production costs are among the biggest barriers to making cultivated seafood mainstream – but collaborations between startups and major food companies help to scale production, bringing down costs so that these sustainable foods become accessible to everyone. Now is the time for the rest of the industry to invest and provide consumers with the products they are asking for.” ...

Europe’s leading frozen foods supplier, Nomad Foods, whose portfolio includes Birds Eye, Findus and iglo, announces a collaboration with cultured seafood pioneer BlueNalu, marking the first agreement in Europe between a CPG company and a cell-cultured seafood company. In January of this year, BlueNalu secured $60 million in the largest financing to date in the cell-based seafood industry worldwide. In April, the San Diego company signed MoU’s with global seafood producer Thai Union and Japan’s largest trading company Mitsubishi Corporation, to develop strategies for cell-grown seafood in Asia. This most recent agreement marks the coming of cell-cultured seafood to Europe and signifies a mutual interest in the commercialization of cell-cultured seafood in the continent to help meet rising demand and support wider efforts to safeguard the long-term availability of sustainable and affordable seafood. It includes a collaboration to conduct market research and identify consumer insights, assess regulatory requirements, and explore new business and product opportunities that would be unlocked by the introduction of cell-cultured seafood throughout Europe. Stéfan Descheemaeker, Chief Executive Officer, Nomad Foods, said: “The food industry is at a transformational moment as consumer demand for nutritious, high-quality food is growing, the importance of sustainability has never been more apparent, and the role of technology in delivering these needs is accelerating. “We are at the forefront of a generational shift towards healthier, more sustainable eating and are delighted to announce our collaboration with BlueNalu. Their breakthrough technology in cell-cultured seafood perfectly aligns with our purpose and will enable us to continue ...

Alt dairy startup Formo has completed a $50 million Series A funding round – a record for a European foodtech. Berlin-based Formo uses precision fermentation to create nature-identical dairy products without cows. “Our excellent investor setup paired with our team of interdisciplinary experts makes us uniquely positioned to define the new gold standard of cheese” The startup will use the new funding to build a pilot plant, fast-track commercial-scale production, and expand the molecular biology and food science team. With the resulting increase in R&D capacity, as well as techniques designed in collaboration with artisan cheesemakers, Formo plans to grow its product portfolio to represent a wide range of dairy products, including mozzarella and ricotta. Formo has previously teamed up with the University of Bath to conduct research on the alt cheese market, revealing that 71% of consumers are willing to buy precision fermentation-made animal-free dairy, despite it not yet hitting the market. Formo also claims to be able to already undercut consumers’ willingness to pay at commercial production scale, as microorganisms are up to 20 times more efficient than cows at converting feed into food. The startup was founded by Raffael Wohlgensinger and Dr. Britta Winterberg to create a more sustainable and ethical food system where change is not initiated through consumer sacrifice but rather through high-tech and appealing products. “Our product is not like cheese, it is cheese,” Wohlgensinger told vegconomist in a recent interview. “We are thrilled to join forces with additional top-tier investors such as EQT, ...

Japanese biotech company Spiber has raised a huge $312 million in a funding round led by private equity firm Carlyle. Fund managers Fidelity and Baillie Gifford also contributed to the round. Spiber says it will use the funding to build a mass production facility in Iowa. The company also told Reuters it was planning an IPO, though this is likely still a few years away. Spiber develops its products by using fermentation to form plant-based polymers. These polymers can then be used to make vegan versions of fabrics such as spider silk, wool, cashmere, leather, fur, and even tortoiseshell. Unlike many animal-free fibres, Spiber’s products do not rely on crude oil and are biodegradable. Late last year, Spiber partnered with Japanese sports brand Goldwin to produce sweaters featuring its “Brewed Protein”. The two companies had previously collaborated to make parkas using vegan spider silk. Spiber has also worked with car company Lexus to produce ergonomic seats reinforced with the animal-free silk. Spiber is one of a very small number of “unicorns” — startups valued at over $1 billion — in Japan. Lead investor Carlyle said it would be allocating a significant proportion of its buyout fund to help finance these startups. “We believe we can help them grow their businesses, through M&As and overseas expansions, to an extent they are large enough to debut on the Tokyo bourse’s main board or overseas,” it told Reuters. ...

Northern Irish startup Born Maverick is attracting interest from a range of multinational food companies after developing numerous plant-based products that will help reduce carbon emissions from animal agriculture. One of the startup’s most exciting developments is a prototype for highly realistic vegan shrimps and scallops made from seaweed. “There is a huge demand for new products from global food companies and we have received interest in our vegan shrimps and scallops, particularly from the US, Scandinavia, and Singapore,” said founder Azhar Murtuza, who is a biotechnologist. “We are currently finding the right match for the product.” Born Maverick is also developing alt-dairy products such as milk, cream, and yogurt in collaboration with a large Nordic dairy company. Additionally, it is working on vegan ice lollies with added fibre and nutrients. The startup has even been experimenting with extracting protein from seaweed. This project is being carried out in partnership with the UK’s Natural Resource Institute and National Centre for Food Manufacturing. Demand for vegan food is rising in Ireland, where a red meat giant recently launched five types of plant-based meat. A 2019 study found that sales of plant milks had increased dramatically, and Irish companies such as Fiid are thriving. As dietary patterns increasingly shift towards plant-based, Murtuza’s ultimate goal is to create a food innovation centre in Northern Ireland. He says he is already being approached by local companies that want to develop their own vegan products. “Why not come up with your own new foods rather ...

A new report by GFI has found that alt-seafood sales in the US grew by 23% in 2020 compared to the previous year. The figure rose from $10 million in 2019 to $12 million in 2020. The State of the Industry report also found that alt-seafood companies globally raised $116 million in the first six months of 2021. This has already surpassed the figure for the entire year of 2020. Another key finding of the report is that alt-seafood appeals to many consumers who are not vegan or vegetarian, with pescetarians and flexitarians particularly interested. However, respondents said they would only purchase seafood alternatives if the taste and texture matched those of conventional seafood. 78% said they would buy products based solely on messaging about flavour. Many respondents were interested in purchasing both plant-based and cell-cultured seafood, but acceptance of plant-based products was slightly higher — 43% said they would consider buying them, compared to 38% for cell-cultured. The report concludes that there are extensive opportunities for companies in the alt-seafood industry. For example, hundreds of fish species are consumed worldwide, meaning there is huge scope for innovation. Additionally, most seafood alternatives currently available are stocked in the frozen section, where they are unlikely to be seen by those shopping for conventional seafood. Creating refrigerated products could boost sales, in the same way that placing alt-meat products in the conventional meat aisle has increased consumer interest. Previous studies have found that almost 8 out of 10 consumers are keen to ...

Celebrity chef Spike Mendelsohn has announced a new location for his vegan restaurant chain PLNT Burger in Union Square, New York City. It is set to open later this autumn. The 850-square-foot location will be mainly geared towards takeout, though there will be space for a few customers to sit inside. It is the first of several PLNT Burger locations that Mendelsohn plans to open in NYC. The fast-casual chain serves several types of burger, including cheeseburgers, steakhouse burgers, and the mushroom-based Chik N’ Funguy. It also offers hot dogs, fries, and sweets such as oat-based soft-serve ice cream. Just two years since opening its first location in Silver Spring, Maryland, PLNT Burger now has ten restaurants in the Washington, DC, and Pennsylvania areas. Shortly after its launch, former Beyond Meat executive Seth Goldman joined the chain as co-founder. Together, Goldman and Mendelsohn have also founded Eat the Change, a company making plant-based jerky from mushrooms. And more recently, PLNT Burger partnered with Good Catch to offer a plant-based seafood dish called the Save the Bay Fillet. “I’m very excited to be back in New York with a plant-based restaurant, full of advocacy, and doing what is good for the planet,” Mendelsohn told the New York Post. ...

Israeli plant-based nutrition company Equinom is to partner with alt-meat brand Meatless Farm and its subsidiary Lovingly Made Ingredients to provide the British company with a special type of yellow pea protein. Created by strategic breeding, Equinom‘s pea protein will increase the amount of protein in Meatless Farm’s products by up to 50%. Yellow pea is now the fastest-growing source of protein for plant-based meat alternatives and is expected to be worth over $140 billion globally by 2029. “The higher protein content of our products will help achieve our mission to help people reduce their meat consumption by providing credible plant-based swaps for meat that are accessible and still taste great,” said Morten Toft Bech, Founder of Meatless Farm. “Ultimately, a better seed makes better peas for us to create more nutritious and delicious plant-based food that is kinder to our planet.” Equinom uses a combination of AI-driven breeding technology and traditional genomic technologies to predict and simulate new varieties of seeds. Earlier this year it announced a collaboration with GoodMills, Europe’s largest milling company, to create improved yellow pea protein. It also partnered with Mexican company Dipasa in March to develop a higher-protein variety of sesame seeds. “Partnering with Meatless Farm and Lovingly Made Ingredients validates Equinom’s improved pea protein concentrate as a valuable ingredient in plant-based nutrition and solidifies our position in the industry,”  said Gil Shalev PHD, founder and CEO of Equinom. “We are proud to collaborate with a company with the same vision — that the ...

Designed to track the performance of global food and agriculture companies FRANKFURT, Germany–(BUSINESS WIRE)–MV Index Solutions GmbH (MVIS®) today announced the launch of the MVIS Global Future of Food Index (ticker: MVFOF). The MVIS Global Future of Food Index (ticker: MVFOF) tracks the performance of global companies involved in food and agricultural technology, organic foods, or food companies that display high standards in food waste, food safety or environmental impact. The index includes companies that generate at least 50% of their revenue from the plant-based or cultured meat, protein or dairy alternatives, vertical or urban farming, precision agriculture, food flavours and functional ingredients, organic or health foods. In addition, the index comprises the companies that meet certain ESG standards related to the sustainability and safety of the food and agriculture. The MVIS Global Future of Food Index (ticker: MVFOF) is weighted by free float market capitalisation and is calculated in USD as a price index and a total return net index and reviewed on a quarterly basis. Capping factors are applied to avoid overweighting of single index components. Detailed information about the indices, including methodology details and index data are available on the MV Index Solutions website. Key Index Features MVIS Global Future of Food Index (ticker: MVFOF) Number of Components: 35 Base Date: 31 December 2019 Base Value: 1000 Note to Editors: About MV Index Solutions – www.mvis-indices.com MV Index Solutions (MVIS®) develops, monitors and licenses the MVIS Indices and BlueStar Indexes, a selection of focused, investable and diversified ...

Portuguese conglomerate Sonae has this week acquired Claybell Limited, owner of Gosh Food, known in the UK for its range of vegan sausages, burgers and falafels. The deal is reported to have taken place for around £64 million via Sonae Food4Future. According to Foodbev News, Gosh recorded a normalised turnover of £22 million for the year ending in May 2021 and the company will continue to be managed by the current team, who will hold the remaining 4.6% minority stake. Sonae states that the acquisition is in line with its active portfolio management strategy. The take-over was rumoured this July with estimates of £50 million and the deal has been finalised for a substantially larger sum as demand for plant-based products continues to skyrocket in the UK. The company invested £4.5M last August for a new 17,000 square foot factory to keep up with demand. ...