Weekly Roundup: Eat Just closes US$200M funding for plant-based growth, ADM boosts sustainability commitment

26 Mar 2021 --- This week in industry news, Eat Just closed US$200 million in new funding to accelerate its plant-based growth development. ADM revealed its latest policy to protect forests, biodiversity and communities, and several global seed companies signed a declaration to advance sustainable food systems. Pepsi unveiled a new flavored cola, while meat- and dairy-free innovation was also spotlighted.

In brief: Business moves
Eat Just has secured US$200 million in a new funding round led by the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar; private investment firm Charlesbank Capital Partners and Vulcan Capital. The food tech start-up will add QIA and Charlesbank to its Board of Directors. The investment will be used to build capacity for Eat Just’s pioneering products, accelerate research and development programs, and build its brands in key international markets.

Aqua Libra Raspberry & Blackcurrant will be available in single 330ml cans.Pepsi Bottling Ventures (PBV) has completed its acquisition of Pepsi-Cola Roxboro, the franchise bottler based in Roxboro, North Carolina, US. The acquisition expands PBV’s distribution and sales territory to Caswell, Person, Granville and Orange counties. The financial terms of the acquisition have not been disclosed.

Brenntag Food & Nutrition in Latin America announces a new distribution agreement with Axiom Foods for its plant-based proteins in Argentina, Bolivia, Chile, and Peru. With this agreement, the two companies commit to offering the food industry allergen-free vegetable proteins and dairy alternatives to produce food, beverages, and nutraceuticals, from cereal bars to pasta, ready-to-drink products and non-dairy yogurts. Some ingredients used to manufacture Axiom products are rice, peas, oats and sacha inchi.

In brief: Sustainability
ADM is furthering its commitment to sustainable, ethical and responsible production with the release of a new Policy to Protect Forests, Biodiversity and Communities. ADM’s previous policy was issued in 2015, and the company began the process of reviewing and revising it last year as a step toward building a more resilient and sustainable food system. ADM aims to eliminate deforestation from all of the company’s supply chains by 2030.

Rik Zwaan was among the seed companies and associations who recently came together to sign a joint declaration. They expressed their commitment to support the UN’s SDGs achievement and proactively demonstrate their extensive and diverse contributions toward sustainable food systems. The seed sector acknowledges the enormous challenge for agriculture to produce sufficient, safe and nutritious food for a global population expected to reach 10 billion by 2050, amid rising pressure from climate change and natural resource scarcity.

The Red Sea Development Company (TRSDC) and Source – the earth’s first renewable, sustainable water brand – have come together to set a new global standard in bottled water. TRSDC is the first company to collaborate with Source Global, PBC. It launches its sustainable bottled water brand, making The Red Sea Project the first destination on earth to offer bottled water made purely from sunlight and air. Source water is produced using patented solar technology that draws pure water vapor out of the air and converts it to premium, mineralized drinking water.

In brief: Beverage innovationBel Brands USA has launched Nurishh – placing Bel among the first traditional cheese companies to add plant-based cheeses to its portfolio. 
PepsiCo has unveiled Pepsi Mango, the brand’s first new permanent flavored cola in five years. The bright citrus and rich caramel notes of Pepsi create the perfect cola base for the ripe, juicy flavors, says the brand. This latest flavor launch also marks the brand’s first permanent release of a Regular and Zero Sugar variety, designed to support consumers’ growing preference for sugar-free offerings.

Britvic brand Aqua Libra has added a Raspberry & Blackcurrant flavor to its range. The launch will join the current line-up – Cucumber, Mint & Lime and Pineapple & Grapefruit – in single 330 ml cans, with a multipack rolling out in May across all flavors to capitalize on the take-home soft drinks occasion. It will attract new shoppers to the flavored hydration segment by offering consumers a wider choice, with a zero-sugar, zero-calorie drink that appeals to the increasing number of health-conscious shoppers.

UK grocer Waitrose is launching a new South African wine brand, Great Heart, developed by Mullineux & Leeu Family Wines and their employees. Mullineux & Leeu wineries has started a new staff empowerment project called Great Heart Wines, aimed at improving the livelihoods of those who work for the company and their families. Conceived during the first South African lockdown last year – when an export and domestic sales ban was put in place – the wine brand is collectively owned by the winery staff. 

In brief: Plant-based NPD
Richmond has expanded its meat-free range with the launch of Richmond Meat-Free Mince and Richmond Meat-Free Meatballs in the UK, available in Asda stores, and in Sainsbury’s next month. Both launches have been designed to mimic the taste and texture of beef and are mildly seasoned to ensure they appeal to adults and kids alike. 

Bel Brands USA is introducing Nurishh – placing Bel among the first traditional cheese companies to add plant-based cheeses to its product portfolio. Guided by Bel’s French cheese-making expertise, Certified plant-based and lactose-free, Nurishh is  a good source of calcium and vitamin B12 and contains no artificial colors or flavors. 

Nestlé Professional is deploying antiviral and antibacterial self-disinfecting screen protectors for its out-of-home coffee machines.In brief: Other highlights
Nestlé Professional is deploying antiviral and antibacterial self-disinfecting screen protectors for its out-of-home coffee machines. During the COVID-19 pandemic, consumers are looking for reassurance on safety and hygiene when they have a coffee on-the-go, at work or at a convenience store. Nestlé Professional teamed up with technology company Nanoveu, to provide solutions adapted to the current sanitary situation to customize its Nanoshield antiviral and antibacterial screen protector for Nestlé Professional’s Nescafé and We Proudly Serve Starbucks coffee machines.

The Orchard Valley Foods Group has been rebranded and given a new corporate identity. The Orchard Valley Group brands will now come under one umbrella, and the company will be known simply as OV. The Orchard Valley Foods Group was developed from the merger of Orchard Valley Foods and Candeco Confektyr in 2017 to create a €40 million (US$47.2 million) million producer of confections, ingredients and decorations for the food manufacturing, foodservice and retail home-baking sectors as well as international markets. 

Tate & Lyle has launched its “Collaborate at Home Kitchen,” a digital engagement hub where food and beverage manufacturers can explore trends, science and solutions that power modern consumer choices. The hub, which will be continuously updated with new information and insights, guides users through a modern virtual kitchen where they can click on various food and beverage hotspots to get a taste of Tate & Lyle’s thought leadership and category solutions.

By Elizabeth Green