In This Issue:
- Lenders Frustrated With New PPP Rollout
- Shuttered Venue Operators Grant
- Food Venture Financing Trends
- CPG Corporate Venture and Private Equity Funds
- Links to Relevant Content and Events
Lenders Frustrated With New PPP Rollout
- The American Bankers Association (ABA) sent an open letter to the Treasury Department and SBA last week raising concerns about the re-opened Paycheck Protection Program.
- The ABA noted that multiple faults in the system are preventing successful applications.
- A key issue is that the SBA portal is incorrectly rejecting Second Draw applications if the forgiveness process is not complete for the borrower's original loan.
- In addition, the ABA is seeking clarification of what documentation is required to evidence a borrower's 25% revenue reduction required for eligibility of Second Draw loans.
Shuttered Venue Operators Grant
- The recently passed Economic Aid Act includes a $15 billion grant program for shuttered venue operators.
- Eligible entities include live venue operators, theatrical producers, and live performing arts organizations.
- These entities are eligible to a receive a grant of up to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million.
- Information from the Small Business Association can be found here.
Food Venture Financing Trends
- Foodtech companies are looking to enter the public markets in 2021. Stryve Foods, a meat-based protein snacks company, announced its $170 million SPAC deal.
- Leaders of the CPG industry sent a letter to the Biden administration recommending solutions to streamline vaccine distribution to essential workers. CPG leaders requested federal support to state and local jurisdictions as well as and recommended partnerships with CPG manufacturers to ensure that frontline essential workers from all backgrounds have access to the COVID-19 vaccine.
- Big Idea Ventures recently launched a $125 million venture fund to target foodtech and agtech research and IP development in academia highlighting the interest in research and development in the food and ag sectors to transform the global food supply chain.
CPG Corporate Venture and Private Equity Funds
This week's featured CPG corporate venture and private equity fund is Cultivate Ventures.
- Cultivate Ventures was launched as the corporate venture capital arm of Hain Celestial Group in 2016.
- Cultivate Ventures is dedicated to investing in lifestyle brands, smaller portfolio brands and concepts as well as incubators, which can benefit from Hain Celestial's infrastructure while contributing to net sales and growth.
- Portfolio companies include:
- BluePrint (cold-pressed juices, juice drinks and functional beverages)
- DeBoles (whole wheat and gluten-free pastas)
- GG Unique Fiber (slow-baked crisp, hearty fiber-rich crackers)
- Tilda (pure basmati rice and other grain products)
- Yves Veggie Cuisine (meat-free products including vegan and vegetarian options)
Links to Relevant Content and Events
Articles
- Starship Raises Another $17 Million, Adds UCLA and Announces Its Millionth Delivery
- Will 2021 Be the Turning Point for Food Technology?
- Delivery Hero Launches Its Own VC Fund, DX Ventures, to Invest Across Food Tech
- VES-Artex Could Broaden Scope of 'Smart' Dairies
- Ukko Raises $40 Million to Fight Food Allergies and Develop Its Good Gluten
- Bbot Raises $4 Million for Its Contactless Dining Room Tech
- Hippeas Raises $50 Million to Fund Innovation and Expansion Plans
- Food Tech Startup Raises $8.2 Million for Gut Health Products—And Honors a Sister's Legacy
- Biltong Maker Stryve Foods Going Public in $170 Million SPAC Deal
- Online Packaged Food and Beverage Sales Could Top $100 Billion in 2021
- Consumer Brands Association COVID-19 Vaccine-Recommendations Letter
- Big Idea Ventures Launches $125 Million Fund To Help Fund Food & Ag Startups Commercializing 'Groundbreaking' IP Developed At Universities
- Pairing Comforting, Familiar Foods With New Global Flavors Helps Consumers 'Travel With Their Taste Buds'
Events
For detailed event and registration information, visit this page.
- Naturally Bay Area's 3rd Annual Pitch Slam - Virtual Broadcast From The Bay Area, California
Thursday, February 11, 2021 - 2:00 – 4:00 pm PT
- Hirshberg Entrepreneurship Institute Webinar - Yes We Can: Perspectives and Strategies for a Successful 2021
February 03 – March 24, 2021
- NEW ACCELERATOR COHORTS
- FS6 Accelerator