Source: New York Times
Every week we track the business, tech and investment trends in CPG, retail, restaurants, agriculture, cooking and health, so you don’t have to. Here are some of this week’s top headlines.
To no surprise, the Trump administration has left behind small farmers in its multi-billion Covid relief package. The funding distribution is stark – the top 10% got over 60% of the pot, while the bottom 10% got just 0.26%. Meanwhile, Bayer and Temasek have partnered to form a new venture, Unfold, with $30 million in funding to begin selling seeds to vertical farms.
Joblessness in the hospitality industry remains at Depression-era levels, and Black, Asian, and Hispanic people are still having a harder time finding work than white people.
We need your support as well. Producing our newsletter takes a lot of time and resources, and we need to change our business model to keep it going. To date, we’ve funded our work through our events, sponsorships and consulting, which are all on hold due to the pandemic. If you find our newsletter to be a valuable resource, we hope you will consider making a one time or monthly contribution, so we can keep the newsletter going and free for those who can not afford a subscription fee. Whether it’s $5 or $500 every bit helps and shows us that you value our work. Not able to contribute right now? You can help by sharing our newsletter with friends and colleagues.
Check out our weekly round-up of last week’s top food startup, tech and innovation news below or peruse the full newsletter here.
1. Small Farmers Left Behind in Trump Administration’s Covid-19 Relief Package – NBC
The uneven distribution of funds is stark. The top 10% got over 60% of the pot, while the bottom 10% got just 0.26%.
2. Restaurant Jobs Growth Sputtered in July as Republicans Still Hold Out on $600 Checks – Eater
Unemployment in food and drinking places fell more slowly last month to 21.8%, while the overall jobless rate dropped to 10.2%.
3. S2G Ventures to Invest Up to $100M in Ocean and Seafood Firms – FoodBev
It will focus on areas including seafood and alternative protein sources, aquaculture and supply chain innovation, ecosystem services, traceability and transparency, as well as algae and seaweed.
4. Temasek, Bayer Form New Company to Sell Seeds to Vertical Farms – Bloomberg
Unfold has raised $30m in an initial funding round and entering into an agreement for certain rights to germoplasm from Bayer’s vegetable portfolio.
5. Takeout Sales Are Way Up. Will Profits Follow? – Bloomberg
This earnings season saw sales soar. But Uber and Grubhub lost $837m and $45.4m for the quarter, respectively. Delivery Hero is expected to lose more than $800m for the year.
6. Walmart and Instacart Partner for Same-Day US Delivery in Fight Against Amazon’s Whole Foods – CNBC
The partnership is in a pilot phase in four markets across California and in Oklahoma.
7. Beyond Meat Lags Conventional Companies in Sustainability Disclosures – Food Dive
The analysis gave Tyson 98% on its weighted environmental disclosure ratio. This looks at how much the company tells about its complete operational environmental impact and costs. Hormel got a 99% in this category. Beyond Meat scored a 0%.
8. Black-Owned Food Businesses Are Seeing a Surge in Publicity and Customers – and Hope That Investors Are Next – Fortune
A 2016 study reported that all startups raised on average $1.14m during their first funding round. Black startups only averaged $42k. The recent surge in interest and initiatives to support Black-owned businesses offers hope for the future.
9. Canada: Catering Startup Platterz Raises $43.8M CAD, Rebrands as Thriver – The Spoon
The round was led by Viola Growth. New funds will go towards expanding into new markets, building more capabilities into its platform and growing the Thriver team.
10. Vegan Cheesemaker Closes $12M Funding Round – Food Business News
Cleveland Ventures led the round. Good Planet Foods plans to use funding to accelerate product development, sales and marketing.
11. Diseased Chicken for Dinner? The USDA Is Considering It – Bloomberg
A proposed new rule would allow poultry plants to process diseased chickens. That’s the last thing Americans need.
12. Food & Ag Anti-Racism Resources + Black Food & Farm Businesses to Support
Check out our list of resources to learn about systemic racism in the food and agriculture industries. We also highlight Black food and farm businesses and organizations to support.
13. The Eater Guide on How to Help Your Community During the Crisis – Eater
The projects, groups, and organizations that are addressing food insecurity in light of COVID-19.
14. Multiple Bon Appétit Stars Resign From Appearing in Test Kitchen Videos [Updated] – Eater
Six members of the BA Test Kitchen will no longer host videos following Condé Nast’s alleged failure to adequately address inequities.
15. The Future of Food Media Is in Your Inbox – Taste
Indie newsletters are booming, and they are home to some of the most exciting food writing today.
Our newsletter is the absolute easiest way to stay on top of the emerging sector, so sign up for it today and never miss the latest food tech and innovation news and trends, Already signed up? Share the love with your friends and colleagues!
The post Small Farmers Left Behind in Covid Relief, Hospitality Industry Unemployment Remains at Depression-Era Levels + More appeared first on Food+Tech Connect.