Food Venture Financing Newsletter News - Weekly Issue No. 16
In This Issue:
- U.S. Releases Names of Biggest PPP Borrowers
- Fed's Main Street Loan Program Fully Operational
- CPG Corporate Venture Investment Programs
- Links to Relevant Content and Events
U.S. Releases Names of Biggest PPP Borrowers
- The SBA posted on its website this week the names of borrowers who accessed loans in excess of $150,000 through the PPP program.
- Loan amounts were disclosed only in broad ranges of values.
- The SBA and Treasury reported that PPP loans supported 51.1 million jobs.
Fed's Main Street Loan Program Fully Operational
- The Federal Reserve announced yesterday that its Main Street Lending Program, aimed at small and mid-size businesses, is fully up and running.
- Under the program, the Fed will loan as much as $600 billion through three separate facilities, each of which will make slightly different loans to businesses with up to 15,000 employees or $5 billion in revenue in 2019.
CPG Corporate Venture Investment Programs
This week we will launch a survey of corporate investment venture programs of large CPG companies that invest in emerging food and beverage brands. Each week we will feature a different CPG corporate venture unit, which as a category could become an increasingly large investment class in emerging food and beverage brands during the pandemic.
Our featured CPG corporate investment team this week is 301, Inc.:
- 301, Inc. is General Mills' corporate venture investment unit, based in Minneapolis, Minn. 301, Inc. partners with emerging food brands to provide direct equity investment supported by the expertise of General Mills management team.
- Investments include:
- Good Culture, a U.S. cottage cheese maker (2016, 2019)
- U.S. snacks firm Rhythm Superfoods (2016)
- Tio Gazpacho, a convenience food firm (2016)
- Kite Hill, a U.S. maker of nut-based dairy products (2016)
- California-based emerging probiotics firm Farmhouse Culture (2017)
- U.S. plant-based protein bar supplier D's Naturals (2017)
- Purely Elizabeth, a U.S. oatmeal, muesli, granola and cereal firm (2017)
- Beyond Meat, an alternative protein business (2017)
- Urban Remedy, a California-based plant-based food company (2018)
- GoodBelly, a Colorado-based probiotics food and drink products firm (2018)
- Gathered Foods (U.S. business of the seafood-alternative brand Good Catch) (2020)
- Support services include guidance in the areas of product development, supply chain, marketing, and channel development, among others.
Links to Relevant Content and Events
- Outstanding Foods Raised $5M for Plant-based Pork Rinds
- The 2020 Food Tech 25
- CBD Beverage Company Infuzed Brands Secures $8.6m in Funding
- Dumpling Raises $6.5m Series A for Personalized Egrocery to Give Comfort to Gig Workers, Wary Online Shoppers
- Redefine Meat Announces High Volume 3D Printing for Plant-Based Steaks
- Boost Biomes Raises $5m in Series A Funding and Agrees Joint Development Initiative
- Why the World's Largest Beer Company Is Investing in Agtech
Naturally Bay Area QUICK BITES Wednesday Lunchtime Series
The Naturally Bay Area QUICK BITES Wednesday lunchtime sessions focus on key business topics of concern during the pandemic climate.
If you missed last week's session, you can check out the recorded video here. In that session, Naturally Bay Area's Jim Taschetta (CMO, Head of Retail Operations, MWG Holdings) & Elliot Begoun (Founder, The Intertwine Group) discuss best sales practices to implement now that will sustain businesses in the pandemic & beyond.
Naturally Bay Area's QUICK BITES Series Continues this Wednesday, July 8
Team Building During the Pandemic
Featuring Lisa Curtis: Founder, Kuli Kuli
Hosted by Jim Taschetta: Naturally Bay Area & CMO/Head of Retail Operations, MWG Holdings
Wednesday, July 8, 12:00 - 12:30 pm PT
Naturally Bay Area Webinar: Building Brands in A Diverse & Inclusive World
Kirk Visola, Founder & Creative Director at MIND THE FONT®, a Black-owned and operated full-service design agency headquartered in the Bay Area.
Thursday, July 9, 4:00 – 5:00 pm PT
Register for free here
- Optional contribution of $20.00 per attendee to the Ella Baker Center for Human Rights here.
- The MTF Empowered Initiative (a program sponsored by MIND THE FONT®) will award three minority-owned or minority community-focused brands a "Brand Design Package" including free brand design (or re-design) work consisting of concept development, logo design, commercial-ready packaging for up to three products, and up to five launch collateral pieces.
Applications: Through Thursday, June 25 - 9:00 pm PT. Apply HERE.
At Davis Wright Tremaine LLP (DWT), we are proud to have one of the largest Food & Beverage legal practices in the country, with over 40 attorneys representing food innovators, entrepreneurs, and investors at every level of the food chain, from Farm to Label.
Please contact our Food and Beverage team if we can assist you in any way in these unprecedented times.
The facts, laws, and regulations regarding COVID-19 are developing rapidly. Since the date of publication, there may be new or additional information not referenced in this advisory. Please consult with your legal counsel for guidance.
DWT will continue to provide up-to-date insights and virtual events regarding COVID-19 concerns. Our most recent insights, as well as information about recorded and upcoming virtual events, are available at www.dwt.com/COVID-19.