🌱🥩 "THE ALT PROTEIN CATEGORY IS NOT A QUESTION OF IF, BUT WHEN"
In August, Californian startup Nowadays announced it was shutting down. The decision came “due to an inability to raise venture funds in this market”, a year after it successfully closed a $7M seed funding round. The news reflected the growing venture capital pains faced by the plant-based industry – and food tech as a whole sector.
Max Elder, who was the co-founder and CEO of the brand, had noted that the nuggets were performing well in D2C and retail channels, with many consumers returning to purchase more too. But the financials associated with frozen food distribution for a startup of Nowaday’s scale were too steep. “The economics only work if you have the capital to really push a multi-year brand building and marketing strategy and it’s really hard to access capital now,” he was quoted as saying.
A highly respected figure in the alternative protein industry – who has been featured in the New York Times, the Guardian, Forbes and Fast Company – had predicted that in the long term, “the headwinds for conventional proteins will only get stronger”, saying: “I think we just need to batten down the hatches and weather the storm, and sometimes that means some companies can’t survive because there’s limited access to capital.”
Since then, he has been working as a managing director at sustainability non-profit Food System Innovations, which supports initiatives taking animals out of the global food system. We spoke to Elder about Nowadays, why it reached the end of its tether, and what the future of this industry looks like.
Click the link below for the full interview 👇
#GreenQueen #altprotein #futurefood #sustainability #foodsystems #vegan #plantbased
