Publications
Food + Beverage

Food Venture Financing News - Weekly Issue No. 51

03.30.21
Print this page

In This Issue:

Congress Approves Extension to PPP

  • Last week the Senate voted 92-7 to extend the current round of the Paycheck Protection Program by two months.
  • Borrowers will have until May 31, 2021, to submit an application for a PPP loan under this new legislation.
  • The bill also provides that the Small Business Administration would have until June 30, 2021, to process lender applications.

California Adopts New COVID-19 Supplemental Paid Sick Leave Entitlement

  • California's new sick leave entitlement for COVID-19 goes into effect on March 29, 2021, but is retroactive to January 1, 2021.
  • All employers with at least 25 employees are subject to the law.
  • Any California employee of a covered employer is entitled to paid sick leave.
  • Please see DWT's Alert for more information.
  • Alternative proteins are predicted to account for 11% of the global protein market by 2035, an increase from 2% of the global protein market in 2020.
  • SPACs are gaining traction in the food, foodtech, and agtech sectors. AeroFarms, an indoor vertical farming operator, announced its merger with Spring Valley Acquisition Corp., a SPAC, valued at $1.2 billion.
  • Large food and beverage CPG companies are introducing new flavors to entice consumers. PepsiCo announced a collaboration with Peeps to create a limited springtime marshmallow soda drink. PepsiCo also announced a new mango flavor two weeks ago, as the company continues to experiment with innovative flavors.
  • The recently enacted American Rescue Plan seeks to address systemic racism against generations of Black farmers, including $4 billion that will be directed to farmers of color and $1.01 billion for outreach, training, and funding to improve land access.
  • Venture financings continue to accelerate rapidly in the food and beverage sector. goPuff, a digital delivery service, announced that it raised $1.15 billion in new funding.

CPG Corporate Venture and Private Equity Funds

This week's featured corporate venture and private equity fund is Inventages.

  • Inventages, based in Nassau, Bahamas, is an investment arm of Nestlé &‌eacute; S.A.
  • Inventages invests in early-stage companies operating in the life sciences, nutrition, and wellness sectors.
  • Portfolio companies include:
    • Accera®
    • AM-Pharma
    • Steaz
    • VELLE®
    • Vital Foods
    • XO®
  • Inventages pursues opportunities for preventing and managing chronic diseases through diagnostics, drugs, OTC, medical and functional foods, nutraceuticals, and enabling technologies that would address these major disease areas: cardiovascular, gastrointestinal, brain health, metabolic, and bone health.

Please check out DWT's newly re-launched Startup Law Blog

At 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.

Related Articles