Weekly Roundup: Impossible Foods closes US$500M funding, Barry Callebaut’s Mona Lisa brand expands to Mexico

(Credit: Impossible Foods)

26 Nov 2021 --- This week in industry news, Impossible Foods secured US$500 million to boost retail growth and international expansion plans. Barry Callebaut’s global decoration brand, Mona Lisa, continued its geographical expansion to Mexico, and DSM was awarded “Asia’s Most Sustainable Company of the Year.” Also, Agriculture and Horticulture Development Board (AHDB) analysts delved into what the red meat and dairy sectors can expect for this festive season.

In brief: Business moves
US-based Impossible Foods’ latest funding round will enable its continued growth in retail and across its supply chain, product portfolio, technology platforms and international expansion plans. Existing investor Mirae Asset Global Investments led the round with participation from other Impossible Foods investors. The company has now raised close to US$2 billion since its founding in 2011. Impossible Foods’ previous investment rounds included a US$500 million round in March 2020 followed by an additional US$200 million round in August 2020.

Barry Callebaut’s Mona Lisa will continue its geographical expansion to Mexico. The move was celebrated with chef José Ramón Castillo, a chocolatier from Mexico. The Mona Lisa brand is currently active on across five continents and 50 markets. It was launched in India in January with a product portfolio for professional home baking and ice cream. The brand also launched in Brazil and China earlier this year.Barry Callebaut’s chocolate decoration brand Mona Lisa is now available in Mexico – the 50th market globally.  

ValuSect consortium will open its second call to small and medium enterprises (SMEs) to help boost the edible insect business in North-Western Europe. A budget of €440,000 (US$493,000) will be made available in the form of services for SMEs to help them develop their edible insect concepts. In their first call, ValuSect awarded €410,000 (US$460,000) in services to 17 SMEs. 

In brief: Sustainability strides
DSM has been awarded “Asia’s Most Sustainable Company of the Year” by Asia Corporate Excellence & Sustainability (ACES) Awards. Members of the ACES Awards panel noted DSM’s strong commitment to improving global food systems through a series of quantifiable and science-based targets that will benefit the environment. 

In brief: Acquisitions
Eat Beyond, an investment issuer in the plant-based and alternative protein sector, entered into a Letter of Intent (LOI) to acquire the outstanding share capital of Canada-based Mylk Brands. The agreement allows for the indirect acquisition of Mylk’s wholly-owned subsidiary Fresh Start Beverage Company, Banana Wave, which produces beverages from fiber-rich oats and bananas. 

In brief: Other highlights
Asda customers in the UK will soon be able to purchase freshly poured tipple in reusable containers after the supermarket announced it would become the first British grocer to launch a draught craft beer concept. Consumers in Milton Keynes can sample from a menu of 12 regularly changing brews. Once customers have selected their preferred drink, colleagues will use draft beer pumps to freshly pour their selection into refillable 1 or 2 L glass containers. The specialized beer containers can then either be kept and used, brought back to the store to be refilled again or returned and a deposit refunded. The retailer will partner with Craft on Draft, a retailer of craft beers and ciders, to make this possible.Asda becomes the first UK supermarket to launch the draught beer concept.

Specialty cheeses are predicted to be festive favorites this winter – with beef also challenging the traditional Christmas crown. Following subdued seasonal celebrations last year due to COVID-19, AHDB insight analysts have taken a look at what this year’s festivities could mean for red meat and dairy, how supply issues will impact yuletide food and whether 2020 trends will remain. With fewer party guests at last year’s Christmas celebrations, sales of beef roasting joints soared by 18% compared to 2019, with many households switching from turkey to cater to their tastes. Analysts believe that the lingering trepidation of more significant gatherings and a shortage of seasonal poultry workers could result in a similar picture at this year’s celebrations, with beef roasting joints once again featuring more prominently as the “main event.” 

By Elizabeth Green and Inga de Jong

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