Accelerating growth: Forager Project welcomes Danone Manifesto Ventures as a minority investor

22 Oct 2019 --- Organic plant-based creamery Forager Project has entered into a strategic partnership with Danone Manifesto Ventures, the venture arm of global food and beverage company Danone. The San Francisco-based company has received a minority investment from Danone Manifesto Ventures, as it continues to build its portfolio of innovative products, increase brand awareness and widen its distribution.

Forager Project believes that “the food we eat should be aligned with nature.” The purpose of Forager Project is to improve our planet and human health by making exceptional tasting, organic, plant-based whole foods more widely available, says the company.

“It’s the right time and they are the right partner – good people with leverageable, relevant experience and capital,” says Stephen Williamson, Forager Project Founder & CEO.

“Forager Project and Danone have aligned values focused on improving human and planet health through food, and a shared commitment to sustainable business growth,” addss Laurent Marcel, CEO of Danone Manifesto Ventures. 

Forager Project has been crafting plant-based foods in California since 2013,developing a broad portfolio of organic plant-based products, including yogurt, milk, sour cream, half and half, as well as a range of protein and probiotic shakes.

Danone Manifesto Ventures launched in 2016 with the mission to support innovative and healthy food and beverage companies, and partners with disruptive entrepreneurs. 

Through this unit, Danone makes investments and provides financial and operational support to its portfolio companies through access to its experienced teams around the world. Danone Manifesto Ventures has invested in various companies, including Harmless Harvest, Farmer’s Fridge and Sustainable Bioproducts in the US, Michel et Augustin and Yooji in France, as well as Epigamia in India. 

Innova Market Insights listed “Small Player Mindset” as one of its key trends for 2019, where small players are shaking up the food and beverage industry by taking on the classic Fast-Moving Consumer Goods (FMCG) giants in an increasingly high-tech arena.

Significant players are going small in their strategy to pick up on these trends. Some recent examples of incubator programs currently in place come from General Mills (301 Inc.), Nestlé (TERRA Accelerator), Danone (Danone Manifesto Ventures), Kraft Heinz (Springboard Incubator), Kellogg’s (eighteen94 capital) and Unilever (Unilever Ventures).

Overall, investing in the future of food has become an increasingly competitive and crowded field. 

One example of a larger company entering the start-up investment space is the Chobani Incubator, created in 2016 by US Greek yogurt manufacturer to provide promising food and beverage start-up businesses with access to support, community and mentorship, as well as an equity-free US$25,000 grant. 

Since the launch of the program, the Chobani Incubator has supported 37 CPG companies, ranging from shelf-stable baking products and chickpea pasta to “farm fresh sodas” and “pasture-raised sausages.” 

In Europe, Dutch multinational DSM has initiated its own start-up program. DSM Venturing has been investing in many different start-ups in Europe, North America and Israel for almost two decades. The company currently oversees 30 companies within its investment portfolio, which includes food and beverage companies like DouxMatok – specializing in sugar reduction technology – and Blue Prairie Brands, which develops proprietary ingredients and finished products for use in the functional food and dietary fiber markets.

Edited by Elizabeth Green

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