Berlin-based fermentation startup Formo has raised a $61 million Series B round and launched cheeses featuring koji protein at 2,000+ REWE, BILLA, and Metro stores across Germany and Austria.
The firm, which raised a $226m series B round in 2021 when money was cheap and interest in alt proteins was sky-high, has since struggled to navigate a more challenging environment, with investor sentiment souring on meat alternatives amid declining retail sales.
Asked whether he would remain in the CEO role, founder Dr. Oliver Zahn said: “TBD. In line with the commercial trajectory, we will be on the lookout for a strong commercial lead at the exec level, so I can focus on science and vision.”
The only subsegment delivering meaningful growth in unit sales was coconut milk, with dollar sales up 12.6% and units up 13.9% in the year to July 14, albeit off a small base.
A new player has emerged on the alt dairy scene with an aged plant-based cheddar launching at select restaurants in New York City and the San Francisco Bay Area under the Plonts brand.
Despite all the bad press around alt proteins, foodtech is an emerging asset class with big potential, says PeakBridge. ‘We can bring tech to bear and make returns.’
The foodtech co—which had been told it was a winner weeks ago to give the team time to plan a trip to Portland for the awards ceremony—was told it had fallen foul of rules it claims had not previously been communicated.
US retail sales of plant-based meat fell 12% in 2023 with units down 19%, while plant-based milk sales were up 1% with units down 8%.
The Zurich-based startup’s ‘yeast cream’ can dramatically improve the mouthfeel and performance of alt dairy products, claims CCO Lucie Rein.
Pea milk maker Ripple Foods has raised $49m in a new round according to an SEC filing, taking its cumulative funding to more than $274m.
Global investment in AgFunder’s ‘Innovative Food’ category (which is dominated by alt proteins) fell by 39% in 2022. However, funding increased by 26% in the Asia-Pacific region. So what should we make of this dynamic?
French fermentation giant Lesaffre has acquired a 10% stake in Yeap, an Israeli startup developing proteins from upcycled yeast.
US retail sales of oat milk, which have been driving most of the growth in plant-based milk in recent years, have started to decline.
Six months after the board’s ugly spat with its namesake founder became public, plant-based dairy co Miyoko’s Creamery has a new CEO. We caught up with Stuart Kronauge —who takes the helm next week—to discuss what’s next for the brand.
NotCo has exited the refrigerated plant-based milk segment in the US and is now focused on building its presence in the shelf-stable category.
Miyoko’s Creamery has appointed ex-Coca-Cola executive Stuart Kronauge as CEO following the recent departure of interim president Jon Blair.
Oatly has slashed full year forecasts and revamped its strategy in Asia after a weak performance in China and slower than expected progress in the US.
Jon Blair is stepping down as interim president at Miyoko’s Creamery at the end of the month, AFN has learned. A replacement has not been announced.
Miyoko Schinner and the board of the plant-based dairy company she founded have agreed to bury the hatchet, withdraw their respective lawsuits and end their very public spat.
“Wood Milk started with a simple idea,” says actress Aubrey Plaza in a new spoof ad from MilkPEP, the dairy industry-backed body behind the iconic ‘Got Milk’ ads. “I saw a tree and I asked myself: Can I drink this?”
