Weekly Roundup: Singapore’s first agri-foodtech accelerator program launches, Unicorn- and galaxy-themed NPD desserts unveiled

26 Jul 2019 --- This week in industry news, Singapore’s first agri-foodtech accelerator program, GROW, opened for applications. Organic Valley launched Ultra, branded as the first organic ultra-filtered milk available in the US and Pecan Deluxe developed a range of “vibrant and shiny” colored sprinkles – suitable for unicorn- and galaxy-themed products. Meanwhile, Bobo’s, the Boulder-based natural food company and maker of freshly-baked whole grain snacks, has closed US$5.5 million in Series B1 funding led by Boulder Food Group (BFG).

In brief: Funding and accelerator programs
Singapore’s first agri-foodtech accelerator program, GROW, is now open for applications. GROW is a joint venture between AgFunder and Rocket Seeder, an Australian agri-food tech accelerator. Applicants have the chance to receive up to US$120,000 in funding and US$80,000 in-kind benefits, plus expert mentoring and network access. GROW is a 12-week program that will commence on September 9 and will provide services including exposure via AgFunder News and eligibility for entry to GROW’s +3 GROWth Program. The program will also include a “world-class” curriculum, “high-performance” coaching, a global network of mentors, facilitated access to GROW’s partner network across the region, customer validation, prototype testing, tech trials with customers, access to experts within GROW corporate sponsors and access to test labs and deep tech expertise in GROW research partners.

Bobo’s, the US Boulder-based natural food company and maker of freshly-baked whole grain snacks, has closed US$5.5 million in Series B1 funding led by Boulder Food Group (BFG), as well as current investors Ridgeline Ventures and BIGR Ventures. Bobo’s grew 70 percent in 2017, 45 percent in 2018, and anticipates 40 percent growth in 2019. This round of financing will continue to support the brand’s rapid growth. The funding will be used to expand capacity at the brand’s new Loveland, Colorado bakery and support retail expansion while driving growth into additional channels.

Organic Valley's new milk is marketed as containing 50 percent more protein and 50 percent less sugar than regular milk.In brief: Product launches and expansions
Organic Valley, the US’s largest cooperative of organic farmers, has launched Ultra, the first, organic ultra-filtered milk available nationally. The milk is marketed as containing 50 percent more organic protein and 50 percent less sugar than regular milk. Organic Valley Ultra was developed in response to consumer demand for high-protein, low-sugar organic options produced without toxic pesticides or artificial growth hormones, notes the company. The company starts with Organic Valley’s USDA Certified Organic milk from the cooperative’s pasture-raised cows. During the filtering process, the naturally occurring sugar-lactose in the milk is reduced. The company notes that the ultra-filtered milk category has been rapidly gaining in popularity over the last several years.

Food tailor Pecan Deluxe has developed a range of “vibrant and shiny” colored sprinkles – suitable for unicorn and galaxy themed products. Pastel-colored shimmer balls are in demand from ice cream manufacturers and bakery retailers looking to develop all-age-friendly, multi-colored, themed product lines, the company notes. Pecan Deluxe’s latest launch complements its existing offerings of meringue pieces, sugar pearls and sprinkles and popping candies, providing a versatile selection of tailor-made offerings for unicorn, rainbow, galaxy, narwhal and mermaid themes. The company notes that it has a number of ongoing development relationships with ice cream and bakery producers using the new range and connected products, for applications such as doughnuts, muffin tray bakes and hand-held ice creams.

Mother Raw, makers of plant-based dressings, dips, condiments and quesos, is set for full bloom at retail and online across North America. Mother Raw products are organic, vegan, free of common allergens, suitable for many dietary lifestyles and contain no artificial ingredients, preservatives or refined sugar. The company notes that it is gaining strong market presence at an “ideal” time, supported by new data released last July by the Plant Based Foods Association and The Good Food Institute that showed US retail sales of plant-based foods have grown 11 percent in the past year, bringing total plant-based sales to US$4.5 billion. Since the initial launch in January, Mother Raw set an ambitious store count target and has already quadrupled its distribution, landing a targeted mix of niche and large retailers. Pastel-colored shimmer balls are in demand from ice cream manufacturers and bakery retailers.

In brief: Business transactions and appointments
Post Holdings, Inc. and TreeHouse Foods provided an update on the proposed acquisition of the private label ready-to-eat (RTE) cereal business from TreeHouse Foods, which was previously announced on May 2. On May 17 the Federal Trade Commission (FTC) provided early termination of the customary waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, as amended. While the FTC did not issue a formal request for additional information under the HSR Act, the FTC has since indicated that it is currently reviewing the transaction in more detail, and closing will be delayed beyond July. Post and TreeHouse say that they remain committed to the transaction and that it will generate substantial cost savings and other efficiencies to benefit retailers in the nearly US$9 billion RTE cereal category.

Playa Vista-based OXIGEN Beverages Inc. has announced the appointment of Jeff Seavey as Chief Sales Officer and Matthew Rothschild as National Director – DSD & Wholesale. The new sales leadership team closely follows the appointment of Chief Marketing Officer Bill Lange in February as OXIGEN overhauls its leading roles in order to launch its next phase of “extreme growth.” Seavey and Rothschild bring forty years of combined experience in the beverage industry, holding positions at Core Hydration, Glaceau, ZICO and Nestle Waters. Most recently, Seavey served as National Director at the Hain Celestial Group. Rothschild served as Senior National Accounts Manager for DSD and Wholesale, also at the Hain Celestial Group.

Edited by Laxmi Haigh