The game-changing investment, acquisition and funding news impacting the industry and driving the business of wellness this week.
Lululemon invests in sustainable materials company Genomatica
The move, which represents Lululemon’s first-ever equity investment in a sustainable materials company, will bring renewably sourced, bio-based materials into the company’s products.
Together, the two companies will create a lower-impact, plant-based nylon to replace conventional nylon, which is the largest volume of synthetic material currently used to make Lululemon products.
Sweetgreen to acquire robotic kitchen startup
Salad chain Sweetgreen has announced plans to acquire Spyce, a Boston-based restaurant company powered by automation. The acquisition will allow Sweetgreen to reimagine healthy fast food with even better quality, consistency, and efficiency.
Sweetgreen is determining when and where they will introduce Spyce’s technology into its restaurants. Financial details of the transaction have not been disclosed.
ITV invests £3m in clean supplement brand Feel
The funding follows the recent announcement of Feel’s equity partnership with pop star Cheryl who will work with the brand to develop new offerings, expand and unlock new audiences and represent its goals.
Organic food delivery service Trifecta closes $20m round
Trifecta, an organic food delivery service in the United States, announced the closing of a $20m series-B funding round led by Spring Lake Equity Partners (Plated, Signify Health). Data Point Capital (Draft Kings, Rent the Runway), Raptor Group (Airbnb, Spotify, Twitter, Uber), and Hall Group also participated in the round.
While already profitable with an annual run rate north of $100m, this round will enable the company to continue growing at its current rapid pace. Over the past four years, Trifecta has experienced annual average revenue growth of over 145.0% which has propelled it to become one of the largest brands in the industry.
Squeaky bean banks £5m for plant-based factory
Squeaky Bean, a plant-based chilled foods producer based in the UK, has secured £5m from UK food supplier Winterbotham Darby. It plans to use the capital to open a second plant-based factory in the UK, to significantly boost its production and distribution capabilities in the rapidly expanding chilled plant-based segment.
According to the company, it turned over £7.5m in the last year, helping to drive growth in the segment.
Apeel raises $250m to tackle food waste
The company, which currently has teams and partners on the ground in eight countries operating 30 supply networks, will use the funding to co-create new supply networks with produce suppliers and retailers that will increase the availability of longer-lasting produce, including avocados, limes, mangoes, cucumbers, apples and more, for consumers across the US, UK and Europe.