Food Venture Financing News - Weekly Issue No. 52
In This Issue:
- SBA Nears Restaurant Revitalization Fund Rollout and Drops Key Requirement
- New EIDL Deferrals and Increased Loan Limits
- Food Venture Financing Trends
- CPG Corporate Venture and Private Equity Funds
- Links to Relevant Content and Events
SBA Nears Restaurant Revitalization Fund Rollout and Drops Key Requirement
- Although a specific date has not been set, the SBA has targeted early April to roll out the Restaurant Revitalization Fund ("RRF").
- In addition, the SBA announced that it is eliminating the requirement that applicants register for the System for Award Management (e.g. SAM.gov), a move that industry groups had been advocating to streamline the application process.
- As a reminder, the RRF will provide grants of up to $10 million (or $5 million per location) to restaurants and other food venues which can be used to cover a recipient's "pandemic-related revenue loss" – generally, the difference between their 2019 and 2020 gross receipts.
- Grants will be reduced by the amount of any PPP loans previously received.
New EIDL Deferrals and Increased Loan Limits
- The SBA recently announced that it will defer repayments of Economic Injury Disaster Loans and increase the amounts businesses can borrow.
- Loans made in 2020 may now be deferred for 24 months, while loans made in 2021 may be deferred for 18 months. EIDLs originally had a 12 month deferral period.
- In addition, the maximum loan amount has been increased to $500,000, instead of the original maximum loan amount of $150,000.
Food Venture Financing Trends
- Numerator, a data company that conducts market research, launched a COVID Buyer Habit Index to assess consumption habits that are likely to prevail long term. Categories they identified include vitamin supplements, wine, and baking ingredients.
- In an effort to share its sustainability goals with consumers, Horizon Organic announced the results of its life cycle assessment to track its progress to become carbon positive by 2025.
- Female founders in the food and beverage space joined the #HungerforEquality initiative, a social media campaign partnered with the United Nations Foundation to improve gender equality, and discussed the importance of social media and mentorship to provide a platform for female entrepreneurs.
CPG Corporate Venture and Private Equity Funds
This week's featured venture fund is Better Food Ventures.
- Better Food Ventures, founded in 2013, is based in Menlo Park, California.
- The firm invests in IT innovators focused on strengthening the food and agriculture industries through technology, mobile, internet, artificial intelligence, robotics, and data analytics.
- Portfolio companies include:
- Four Growers
- Edifice Health
- Afresh Technologies
- Better Food Ventures is affiliated with The Mixing Bowl, a forum for thought leadership and information exchange in the food and beverage industries.
Links to Relevant Content and Events
- The LIVEKINDLY Collective Closes $335 Million Funding Round
- How the Biden Administration Can Accelerate Prosperity by Fixing Agricultural-Biotech Regulations
- MeliBio Raises a Sweet $850,000 Pre-Seed Round for Bee-Less Honey
- AeroFarms Partners With Hortifrut to Grow Blueberries, Caneberries Via Vertical Farming
- Squarespace Acquires Hospitality Management Platform Tock for $400 Million
- Oishii Sees Itself as 'the Tesla of Vertical Farming.' Here's How It's Cracking CEA Strawberries
- CoverCress Nets $8 Million From Bunge, REG; Touts 'Buy-In From Entire Supply Chain'
- AppHarvest's David Lee on How AgTech Is Helping Us Eat Better
- Numerator Launches COVID Buyer Habit Index Quantifying Stickiness Of New Consumer Behaviors
- As Horizon Organic Blazes a Trail to Carbon Positive It Invites Consumers, Industry Players on Journey
- Hungry for Diversity: Female Startup Founders Take On the Challenges of Growing a Food Business
For detailed event and registration information, visit this page.
Collaboration: The Key to Scalable Packaging Solutions
Monday, April 12, 2021 at 1:00 – 1:45 p.m. PT
Sustainable Lifestyles: Leveraging Brand Purpose to Shift Consumer Behavior
Tuesday, April 13, 2021 at 9:30 a.m. PT
Climate Justice: The Intersection of Equity and Environmental Justice
Tuesday, April 13, 2021 at 1:30 p.m. PT
How to Start Your Carbon Neutral Journey
Wednesday, April 14, 2021 at 9:00 a.m. – 10 a.m. PT
Cooking Sustainably and Reducing Food Waste
Thursday, April 15, 2021 at 4:00 p.m. – 5:00 p.m. PT
The Carbon Problem
Thursday, April 22, 2021 at 9:00 a.m. – 10:00 a.m. PT
The Rise of Transparency in the Food Supply Chain
Tuesday, April 27, 2021 at 8:00 a.m. PT
Food Edge! Virtual Summit
Tuesday, May 4, 2021 and Thursday, May 6, 2021
Food Funded 2021 JEDI
Wednesday, May 12, 2021 at 10:00am – 2:00pm PT
Future Food-Tech Alternative Proteins Summit
June 22-23, 2021
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.
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