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BFD Expert Voices - Retail Deals

BFD Expert Voices

The co-founder and CEO of Green Monday Holdings, a Hong Kong-based faux meat maker, gave me some more details behind the company's Series B fundraising. 

Why it matters: Plant-based meat alternatives were a big deal first in the U.S. and now expanding across Asia, where the diet is different but the opportunity potentially bigger. 

Details: Green Monday, which operates food tech company OmniFoods, plans to raise $100 million for this next round of funding, according to Bloomberg. 

David Yeung, who founded the company in 2012, didn't talk about the precise size of the round but said proceeds would be invested in geographical expansion. It only launched in the U.S. last fall.

OmniFoods, described as Asia's answer to Beyond Meat, figures large in the sector's growth, especially as it focuses on fish and pork while its competitors chase beef and poultry.

R&D also is a priority for the company, with plans to launch prepared food products such as a spring roll using its plant-based pork.  

Meanwhile, competitors across the region are raising capital as well. Singapore-based startup Next Gen raised $100 million in Series A funding last month for its U.S. expansion, TechCrunch reported. 

1 big thing: Green Monday's added greenbacks

Illustration of a red burger with a green stem, resembling a tomato.

PatPat, a Softbank-backed clothing and maternal products online marketplace, is exploring an initial public offering, Bloomberg reports, seeking to raise around $500 million.

Why it's the BFD: PatPat is reportedly considering Hong Kong or the U.S. for its listing venue, and the ultimate choice will say a lot about how executives, boards, advisers and investors are weighing the two markets.

Details: These days, choosing Hong Kong or New York says a lot more about the direction of a company than it used to. Beijing's influence is far heavier than it's ever been since the handover, with Hong Kong's reputation as a global financial hub losing ground by the minute.  

PatPat's decision to list in Hong Kong would signal a major China focus for its products and consumers, a New York float would show investors its intent to focus on U.S. customers, where it's based. 

2. The BFD: PatPat puts IPO on the table

Illustration of SoftBank chairman Masayoshi Son in front of money

Photo Illustration: Eniola Odetunde. Photo via Yoshikazu Tsuno/Getty Images

I still vividly remember Beyond Meat's fast-food-themed booth at a previous Expo West show, mocked up in yellow and red to look like a McDonald's counter, seven or so years ago. 

Why it matters: There were doubts about whether a highly processed, plant-based meat alternative could be a satisfying replacement for the real thing, let alone appear in a McDonald's, yet that's exactly what is happening.

Between the lines: The plant-based meat alternative industry is about to take a much bigger bite out of the food category because some of the newest products are not just better than the plant-based products that have come before, they are even tastier than their meat counterparts.

The Very Good Food Company, the publicly listed Canadian parent of The Very Good Butchers, is another player in the space that is currently on the hunt for acquisitions (and makes a lip-smacking BBQ beef that goes well with coleslaw).

The bottom line: While Beyond Meat and Impossible Foods grab most of the headlines, keep your eye on up-and-coming brands such as Omni Foods and The Very Good Butchers in terms of products and deal-making.

3. Retail therapy: Beyond faux meat

Illustration of Sigmund Freud holding a collection of shopping bags.

Society Brands, a Canton, Ohio-based Amazon aggregator focused on “meaningful liquidity,” raised $204m led by i80 Group. http://axios.link/eJxM 

YABA, an Amazon brand aggregator focused on Southern Europe, raised $85m in equity and debt. Crossbeam Venture Partners and Tikehau Capital co-led, and were joined by 10x Founders, Bonsai Partners, Aldea Ventures, JME Ventures and Inveready. https://www.goyaba.co/en/home

Nothing, a British consumer hardware startup, raised $70m in Series B funding. EQT Ventures and C Ventures co-led, and were joined by GV, Future Shape, Gaorong Capital and Animoca Brands. http://axios.link/4TQO 

A-Frame Brands, which develops celebrity-led personal care products formulated for minority groups, raised a $11.2m seed round led by Forerunner Ventures and Initialized Capital. Investors include the Gap’s Fisher Family, Manzanita Capital, Moise Emquies and Columbia Care. The seed round is in addition to the $2m raised by the company in 2020 and $5m raised by the individual brands within its portfolio. https://www.aframebrands.com/

4. Retail transactions

🥬 + 🥓 Situational awareness: A top trend at the Natural Products Expo West: better plant-based bacon. The samples I've tasted so far are even more convincing than the previous versions. See below for more details. 

It's incredible to think it's been three years since the last Expo West. 

It was heartening to see the convention center halls packed with people eager to do business after a long hiatus.

From first-time attendees to seasoned veterans of the show, the overwhelming feedback was optimistic with brisk buying and selling activity.

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March 10, 2022

1 big thing: Green Monday's added greenbacks