Beyond Meat returned to growth in the third quarter, posting a 7.6% year-over-year rise in net sales to $81 million driven by lower trade discounts and targeted price increases.
The Israeli startup is launching its plant-based whole cuts in the US retail market at independent retailers in Los Angeles and New York City and eyeing an e-commerce launch before the end of the year.
US retail sales of refrigerated alt meat fell 22.8% year-over-year in September, while sales of frozen products fell just 1.3% over the same period, according to new data from Circana.
The JackFruit Company is growing at a double digit pace at a time when many other players in the alt meat segment are struggling, says founder and CEO Annie Ryu.
The Slovenian startup is “on a path to become profitable by the end of this year,” says cofounder and CEO Tilen Travnik.
The capital injection will be used to support entry into new markets, expand the product portfolio, scale production, and accelerate R&D.
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.
“The product is fantastic,” says Phil Graves, who took the helm in February. “But it was clear when I joined that the business needed to make some strategic shifts and needed to make them quickly.”
The warring foodtech firms have agreed to dismiss the case with “each party to bear its own costs, expenses, and attorneys’ fees.”
“We are trying to drive this business to cashflow positive operations as quickly as possible,” says CFO Lubi Kutua. “We have not said that that will occur this year.”
São Paulo-based startup Typcal is seeking to blaze a trail in the Latin American market with mycoprotein which it claims grows more rapidly, on a broader range of feedstocks, than competitive fungi strains.
“Cultivated meat can address the issues that consumers care about and have already shown they will pay extra for, so if we can do it efficiently, why wouldn’t they buy it?” asks Jeff ‘Trip’ Tripician.
The firm will use the funds to scale up its production process, which it claims uses a fraction of the water and energy used by brands such as Quorn, with lower capital expenditure.
The case mirrors a high-profile class action filed against Quorn Foods, which ultimately agreed to disclose that its fungi strain was a type of mold on product labels as part of a settlement.
Elmhurst 1925—best known for its clean label plant-based milks and creamers—is moving into the meat alternatives space with a single-ingredient chicken alternative.
The approval letter is the first to cover a meat-replacing mycoprotein strain outside of the Fusarium genus and the first to include an USDA evaluation of mycoprotein as a meat enhancer.
The PTAB has invalidated the bulk of the claims in an Impossible Foods US patent following a challenge by Motif FoodWorks but declined to review six other patents at issue in their IP dispute.
The judge handling a protracted IP dispute between fungi-fueled alt meat players Meati Foods and The Better Meat Co has thrown out Meati’s claims to BMC’s patents.
The startup has LOIs and offtake agreements from joint development agreement partners for 33 tons of dry mycoprotein per month (99 tons when hydrated), claims CEO Paul Shapiro.
Beyond Meat posted a net loss of $54.4m on revenues down 18% to $75.6m in Q1, 2024. However, gross margins moved back into positive territory.
