The plant-based business scene gains more traction all the time. This week, the dairy alternative sector made moves, while vegan chicken brand Daring Foods claims more space across US store shelves.
Here are the latest updates in the vegan business world…
Bryan Adams-backed vegan dairy start-up eyes opportunity to go public
Dairy alternative start-up bettermoo(d), of which musician Bryan Adams is a founding member, could go public.
Adams, who has been vegan since 1989, announced he was joining the bettermoo(d) team last month. The start-up uses gluten-free organic oats to produce realistic, “fully foamable” dairy-free milk. The vegan beverage will launch this winter.
In a statement sent to PBN, Adams explained that opting for dairy alternatives is a way to minimize animal cruelty and protect the planet.
Now, bettermoo(d) has signed an agreement with Happy Supplements, which will see Happy acquiring all of the outstanding share capital of bettermoo(d) if all goes to plan.
Consequently, bettermoo(d) would become part of a publicly traded company.
“There has never been a better time for vegan products to challenge conventional animal based food products than now,” commented Adams. “The internet has had a lot to do with the disruption on how we view animals, I’m honored to be asked by bettermoo(d) to be part of this food revolution.”
Daring Foods nets $65 million, launches at 3,000 Walmart stores
Plant-based chicken producer Daring Foods has reeled in $65 million in a Series C funding round.
Founders Fund led the round, with participation from existing investor D1 Capital Group. The round also attracted some high-profile names, including tennis Grand Slam champion Naomi Osaka, former NFL quarterback Cameron Newton, and music producer Steve Aoki.
Daring Foods has now raised a total of more than $120 million.
The company uses water, soy, sunflower oil, salt, and natural flavoring to craft its products, which boast 10 to 14 grams of protein per serving. They’re also lower in fat, sodium, and cholesterol compared to conventional chicken.
Now, Daring is launching at 3,000 Walmart locations around the US, doubling its distribution to 6,000 locations. Kroger, Whole Foods, and Sprouts Farmers Market are among those already stocking Daring’s vegan meat.
Alpro UK to produce over 300 million liters of vegan dairy a year
Vegan dairy company Alpro is set to increase its UK production yield by up to 300 million liters a year. This equates to 300 million one-liter cartons of soy, oat, rice, and coconut drinks.
The Danone-owned company expects this to increase to up to 400 million liters by 2022.
The sizeable boost is thanks to Alpro’s new high-speed production facility, worth c.£17 million and running on 100 percent renewable electricity.
The facility’s state-of-art trigeneration unit and water treatment plant will help cut energy consumption, CO2 emissions, and water usage across the site.
It’s part of Alpro’s c.£41 million plan to boost production capacity, improve its environmental impact, and create 25 new jobs.
General Manager for Alpro, Sue Garfitt, said in a statement: “The changes we are installing will not only accelerate the volume of products we are producing in the UK, for UK shoppers – but will also allow us to keep ahead of the curve and continue being the brand to fuel the category growth and whet the nation’s appetite for delicious and healthy plant-based products, and of course, doing this whilst operating in a planet-friendly way.”
Food and drink manufacturers eager to keep up with plant-based movement
New research has found that more than half (56 percent) of food and drink brand owners and manufacturers are likely to invest in plant-based products next year.
Pulse protein ingredient manufacturer Atura Proteins commissioned the survey, which included 102 UK-based participants.
Paul Donegan is the commercial development and marketing manager at Atura.
In a statement, Donegan said: “Our research suggests that plant-based is a big priority for professionals in the food and drink industry, tapping into evolving vegetarian, flexitarian and vegan consumer diets. The increase in demand presents a significant opportunity for food and beverage brands.”
It’s a “great time” for businesses to enter the plant-based food market, he added, since the sector is set to grow at a CAGR of 11.9 percent from 2020 to 2027. And, there are now around 8.7 million flexitarians in the UK, Donegan added.