In This Issue:
- Food Venture Financing Trends
- CPG Corporate Venture and Private Equity Funds
- Links to Relevant Content and Events
Food Venture Financing Trends
- The Local Bounti Corporation, a controlled environment agriculture (CEA) company in the vertical farming space, secured $145 million in funding from an increase in its existing credit facility and a sale-leaseback deal with a real estate investment trust.
- EV Biotech, a biotech startup that creates accelerated microbial production methods, raised €4.5 million in seed investment.
- Cauldron, a precision fermentation startup based in Australia, raised $7 million in a seed round. The company plans to use the funds to expand its demonstration plant and scale its manufacturing platform.
CPG Corporate Venture and Private Equity Fund
This week's featured accelerator is Organic Food Incubator.
- Organic Food Incubator™ (O.F.I.) is a food manufacturer and incubator based in New York. It has over 25 years of experience assisting CPG startups and restaurants.
- O.F.I. offers unique manufacturing solutions to businesses and entrepreneurs. Its facility is a commercially licensed, certified organic production space.
- Featured Companies:
- Hot Gramham
- Jersey Barnfire
- Hellgate Farms
- Pallotta Hot
Legal Advisory
Recent legislation regarding 401(k) plan compliance includes the following mandatory requirements which applies to all employers:
- Long-term, part-time employees must be allowed to defer into a 401(k) plan once they have earned at least 500 hours of service in two consecutive years. This requirement is effective January 1, 2025 but employers need to be tracking employees’ hours now.
- Most 401(k) plans established on or after December 29, 2022 must include an automatic enrollment feature and an automatic escalation feature effective January 1, 2025. Participants can opt out of the automatic enrollment and automatic escalation features but. If they do not, the employer must withhold deferral contributions from the participants’ pay pursuant to these features.
Please contact LisetteSell at LisetteSell@dwt.com / 415.276.6535 with any questions.
Links to Relevant Content and Events
ARTICLES
- Local Bounti Secures Up To $145 Million In Financing
- Revolutionising Green Production: EV Biotech Secures €4.5 Million Seed Investment to Supercharge Fermentation Development
- Cauldron raises $7 Million to Expand Precision Fermentation Platform Using ‘Smaller, Smarter, Cheaper’ Continuous Process
- FDA Commissioner Calls Biotech in Food a “Huge Interest” for the Agency, Sparking Anger from US Cattle Industry
- Cultivated Meat Maker New Age Eats Shuts Down: Founder and CEO Brian Spears Said the Company’s Financial Woes Had Nothing To Do With the Segment’s Viability
- CULT Scoops Up Assets From Cultivated Meat Pet Food Startup Because Animals, Fresh Off Investment By Marc Lustig
- Cultivated Meat Startup Myodenovo Emerges From Stealth, Focuses on Whole Cuts to Reach ‘Diehard Meat Lovers’
- Pet Food Startup Fetches $1 Million in Funding
- Smallhold Mushrooms Continue West Coast Expansion with Sprouts Farmers Markets
- Consumer Products Entrepreneurs Launch Venture Capital Fund
UPCOMING EVENTS
Naturally Bay Area
CEO & Founders Forum Meeting
Thursday, April 20, 5:00 – 6:00 p.m. PT
Location: Mattson, 343 Hatch Drive Foster City, California
This meeting will focus on innovation. Pete Brennan, Naturally Bay Area Board Member and VP of Innovation at Mattson, will facilitate this interactive session and take you on a tour of the Mattson facility.
Stay after the Forum Meeting for a community-wide networking event with food and beverages hosted by the Mattson team (please register for both events if you plan to stay.)
You must be a paid member of Naturally Bay Area, and be a Founder or CEO of a Natural Products CPG brand to participate.
Naturally Bay Area
Sustainable Innovation Networking Night at Mattson
Thursday, April 20, 6:00 – 8:00 p.m. PT
Location: Mattson, 343 Hatch Drive Foster City, California
Connect with the Naturally Bay Area community and celebrate Earth Day at Mattson, in Foster City. Enjoy food and beverages and learn about precision fermentation, organic and regenerative agriculture, and more!
Naturally Bay Area
Quick Bites: Category Trends with Top Retail Buyers
Wednesday, April 26, 12:00 – 1:00 p.m. PT
With EXPO West fresh in everybody's mind, Naturally Bay Area has invited buyers from top retailers to reveal the industry trends they are excited about and share tips on how to be successful at their stores. Hear about the trends they're seeing, review timing and criteria, preferred marketing support tactics, and how to set yourself up for success.
Speakers:
- Jen Berliner, Head of Marketing, Sales and Ecommerce at Patagonia Provisions
- Monika Coyle, Executive Director Local and Emerging Brands of Whole Foods Market
- Thuy Nguyen, Category Manager at Thrive Market
- Tobi Seriki, National Category Manager at Albertsons
Naturally Bay Area
5th Annual Pitch Slam + Community Celebration
Wednesday, May 10, 3:30 – 8:00 p.m.
Let's celebrate the Bay Area's up-and-coming Natural Products Industry brands with a community celebration and pitch competition. A select group of entrepreneurs will pitch to the industry's premier investors, retailers, and industry peers for a chance to win prizes worth tens of thousands of dollars, including a booth at EXPO East and the opportunity to pitch on the national stage!