This is the 154th weekly from foodplus
Weekly has changed from focusing on information analysis to focusing on the richness of information. We will collect and review the most noteworthy information of the food and consumer goods industry in the past week.
Feii community has been fully online and has been in operation for more than one month. Since the official launch, it has done five live online activities, released two reports, several daily articles and daily express. More than 320 new members have joined feii community, and there are more than 400 new and old members in total, and they have officially passed the internal test period. You can click here to learn about some things we have done since we officially went online.
In the future, we will do more in feii community to make feii the best venture and investment community in the field of China’s food consumer goods. As mentioned before, doing foodplus and feii community is our team’s marathon in the food consumer goods industry.
Feii community welcomes food and beverage entrepreneurs, investors and industry practitioners to join us to create a vertical community based on depth.
Editor: turo, HKS
Big event & wind vane
Oatly may become the largest IPO in the history of plant based industry
Sources: Food dive, the bee, food navigator, 36 krypton
Photo source: fooddive
Oatly “oat drink” product, photo source: oatly official website
On February 23, 2021, oatly, a brand of oat milk, submitted its listing document, following rumors that the company aims to obtain $10 billion in financing. If oatly can get this amount of financing, it will be the largest IPO in the history of the plant-based industry.
Rickard Ö ste, a Swedish food scientist, first introduced oat milk products in the 1990s. Oats are known for their high nutrition and sustainable farming. Rickard believes that oat milk can not only be an edible milk substitute for lactose intolerant consumers, but also a product that is good for the environment and will not create a burden on the earth. As a result, after the product was made, Rickard Ö ste and his brother Bjorn Ö ste co founded the brand oatly, with nutrition and sustainable development products as the main idea of the brand.
In the first 20 years of the brand, oatly has been a relatively small Swedish dairy substitute brand. The company has changed the taste of oat milk again and again, and has been making corresponding business decisions based on consumer research. It was not until 2012 that the company invited entrepreneur Toni Petersson as CEO that the company ushered in an earth shaking change.
Toni Petersson has a rich entrepreneurial experience in the past. When Petersson first tried oatly’s products, he was amazed by its sustainability and health. Faced with oatly in 2012, he once said, “when you don’t have strategy and execution, no matter how perfect the product is, it’s worthless.”. So after Petersson took over oatly, he chose to restructure the company, banned the marketing department, and took the creative department as the core of the whole company. In the following years, Petersson reshaped oatly’s brand, conveyed its distinctive brand personality in packaging, advertising and marketing, cultivated a loyal consumer base, and began to enter the overseas market.
Oatly’s early products, photo source: oatly official website (old)
Oatly entered the United States in 2016, relying on the huge coffee market, quickly opened the door of the U.S. market. In the next two years, the turnover reached nearly 10 times growth (from $1.5 million to $15 million). After gaining a firm foothold in the United States, oatly began to enter the Chinese market, and first entered the boutique supermarket Ole, but the market reaction was flat. After much consideration, oatly chose boutique coffee shop as the breakthrough point, and successfully opened the market, and won the favor of some consumers. After receiving last year’s investment from Blackstone, the company has been valued at $2 billion.
In the past few years, the company has gradually begun to absorb overseas investors. At present, oatly’s investors include:
- Belgium private equity fund verinvest
- China Resources Group
- Swedish venture capital firm industrifonden
- blackstone group
- Stockholm, Sweden
- Private equity firm orkila capital
- Rabo corporate investments
In fact, at the end of 2016, oatly was invested by the joint venture “China Resources wellin Health Investment Co., Ltd.” established by China Resources Group and verlinvest, a Belgian company. As a later help to enter the Chinese market, China Resources did give great support to oatly when he first entered the Chinese market, including entering China Resources’ boutique supermarket OLE and entering the Chinese market through Pacific Coffee.
In September 2020, oatly won $200 million investment from the star investment group led by Blackstone Group. At that time, it was reported that the company was preparing for IPO or acquisition by large companies. Now oatly has formally submitted the IPO application documents, which just shows that oatly’s ambition is not only to look at this, but also to look at the larger global market, and even to challenge the whole dairy industry.
If oatly’s tob cafe business is the key to the market, then TOC’s products may help the company move to a higher level in the future. At present, oatly’s product line extends to oatgurt, oatcream cooking, on the go and ice cream. If you want to really challenge the dairy industry, first of all, Oat Milk needs to become a more everyday consumer goods. That means that companies need higher market penetration and a more comprehensive product line to meet the needs of consumers and to develop other potential markets. With oatly’s concept of healthy and sustainable development, it is possible for the company to incubate other similar brands in the future, and then become a multi brand diversified business company.
As a company with sustainable development as its main idea, last year, it received resistance and threats from some environmentalists and consumers. The reason is the investment from Blackstone Group. It is reported that the two companies invested by Blackstone Group are related to deforestation in Amazon region. Although the company chose to defend its investors in the open letter, and insisted on its choice, temporarily eased the storm. However, similar incidents may happen again after the listing of the company in the future, which will damage the company’s profits.
In the Chinese market, oat milk is still a relatively small daily drink choice. First of all, the price is a big threshold. Oatly oat milk is priced at about 40 RMB / 1L in tmall flagship store, while oatly is priced at 5 US dollars / 1L (about 30 RMB) in the US and 1.5 pounds / 1L (about 13.5 RMB) in the UK. In addition, consumers’ eating habits are also quite different. Relatively cheap soybean milk has been deeply rooted in Chinese eating habits, and it is also a choice of dairy substitutes. Although oatly has already occupied a place in the coffee market, it is still relatively difficult for Oatmeal Milk with relatively high price to become a substitute for daily dairy products in the Chinese market in the short term.
Oatly announced in 2020 that it will start to build a factory in Singapore, which is expected to be completed in 2021, and the production of the factory in Singapore will also be supplied to the Chinese market in large quantities. In fact, in 2020, oatly once said that he had the intention to build a factory in China. Although there was no later text for the project, oatly also said last year that it was still possible to build a factory in China in the future. With the establishment of a factory in Asia, we can look forward to the future price adjustment and the development of new products for the Asian market, so as to overcome the shortcomings of brand localization.
Oatly also brings a lot of inspiration to Chinese entrepreneurs, which also means that oatly faces more local competition in the Chinese market. Wheat Ouye will be officially sold in July 2020 and will complete ten million level financing in September. Thanks to oatly’s early consumer education, wheat oyer quickly focused on the C-end market, launched oat milk drinks according to different situations, and also said that it would launch other plant protein drinks. Oatoat, the brand, has also completed the ten million level pre-A round of financing in October 2020. Compared with other domestic oat milk brands, oatoat has its own oat milk preparation plant, which is also one of the company’s core competitiveness.
The global vegetable milk market is expected to reach about 21 billion US dollars in 2024, while in China, vegetable milk is still a relatively new consumer product. In addition to the price advantage, local brands also need to broaden the consumption scene, truly consider the application needs of consumers, and let consumers understand the products in a more creative way, so as to improve the market penetration.
In less than 10 years, oatly has made a leap from an unknown Nordic niche brand to a star enterprise. But what we can’t forget is that before that, oatly itself had nearly 20 years of precipitation and accumulation before it could erupt in the future.
Adding bubble element, Coca Cola will launch Chunyue soda water in Chinese market, and introduce ah! Ha, a bubble water brand in North America!
Source: Food Board, foodaily
Photo source: Coca Cola
According to the report on the food board, the Coca Cola company’s brand Chunyue has launched two soda drinks, mainly featuring the concept of “0 steam, 0 sugar and 0 fat”, with a unit price of 4 yuan, which has been the first to appear in Sichuan. It is worth noting that these two products also emphasize their functionality by adding specific elements. One of them adds nicotinic acid, an indispensable B vitamin in energy metabolism, and the other adds zinc, which helps to improve appetite.
Photo source: Coca Cola Chunyue
At the same time, Coca Cola’s bubble water brand ah! Ha! In North America will also enter the Chinese market. On February 19, ah! Ha’s first offline image store in Sichuan appeared in Chengdu. Ah! Ha! Bubble water also emphasizes the attribute of “0 sugar, 0 calorie, 0 fat”, and its sweetness comes from erythritol. The product adopts 1 + 1 flavor system, including White Peach Oolong tea and grapefruit sea salt. At present, the price of 12 bottles (pet480ml) is 39.9 yuan, and the price of a single bottle is about 3.4 yuan, which is lower than the retail price of Yuanqi forest.
Photo source: Coca Cola
It is worth mentioning that the bubble water brand ah! Ha! Launched in the Chinese market will be slightly different from the bubble water brand AHA in North America. First of all, the two are in the name; second, AHA in North America has eight flavors, which were developed by the team after about six months of communication with thousands of consumers and screening from the initial list of 800 flavors, including lemon + watermelon, strawberry + Cucumber, orange + Matcha, black cherry + coffee, orange + grape, Apple + ginger, blueberry + pomegranate, peach + honey. At present, ah! Ha! In the domestic market only contains two flavors, which are completely different from those of AHA. It must be the result of fully combining with the local market. Finally, 30 mg caffeine is added to the AHA bubble water in North America, which has a certain refreshing and energy supplement effect, but ah! Ha! Does not.
Although there are such subtle differences as the above, from the perspective of product core positioning and packaging tonality, the two are still highly consistent, that is, catering to the trend of carbonated drinks becoming younger and healthier in recent years.
In addition to insight into the development trend of the domestic carbonated beverage market, it is speculated that it may also feel the impact of beverage brands in the domestic market. The latest estimate of Yuanqi forest, a beverage brand that has not grown up for a long time, has exceeded 10 billion yuan. Its founder set the sales target for 2021 at the 2020 dealer conference In addition, Hankou No.2 factory, Jianlibao, Tsingtao beer, etc. have also launched their own carbonated beverage products.
Another point worthy of attention is that in the early stage of the promotion, the focus of Coca Cola’s new products was on Sichuan, rather than beishangshen and other first tier cities where young people gathered. The reasons behind this are worthy of our further attention and consideration.
Beyond meat establishes global strategic partnership with McDonald’s and Yum
Sources: Food dive, beyond meat website, plant based News
Beyond meat has established strategic partnership with several catering companies, photo source: Food dive
On February 25, 2021, McDonald’s and Yum! Announced at the same time that they would establish a global strategic partnership with beyond meat, an artificial meat manufacturer.
Among them, the cooperation with McDonald’s is a three-year contract. As part of the partnership, beyond meat will become the “preferred supplier” of McDonald’s “mcplant” patties. At the same time, the two sides will jointly explore and develop other mcplant plant-based products, such as chicken meat, pork and eggs.
P.l.t. products that beyond met cooperated with McDonald’s earlier, photo source: plant based News
For yum, the global partnership includes co creation of plant-based protein menu items that will be sold to KFC, Pizza Hut and Taco Bell in the next few years.
Test products launched by beyond meat and Yum catering group in some parts of China in 2020, photo source: Yum official website
It is worth noting that in the agreement signed this time, all parties did not indicate “exclusive” cooperation, that is to say, if McDonald’s or Yum group expand the product category in the future, it is possible to establish cooperative relations with other artificial meat companies.
Beyond’s global partnership with these companies means that beyond needs stronger production capacity to meet future demand. Yum catering group has nearly 50000 restaurants in more than 150 countries and regions around the world, while McDonald’s has about 36000 restaurants in more than 100 countries and regions around the world. Beyond, on the other hand, supplies products in about 122000 retail and catering outlets in more than 80 countries and regions around the world. In terms of the current layout, the company can keep up with the increase of demand for the time being.
Since 2020, the company has begun to expand its global production capacity, including the establishment of a factory in the Netherlands and working with Zandbergen’s joint manufacturing plant to achieve higher efficiency and improve its capacity in Europe. In the same year, beyond set up a factory in Jiaxing, China, which is expected to start production in 2021 as a R & D and production center. Beyond also said that China is expected to become one of the most important markets in the world.
We mentioned in issue 0 of feii track insight meeting that plant-based artificial meat is a new protein choice, and its emergence is not to replace traditional meat, but to provide consumers with plant-based protein choices. The cooperation between beyond and the two major catering giants is the possibility of bringing more artificial meat products to consumers. Whether it is the further cooperative development with McDonald’s mcplant or the creation of plant protein menu with Yum group, it is bound to bring further improvement in taste, flavor, aroma and dish innovation.
If McDonald’s and Yum can successfully introduce artificial meat products into the mainstream menu in the future, it means that artificial meat products are more likely than expected. Whether it is the pioneer of artificial meat industry, or the start-up artificial meat enterprises, will face greater market demand. Then they need to always pay attention to market changes, stand in the perspective of customers, meet more personalized needs, improve customer experience.
According to the 2020 financial report (not audited) released by beyond, the revenue in 2020 was US $406 million, 36.6% higher than the previous year, the gross profit rate was 32.9%, and the annual net loss was US $52 million. In terms of the two sales channels of beyond, the retail channels in the domestic and international markets of the United States have achieved 100% revenue growth in 2020 compared with the previous year. In terms of catering, due to the impact of COVID-19 in 2020, catering channels in the United States dropped by 13.7%, and dropped 45.1% in the international market.
In January 2021, beyond established a joint venture with Pepsi group and signed a partnership with McDonald’s and Yum Brands in February. As the pioneer of artificial meat industry and the first stock of artificial meat, beyond not only has strong production capacity, but also has high credit endorsement, which is more stable than other artificial meat companies. This may also be part of the reason why food giants choose to cooperate with it.
For the catering industry giants, if the market response after the cooperation with beyond is considerable, there is no lack of the possibility of cooperation with other artificial meat companies in the future. For beyond, the two cooperation can increase the sales volume of retail channel and catering channel respectively, or will bring medium and long-term value return to the company.
Big company news
Danone officially announced that it would separate the positions of chairman and CEO
Photo source: Danone website
Danone’s board voted on Monday to separate the roles of chairman and CEO currently held by Emmanuel Faber and to start looking for a new chief executive to run the dairy giant, Danone said in a statement. Faber will remain in Danone’s current position until he finds a new CEO and then becomes a non-executive chairman.
The maker of dairy yogurt and silk plant products has been under attack in recent months by some radical investors, who have called for a change of leadership amid falling share prices and questioning the company’s strategy.
While there is a solid brand portfolio that takes up a lot of space on retailers’ dairy shelves, radical investors including artisan partners, Causeway capital management and bluebell capital partners have called for change.
“We believe that the poor performance of Danone’s share price is driven by a combination of poor operating records and problematic capital allocation choices,” bluebell wrote in a November letter to Michel Landel, Danone’s chief independent director.
Bluebell continues to point out how Danone has achieved 21% of its total shareholder return since Faber took over in 2014, compared with 56% for Stoxx Europe 600, 97% for Nestle and 101% for Unilever. Bluebell said it “failed to reflect the quality of Danone’s assets.”.
Danone is under pressure from General Mills Yoplait, Greek yoghurt maker chobani and countless start-ups. The bottled water category is full of dozens of big brands and private brands. No matter the size of the company, it is turbulent. After years of struggling in the field, Nestle last month announced the sale of its North American bottled water business, focusing on its international high-end brands, local natural mineral water, health supplements and functional water.
Critics also say Danone pays too much attention to its environmental and sustainable development efforts at the expense of its financial performance. Last year, the company doubled its commitment, pledged to pay more attention to environmental, social and governance goals, and set up an independent committee to monitor and report on its progress. Three years ago, its North American business achieved B company certification two years ahead of schedule.
Activists will think that separating the roles of CEO and chairman will bring more supervision to CEO’s performance and increase personal responsibility. As many as eight potential candidates have been circulating among board members, Reuters reported on Monday that the replacement of Faber is likely to move quickly.
The decision to split the role has drawn different comments from analysts, who say Faber is likely to continue to influence the new CEO as chairman. They also noted Gilles Schnepp’s announcement to join Danone’s former CFO, C é cile Cabanis, as vice chairman. Mr. Faber pushed them to become new board members last year, and their role should only further strengthen his influence, according to Bloomberg.
“Faber’s presence as chairman, along with former CFO C é cile Cabanis’s presence as vice chairman, is likely to restrict the freedom of any new CEO,” Reuters quoted Jefferies analyst Martin deboo as saying.
Nestle plans to acquire British recipe pack company simplycook to enrich its DTC industry in the UK
Photo source: foodnavigator
The founder, ASHNESS, set up simplycook with his savings and 100000 pounds of friends and relatives in 2013. Within six months after the company was founded, simplycook had thousands of consumers.
In 2015, the investment company Episode 1 ventures invested $1.1 million in simplycook. In January 2019, the start-up raised 4.5 million pounds in round a financing, led by Octopus investment.
Simplecook mainly provides premixed ingredients and recipes. The ingredients and seasonings are carefully blended. People only need to place an order online, and the package will be sent to the door. It already has national influence and Nestle thinks it has huge market potential. Especially under the influence of COVID-19, the United Kingdom has implemented the travel restriction policy, people can not go out to eat, and SimpleCook’s business has ushered in a high-speed development opportunity.
Nestle is accelerating its growth in D2c through M & A. The acquisition of simplecook is not Nestle’s first move. Before that, Nestle has acquired mindful chef from the UK, Tails.com And freshly. except Tails.com Mindful chef and freshly do a similar business to simplecook.
Investment and financing news
Convenient coffee secre completes tens of millions of yuan a + round financing
Photo source: 36kr
Recently, the convenient boutique coffee brand Shicui secre has completed tens of millions of yuan a + round of financing, and this round is led by Wuxi Jintou, and the old shareholder Honghui capital continues to follow the investment. Fan Ruoyu, founder of Shicui, said that this round of funds will be mainly used for offline coffee store expansion, brand building and coffee product R & D and iteration.
Shicui officially entered tmall e-commerce channel in early 2020, and has developed more than 30 SKUs. In 2020, the channel sales of Shicui tmall will be nearly 20 times of the total brand sales in 2019. In addition, Shicui has also made layout in high-end supermarket channels such as HEMA Xiansheng, T11, KKV and Suning Jiwu.
Environment map of secre Shenzhen 3 stores, source: 36kr
In addition to prepackaged coffee products, Shicui also opened its first offline coffee shop in Shenzhen in 2020. A spokesman for the company said offline coffee shops will be the key development direction in the future, and it plans to open at least 30 stores this year.
Houxue liquor industry has obtained shares from several investment institutions only eight months after its establishment
Information sources: qizha, kongka tmall flagship store, past weekly
Photo source: kongka tmall flagship store
Recently, the industrial and commercial registration of Houxue (Beijing) Liquor Co., Ltd. (hereinafter referred to as Houxue liquor) was changed, and Beijing quanquanquanyuedong Technology Co., Ltd., a wholly-owned subsidiary of Houxue Liquor Co., Ltd., completed its shareholding, with a shareholding ratio of about 10%.
Photo source: qizha
Houxue is a very young start-up company, which was incorporated in July 2020. But in a short period of more than half a year, Jingwei venture capital, Jinshajiang venture capital and other well-known investment institutions have acquired shares.
At present, there is a soda on sale in Houxue liquor industry, and the brand name is empty card. This product is based on vodka. It has no sugar, aspartame, sucralose, erythritol and other true sugar free formula as its selling point. It also has 0 fat, low calorie, 0 bran and other cleaning labels. Each can has about 27 calories. It can be seen from the bottle that the product is currently produced in Foshan, Guangdong Province, and the acting factory is Foshan Sanshui Yinxue Food Co., Ltd.
Photo source: kongka tmall flagship store
At present, in tmall’s official flagship store, there are four flavors of products on sale, including original flavor, white peach flavor, lemon flavor and pineapple flavor. The retail price is about 64.4 yuan / 12 cans, and the price after rolling is 54.4 yuan (about 4.5-5.4 yuan / can).
We can clearly see that this soda product of empty card intentionally imitates white claw, which is popular in recent years, in terms of selling points and packaging design. However, in terms of production technology, it is still based on base liquor, rather than sucrose fermentation (white claw’s production process), which is consistent with the introduction of chill in Panda fine brewing last year.
In recent years, we have noticed that the alcoholic beverage and non-alcoholic beverage industries are showing a healthy development trend, which is gradually on fire.
The emerging dairy brand Biru food has won the investment of Challenger capital
Information sources: financial graffiti, fbif, flagship store of beeru tmall
Source: official account for food as food.
Recently, according to the financial graffiti report, new dairy brand Biru food has obtained the investment of Challenger capital in 2020. According to the information of industrial and commercial change, Challenger capital completed the shareholder change on October 28, 2020. In addition, Bozhong capital completed its investment in Biru food on November 20, 2018 and became a formal shareholder.
Founded in 2014, Biru food is an emerging dairy enterprise jointly established by Chinese and Czech expert teams, focusing on the production and R & D of dairy products. In 2017, Biru food officially released its original fresh milk products. At present, it has three kinds of products: biyoghurt, Biru fresh milk and Biru bingbok. Take birubing blog as an example, the only raw material of the product is fresh milk, which depends on the different freezing point of water and other substances in milk. Through cold extraction and purification, the water is removed, and the milk with higher concentration is obtained, and its protein content is about twice that of ordinary milk.
Source: official account for food as food.
In its use scenarios, Bing Ru positioned Bing blog as the super partner of coffee and milk tea, so in the beginning, its core expansion channels were mainly offline boutique coffee shops and milk tea shops. According to graffiti finance, the company has cooperated with seesaw coffee, Yingji coffee and o.p.s cafe, and will start to cooperate with some top tea brands such as Lele tea and Xicha in 2020.
As for the expansion of C channel, besides opening flagship stores on tmall, Biru also sells in boutique supermarkets in Beijing and Shanghai, including Beijing’s green leaf, T11, ITO yanghuatang, and Shanghai’s apita.
Niuchi, a medium and high-end beef product brand, completed tens of millions of RMB Angel round financing from IDG capital
Photo source: 36kr
Niuchi, a medium and high-end beef product brand, recently completed an angel round of financing of tens of millions of RMB from IDG capital. Niuchi said that this round of financing will be used for new product development, SKU expansion and store expansion.
Niuchi brand originated from the offline beef hot-pot/" 22375 rel="nofollow" target="_self">hot pot store founded by founder Zhang Ruibin in 2016. At present, it focuses on providing high-quality beef industry chain solutions. Its main business is retail of hot fresh beef, including semi-finished and cooked beef products such as hot fresh meat, cold fresh meat and beef balls.
At present, niuchi has nearly 100 stores in total. Niu Chi entered HEMA Xiansheng in 2018 and has now entered all stores in Guangshen area of HEMA. In the future, Niu Chi hopes to invest more resources in self built brand community stores.
Lazy bear, a convenience store of hot-pot/" 22375 rel="nofollow" target="_self">hot pot ingredients, announced to obtain 100 million yuan round a financing
Source: fbif, 36kr
Photo source: 36kr
It is reported that lazy bear hotpot, a chain brand of hotpot ingredients, has recently completed a round of financing of nearly 100 million yuan, which is led by XingTuo capital, followed by Guosheng capital, an old shareholder, and BYD. This round of financing will mainly be used for digital system research and development and market expansion.
Lazy bear hotpot mainly provides hotpot ingredients, Chinese food finished products, semi-finished products, barbecued meat, fresh food ingredients, etc. with six provinces in Central China as the main region, it has opened 1200 stores so far, completed the store infrastructure construction, and the Gmv will reach 200 million in 2020. According to 36kr, lazy bear has completed the supply chain construction of four big warehouses in Shanxi, Nanjing, Beijing and Zhengzhou, and has reached cooperation with more than 200 hotpot ingredients and semi-finished products factories to achieve low-cost and high timeliness warehouse distribution efficiency. At the same time, the brand has its own factory in Shanxi, and further supplies goods to stores through the city front warehouse.
RTC food has been a long-term and continuous focus on the subdivision category, and it is also a relatively popular track in the capital market in the past two years. The main hot-pot/" 22375 rel="nofollow" target="_self">hot pot prefabricated food brands such as Guoquan Shihui and fenpao food have also completed several rounds of financing. We will continue to observe the lazy bear with a financing amount of more than 100 million and the blessing of byte beating. We hope to see the lazy bear have a better development in the national layout and store operation.
Yangji Shanye, a brand of instant rice noodles, has completed the pre-A round of financing of 10 million yuan
Photo source: 36kr
It is reported that Yangji Shanye, a fast-food rice noodle brand, has completed a round of pre-A financing of 10 million yuan last year. The investor is Sanqi mutual entertainment, and this round of financing funds will be used for new product development.
Yangji Shanye, founded in 2017, is a fast-food brand of Jiangxi rice noodles, with the goal of creating a fast-food brand that young people like. The products will be launched in the first half of 2019, and the revenue will reach more than 70 million in 2020. At present, the main products are rice noodles, and the products such as earthen pot soup and flour products will be launched one after another.
At present, yangjishanye’s sales channels are mainly self operated and distribution, with sales volume accounting for about 50% respectively. Self run Kwai tiktok is mainly based on Tmall, Jingdong and many flagship stores, while distribution includes channel, line and offline super channel such as jitter, fast hand, Taobao and so on. According to 36kr, after this round of financing, Yangji Shanye club and Sanqi mutual entertainment have launched a new year’s gift package of Sanqi mutual Entertainment’s IP “song of Cloud City”. We also hope that Sanqi mutual entertainment can provide more long-term resource support for Yangji Shanye in the marketing end.
Cell culture meat company Mosa meat completed US $10 million round B supplementary financing
Mosa meat, a Dutch food technology company, announced the completion of the third round of round B financing, raising an additional $10 million. The additional US $10 million brought the total amount of this round of financing to US $85 million. According to Mosa meat, the additional funding means that round B financing is by far the largest round of financing for European meat companies.
This round of B financing includes the investment of Mitsubishi and private equity companies blue horizon ventures, target global, arctern ventures and Rubio impact ventures.
The meat start-up said it would use the money to expand its current pilot production in Maastricht, the Netherlands; develop an industrial scale production line, expand its team and promote its own meat products.
In 2013, Mosa meat launched what it claims to be the world’s first man-made beef hamburger. Mosa meat takes cells from cattle, develops them, and finally becomes the beef we eat.
It is worth noting that one week before the end of the second round of financing, Singapore gave regulatory approval to the artificial chicken produced by East just company, which is the first commercial sale of artificial meat cultivated by laboratory in the world and a major breakthrough in the breeding meat industry. This means that the artificial chicken produced by East just has been approved for sale in Singapore as the raw material of chicken pie.
Next gen, a Singapore plant meat company, completed a $10 million seed round of financing
With the approval of the regulatory authorities and the commercialization of artificial meat in Singapore, Singapore has rapidly become a major innovation center for food technology start-ups. Among them, next gen is such a start-up. The company disclosed that it has completed the largest seed round financing in the field of plant-based commodities, with the amount of US $10 million. It also announced the launch of its new plant-based chicken brand Tindle.
According to vegconomist, next gen has raised $2.2 million in seed financing since it started operation last October. The investors of the new financing include Temasek, K3 ventures, new ventures (affiliated to Singapore Economic Development Council) and NX food company of metro, a German wholesaler. This is the first time that the start-up company has accepted external investment. It’s impressive that the money is well above its initial target of $7 million.
Next gen is CEO and COO of Timo recker and Andre Menezes, respectively. Timo recker, the founder, used to be behind the scenes of plant meat producer likemeat, which was 100% acquired by the livekindly collective last year. Andre Menezes, co-founder and former general manager of country foods in Singapore, successfully promoted impossible foods in Singapore. Impossible foods is a plant meat startup company founded in California in 2011. In recent years, he has played a key role in introducing plant proteins to the entire Asian region.
Tindle will be available in restaurants in various states and cities next month. The fresh funds raised this time will be used for the global promotion of the brand and the subsequent research and development of new plant-based products.
The very good food, a plant-based company, acquired the cultured nut, a Canadian hand-made vegetarian cheese manufacturer, for C $3 million
The cultured nut product, photo source: Foodbev
The very good food company (hereinafter referred to as “very”) has completed the acquisition of the cultured nut, a Canadian manual vegetarian cheese manufacturer, with a total price of C $3 million (about US $2.4 million).
The cultured nut sells its products through a number of online platforms such as whole foods. Its products include block cheese, cream cheese and plant-based butter.
Mitchell Scott, a lifelong vegetarian, founded very in Canada in 2016. His marketing skills complement James Davison’s culinary talent. Very is a plant-based food technology company that designs, develops, manufactures, distributes and markets a wide range of plant-based meat and other food substitutes. Compared with the company’s name, very’s share price is no less. As of today, very’s share price is more than four times higher than the initial price in July 2020.
The acquisition will enable very to enter the growing market for dairy substitutes. The market is expected to grow at a compound annual growth rate of 11.2% from 2020 to 2027, reaching US $44.9 billion by 2027. Very hopes to expand the existing production facilities of cultured nut to more than 100000 units per month this year and 2022
Very will reshape the product line of the cultured nut under the new name of the very good cheese company. The products are expected to be sold through e-commerce channels and wholesale distribution network in the second quarter of 2021.
In order to ensure the success of business integration, the founder of the cultured nut and some other key employees have signed employment agreements with vey. The transaction structure also includes conditional payment based on reaching the milestone of production and product innovation.
Diageo has completed the acquisition of chase distillery, a British gin and vodka brand, with six gin brands under it
Information sources: Foodbev, weekly
Recently, Diageo completed its acquisition of chase distillery, a British manufacturer of gin and vodka. The deal was first announced in October and was approved by regulators on February 11.
Chase distillery has seven gin, four vodkas and one elderflower liqueur. In addition to chase GB gin, Chase also produces a variety of flavors of gin, including pink grapefruit and grapefruit, Seville jam, rhubarb and Bramley Apple gin, and Williams elegant48 gin made from 48 rare apples from the orchard 200 years ago.
Chase distillery’s gin products, photo source: Chase distillery
Diageo has six gin brands, and the other five are Tanqueray, Gordon’s, Gilby’s, Jinzu and aviation American gin, which were acquired in August last year.
Morison Kangsheng has reached an agreement to sell its Indian subsidiary and will withdraw from the Indian market
Information sources: China International Beer network, feii Daily News
Recently, Molson Coors beverage has agreed to sell its Indian subsidiary to Singapore based inbrew holdings for an estimated $135.8 million. The acquisition will include three manufacturing plants with a total capacity of 16 million cases.
As part of the deal, inbrew holdings will acquire thunderbolt, the Indian beer brand of Morson Conson, as well as the sales and distribution rights of its global brands such as Miller, blue moon, carling and cobra in India.
In 2011, moson entered the Indian market through a joint venture with cobra Indian beer company in Bihar, India. Subsequently, the company acquired mount Shivalik Brewery (msbl), headquartered in Mohali, and its entire portfolio. The deal also gave it two breweries in Punjab and Haryana.
However, in 2016, the Bihar state government banned the sale and consumption of all kinds of alcohol in the state, and the fate of moson Kangsheng took the worst turn. COVID-19 makes the India market face more challenges.
“The sale of the Indian business is almost the lowest price for the company because it’s no longer interested in India,” said one executive, as sales have plummeted as a result of the ban on alcohol in India
Ravi Deol, chairman of inbrew holdings, said: “Thunderbolt has a very strong business in northern India and is a market leader in several states. We now have a good brand and a huge distribution platform, which can be promoted nationwide. In the next three to four years, we will open nearly 15 breweries. “
Ravi Deol also said the company might even consider exporting thunderbolt to China, Thailand and South Asia in the next few years.
Not long ago, Mosen Kangsheng beverage company also announced its performance in 2020, with sales volume of 8.2033 million kiloliters, a year-on-year decrease of 7.8%. Among them, the sales volume in North America was 6.1133 million kiloliters, a year-on-year decrease of 5.1%; the sales volume in Europe was 2.072 million kiloliters, a year-on-year decrease of 14.8%.
Some interesting new products
Hottea mama, a British tea brand, recently launched two new blended teas designed for menopausal and menstrual women. At present, there are two products: take a pause and over the moon, both of which are mixed with tea and herbal medicine. (source: Foodbev)
Join the feii community
After joining feii community as a member, you can enjoy timely and in-depth content of food and beverage industry, interesting and useful activities with dry goods, vertical and accurate contacts of food industry chain, closed door meetings, etc. In a year, there are 12 monthly venture capital reports, 12 in-depth articles, 10 + track insight meetings, 20 + venture capital wind vane sharing meetings and seminars, 10 + member day activities, 12 + resource docking meetings, 6 + offline analysis day activities, etc.
Welcome to join the first group of community members to create the best entrepreneurial and investment community in the field of food and consumer goods in China.
Read more foodplus articles on
Click on the picture to read the article