Noah Robbins

🥩 Meat vs 🥗 Plant-based vs 🍄 Fungi vs 💯 Cultivated --> As the alt protein market shifts, where do we draw the line between them as combinations emerge? GOOD Meat (Eat Just, Inc.) is always good for a headline, and this week they announced they're the first-ever cultivated company to release products in retail after launching a cultivated chicken product in the frozen section of Huber's Butchery in Singapore. 😲 Seemed cool at first, but we then learned the products contained 3% cultivated cells and 97% plant-based ingredients. Yes, you read that correctly. Three percent. 📢 Sonalie and I share our thoughts on this in this week's episode (link in comments), and I end up going on a bit of a rant as, it turns out, I really don't think much of this announcement. There are questions around the reason for doing this (just to be the first, investor pressure, etc?), if there's value to being the first to retail, if 3% is all that's needed to completely change the experience of the product vs 100% plant-based, etc. ⁉ But a really interesting question that was raised is at what % inclusion does a plant-based or mycelium/fungi product become a cultivated product? Where do we draw the line in the sand? 1% 3% 10% 25% Etc. Etc. 🤔 Does adding 3% of cells really make it go from plant-based to cultivated? How do we justify a specific number being meaningful? Is it simply whatever number that results in consumers being open to switching from conventional animal products? Will that number vary by meat type (I'd have to imagine so)? Will the masses be happy with, or interested in, anything less than 80%+ (I pick 80% because 80/20 beef/fat is very common - at least in the US)? 🤔 I think the % that matters is whatever number that will result in the masses of consumers being open to switching away from conventional animal products - but, again, we don't even know what that number is, and at this point it could very well be 100% What do YOU think? Genuinely want to hear everyone's thoughts. _______________________________________________________________ Separately, this week's episode also hits on: 🌱 Peter McGuinness of Impossible Foods shares thoughts on the plant-based sector w/ Bloomberg. A lot we agree with, such as the failure of the initial messaging in the space and what needs to change. Sonalie also makes me sound like a lying monster for saying it's okay to make the messaging of a mission-driven company NOT centered around the mission! Fun haha 🥚 I share how I'm extremely excited by this new about The Vegetarian Butcher and The EVERY Company, as it's what the space has been created for; HOWEVER, I do need to call out here that I may have gotten over-excited, as I may have missed the point that it's being used as a CMC replacer vs conventional egg. Need to learn more! Arturo 🇰🇷 Sonalie shares the positive of the week, which is the amazing government progress/support for sustainable foods in South Korea - could be the next Singapore!

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Cultivated meat: a fairly quick boom and bust seemingly in its waning days already. Although folks want to blame the market, I would suggest the challenges to cost reductions and scalability are fundamental, not simply cyclicality. Its challenges have deep roots in thermodynamics when the competition is based on free sunshine and the natural, autonomous, self replicating, self-healing technology of evolution. There will plausibly be value in IP for other applications, so maybe investors get a few pennies out for their dollars? https://lnkd.in/gd4rYET5

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For those interested in making angel investments into plant-based foods companies that continue to grow sales very nicely quarter after quarter, here's a great crowdraise investment opportunity into Lever VC portfolio company Blackbird Foods: https://lnkd.in/ery9MMDy

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I'm looking forward to moderating a panel on June 17th at the Future Food-Tech Alt Protein Conference titled: "Boosting Investor Confidence: Adapting Innovative Financing Models to Overcome the Trough of Disillusionment" ___________________________________________________________________ I'll be joined by a great group of investors in the space, including: Shayna Harris of Supply Change Capital Ashley Hartman of Bluestein Ventures Nadav Berger of PeakBridge Rosie Wardle of Synthesis Capital We plan to hit on various topics: 🔵 Current fundraising environment for alt protein companies 🔵 How this varies by stage 🔵 What investors are looking for that help a company stand out 🔵 What needs to change in the space 🔵 Innovative financing approaches being taken beyond VC 🔵 and more Should be a great discussion, and I'm looking forward to hearing questions from the audience as well - from startups to corporates to other investors - hoping to get questions about what's really on everyone's minds If you'll be at the conference, let me know, as I'd love to connect! 💻 PS: If you were wondering what AI Image Generators create if you type in "Boosting Investor Confidence in Alternative Proteins" the pic below is one of the ones you get. Good? Bad? Odd? Not sure - but who knows what actually goes on within AI

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In a recent episode of The Plantbased Business Hour with Elysabeth Alfano, the CEO of Triplebar, Maria Cho, discusses the new kinds of innovation opportunities that precision fermentation can bring to the food market. Link in the comments to listen to the full interview. #precisionfermentation #foodsystemstransformation #diversifiedproteins

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High value dairy feed that has the protein and fat content needed to enhance dairy production! And a proprietary fermentation process that removes the anti-nutritionals to reduce methane emissions and enhance the digestibility of protein and fat in the soybean! Clean Label Solution LLC is doing exactly that! Founder & CEO Mohammad (Mo) Arshadi, PhD is working to enhance dairy and beef cattle productivity all while addressing emissions with his high value feed product. Mo is one of four finalists of the Soy Innovation Challenge, brought to you by the United Soybean Board, The Yield Lab Institute, and U.S. Soy. Check out the article in FeedNavigator below highlighting this important dairy feed innovation for U.S. soy farmers. #soy #agtech #startups #innovation #soybeanmeal #ussoy #dairy #feed #climate

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What's next for Beyond Meat after another set of grim quarterly figures? - Net revenue: -18% year over year (YoY) to $75.6m, volumes +8% - Net loss: $54.4m - Margins: Gross profit was $3.7m with a gross profit margin of 4.9% - US retail revenues: -16% YoY to $37.1m - US foodservice revenues: -16.2% YoY to $12.3m - International retail: -12% YoY to $12.6m - International foodservice:  -28.7% YoY to $13.6m - Full year 2024 outlook: Net revenues $315-345m, with gross margins in the mid to high teens - Balance sheet: As of March 30, cash and cash equivalents balance of $173.5m and total outstanding debt at $1.1bn #foodtech #alternativeprotein #meatalternatives #altmeat #plantbased #plantbasedmeat AgFunder

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https://lnkd.in/eNG_nY5P GLP-1 drugs have dropped on the food business in the last year like ChatGPT has dropped on the world. And according to experts assembled for a recent Mattson webinar on the topic, the effects of new appetite suppressants including #Ozempic, #Wegovy, and #Zepbound have only begun to be felt among American consumers and the food industry that sells to them. Some see this as a threat but, at Icon Foods we see this as an opportunity. With 2% market penetration this trend has just begun. Folks using these amazing #peptides are looking for foods with #noaddedsugar #highfiber that are easy on the GI track. This is where Icon Foods can help with formulation guidance and sweetening systems designed to make deep clean cuts to #addedsugar.

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🌱 Investment Trends in the Food Ingredients Sector 🌱 Explore critical investment factors in this week's "Pathways to Prosperity" newsletter: • Innovation: Discover how R&D and technological advancements boost competitiveness. • Sustainability: Learn the importance of ESG principles in attracting and retaining investments. • Market Potential: Understand the opportunities in high-growth markets and evolving consumer preferences. With the global population set to reach 9.7 billion by 2050, innovations in AgTech and sustainable practices are crucial. Find out how Meyrick Consulting drives growth with top executive talent in the industry. 👉 Read more here: https://lnkd.in/eKCPmsw2 #FoodIndustry #Sustainability #Innovation #MarketGrowth #MeyrickConsulting

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Five years ago today, on May 2nd 2019, Beyond Meat began trading on the NASDAQ as a public company. At the time, it was the most successful IPO in more than 20 years, and its market value would soar to over $10 billion, becoming a rarified “decacorn.”   But recently, the alt-protein movement has faced setbacks and adversity, calling into question whether or not the plant-based “revolution” we were promised is indeed coming.     In my newest Third Nature Investments blog, I reflect on being an early investor in Beyond Meat, the environmental and human health benefits of alternative protein, the challenges to overcome, and where we go from here.   Read it here: https://lnkd.in/gFH4tM2i   #systemicinvesting #plantbased #climatechange #altprotein

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🥩 What could SciFi Foods' ceasing operations mean for the cultivated meat industry? Cultivated meat startup SCiFi Foods has ceased operations due to fundraising challenges and has appointed an advisory firm to manage the sale process. The company, co-founded by Joshua March, raised approximately $40M from notable investors such as Coldplay, Andreessen Horowitz, and Valor Siren Ventures. March emphasized a pragmatic approach to the cultivated meat market, advocating for the inclusion of cultivated cell biomass in plant-based products at around 10% to make them commercially viable with current technology. He believes that using synthetic biology and genetic engineering techniques like CRISPR to optimize and scale these cells is a feasible strategy. This approach contrasts with the unrealistic goal of producing 100% cell-cultured filet mignon steaks at scale, which remains technologically and economically challenging. The cultivated meat sector has faced significant hurdles over the past 18 months, with several companies like Finless Foods, New Age Eats, and GOOD Meat experiencing financial difficulties. Funding for cultivated meat startups dramatically declined in 2023, with a 78% drop from the previous year. Despite these challenges, some startups, such as Uncommon and Meatable, have continued to secure investment. Harris Komishane of Meach Cove Capital, LLC highlighted a general risk aversion among VCs and noted scalability and cost parity challenges within the sector, suggesting that the current tough funding environment is cyclical and will eventually improve. Learn more about hybid meat in our recent blog post: https://lnkd.in/dtZ95Ytc More information in the full AgFunderNews article: https://lnkd.in/e4K2_sq3 #ForwardFooding #cultivatedmeat #hybridmeat #foodsystems #foodtech #innovation

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Very interesting read on advances in the poultry industry.

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Interesting that they've tiered third-party verifications vs. soil health assessments in the regenerative ingredient sourcing policy. It would be good to know if soil health-assessed ingredients command a premium, or if it's become the cost of accessing this retail channel. According to their May newsletter, Farmer Direct Organic in Saskatchewan is "actively seeking partnerships with farmers who are cultivating organic and ROC certified lentils. We have significant demand for ROC and organic lentils into retailer bulk bins, Farmer Direct Organic packaged products and retailer private labels." Their bid for certified organic French green lentils is currently $1.15/lb, picked up on farm (no trucking cost to the farmer) on net clean weight (no payment to the farmer for non-lentil dockage in the shipment). The premium for ROC-certified French green lentils is $.15/lb (all values in Canadian dollars). So from $1.30/lb to the farmer (+/- depending on dockage and location), in theory we could now expose the supply chain margins involved in trading into Whole Foods' retail channel. Historically this has been impossible - but the new money, new demand, new intermediaries, etc. that make up the regenerative movement are a lot more interested in transparency than commercial sensitivities in business.

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I enjoy listening to The Prof G Podcast and appreciated Scott Galloway’s views on alternative protein and the state of the category these days. The advice he gave startups in the space that resonated with me were: - People will eat more alternative proteins in the years to come - Be very mindful of all expenses and stay scrappy - Startups shouldn’t spend their limited resources on marketing. - When the markets come back (for funding) the surviving companies will be the winners given that the number of competitors will be lower It’s not an easy time as the industry resets, but the need for #betterfoodsystems is clear. Entrepreneurs are getting better, products are improving, and I continue to believe that there are better, healthier ways to feed a growing population that are less harmful to our planet and all living things. https://lnkd.in/gvBM8h-K Unovis Asset Management New Crop Capital #betterfoodsystems #sustainability #alternativeproteins #plant-based

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Key Fundraising Announcements In The Food Industry - Q1 2024 (CPG Wire) Voyage Foods, a purveyor of alternative pantry staples that are better for people and the planet, raised $22M from Valor Equity Partners, Horizon Ventures, Level One Fund, and others. Honey Mama's, an Oregon-based purveyor of refrigerated truffle bars, raised $8.7M in equity funding. Irresistible Foods Group led the round with additional participation from Oregon Venture Fund and Amberstone. Mezcla, a producer of plant-based, globally-inspired protein bars, raised $4M in Series A funding. The round was co-led by Dream Ventures and Santatera Capital. Rivalz™, a Sonoma-based functional snack brand, secured $6.1M in seed funding led by The March Group. Rivalz produces a better-for -you version of Combos that’s high in both protein and fiber. Daily Harvest, a producer of chef-crafted meals and smoothies, secured $11.5M in debt and equity funding from undisclosed investors. Serenity Kids, a leading shelf-stable baby & toddler food brand, raised $52M in Series B funding from Stride Consumer Partners. Amara , closed a $20M Series B round led by HumanCo. Other investors include Melitas Ventures and Touch Capital.

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If you are trying to understand climate and investment in agriculture, I recommend you read Emily Bass and Alex Smith's recent report on GHG, Agriculture, and R&D investment. When you add the health benefits of food, climate and health, and the GDP impact of US technology exports, it is worth thinking about how an order of magnitude increase of public and private investment may improve climate, health, and GDP. And may serve as a hedge in global stability.

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Gene Editing Accelerates Fruit Ripening and Increases Fruit Firmness of Tomato https://lnkd.in/e2JPW_-q

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Despite the challenges of the last three years, there are commercial and economic opportunities presented by the plant-based sector as does the environmental, health and societal imperative to diversify our protein supply with more familiar and convenient alternatives. This report provides quite a detailed in-depth explanation of the plant based sector in Australia in both retail and foodservice. The Australian foodservice sector presents the most immediate opportunity for plant-based meat manufacturers to continue to grow in coming years. Wiith relatively small penetration of plant- based meat in just a few segments of the foodservice category, such as in QSRs and fast casual outlets, a large share of the foodservice market remains untapped for the plant-based meat industry with the potential to generate sustained and long-term growth across the next decade. Thanks to the team Food Frontier for this detailed analysis of the Australian market. https://lnkd.in/ggQ9r4Rb FoodFrontier-2023-State-of-the-Industry-report

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Was fun speaking at F&A Next in Wageningen today. First time I’ve ever had to be snuck into a conference. 🪧✊🏻 😳🤣 Thanks to Adam Anders for the invite! Shoutout to my fellow panelists Francis Quint, Mark Kahn, and Constantijn Van Oranje-Nassau for the entertaining time. Also, it’s also nice to spend time - even if only briefly - in a (relatively) sunny Amsterdam. ☀️ 🇳🇱 🌷 🧡 #vc #venturecapital #startups #entrepreneurs #entrepreneurship #tech #technology #innovation #deeptech #foodtech #agtech #agritech #future #money #business

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