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More than $223 million in grants and loans aim to increase competition and economic opportunities for meat and poultry processors and producers around the country while helping to lower costs.
The MPPEP aims to increase competition across the economy to help lower costs for American families, and this announcement is expected to expand meat and poultry processing capacity, which in turn is expected to increase competition, supports producer income and strengthen the food supply chain to lower costs.
Avant, a biotechnology company and developer of an end-to-end platform for cell-cultivated fish and seafood, announced its over $10.8 million round led by S2G Ventures, the direct investment team of Builders Vision, an impact platform dedicated to building a humane and healthy planet.
SuperMeat, a food-tech company focused on cultivated meat, announced a new strategic partnership with Ajinomoto to establish a commercially viable supply chain platform for the cultivated meat industry.
Sophie’s Kitchen, a growing name in the plant-based food industry, announced a $5.6 million investment led by Billy Goat Brands, which is a publicly-listed venture capital platform with a focus on the blue economy. The funding will support the growth of the Sophie’s Kitchen brand and product innovation.
According to a white paper published by the Institute of Food Technologists entitled "Food Research: Call to Action on Funding and Priorities," public spending on foundational research for both agriculture and food in the U.S. has been slowly trending downward since 2006 or so, while private R&D spending has seen a small increase.
Kraft Heinz has launched a new venture capital fund to invest in emerging tech companies that are transforming the food industry. Kraft Heinz has committed up to $100 million to the fund, named Evolv Ventures, and has hired investor Bill Pescatello to lead the fund.