FoodTech stars – DFInsights May 18 #2

Published on May 19, 2018

Last week, Purple Carrot, an American vegan meal kit startup raised 4 million $. You may wonder why this matters in a world of meal kits rushing for IPOs (Hello Fresh, Blue Apron), acquisition (QuiToque) or partnership with retailers.

It does, both because of the vegan focus and because of who is behind this meal kit. Purple Carrot is using the image of Tom Brady, a famous US football player. Together, they launched TB12, a dedicated meal kit focusing on performance and based on plants.

22days

This could be some coincidence if it wasn’t the signal of something bigger. A few weeks ago, Queen B (or Beyoncé if you prefer) launched her own… meal planner:22 days. The singer is using her strong social media presence to promote the “startup”, the best PR ever with her 145 million followers (only on her Instagram account, to be precise).

And it’s not her first attempt in the FoodTech ecosystem. As Tom Brady and many other stars, she has also her meal kit or meal delivery platform. Even Sarah Michelle Gellar (Buffy), has her own company delivering DIY recipe kits.

Even if we have been used to chef partnering with brands, more and more tv stars, singers or sports players are launching or partnering with food startups. They bring communication and more important, the desire of many of their fans to live closer to them.

Matthieu Vincent

(should you need any further information please do not hesitate to contact me)


BIG DEAL

Labellevie

La Belle Vie just raised 5.5 m€
La Belle Vie is a Paris-based startup delivering fresh products. It competes with the main retailers in France, focusing on profitability (something too rare to be mentioned). Now it aims to grow in London and other french cities.

LSA


TOP NEWS

Is keto diet the solution for diabetes At least, it’s what is saying a new startup. With the silicon valley diet fad (keto is basically a lot of fat and proteins and few carbs) and it’s meal planner it claims to reverse diabetes type 2.  For $370/month, Vista gives you advice and monitors your diet, medications and activity.
Business Insider

If you have been following us for some time, you may have A.I. and food personalization: notice that personalization is one of our “strong conviction” about the future of food.  This article dives into the promise of Analytic Flavor System, a startup that aims to replace taste panels with A.I (and a lot of your data) to enable you to find the perfect food for your taste.
NewFoodEconomy

Analytic Flavor System

Shares for employees, nothing for riders: The divide between Deliveroo’s employees and riders is going to get bigger. While the former will receive shares of the company, the last will receive… nothing more. This news illustrates the expansion of a gig economy with rewards only targeted to highly skilled full-time employees.
Techcrunch

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Join the 60+ clients of Digital FoodLab: leading agrifood companies, retailers, banks, investors, startups, and public organisations.

Use case: project for a global F&B company looking to map its AgTech innovation ecosystem and the best startups to partner with

What we did:

  • Mapping of the AgTech ecosystem: startups, research regulators, and other leading companies.
  • Discussion to select areas to focus on.
  • Analysis of the information to reveal the trends and a model to analyse eventual partners.
  • A workshop to validate the opportunities based on our recommendations.
  • Scouting of relevant partners followed by introductions.

Results:

  • Mapping the different categories of innovations in AgTech that should be considered now to create long-term benefits for the business.
  • Identification of key partners (an incubator and a couple of startups).

Use case: project for a CPG company on the healthy ageing ecosystem

What we did:

  • Education of the board through a couple of workshops to define the perimeter
  • Identification of key opportunities and threats created by long-term evolutions (technologies, business models, behavioural changes).
  • Deep dives on each of the priority categories.
  • Co-construction of a vision on how the company should address these challenges.
  • Identification of partners (startups, incubators, funds) to move forward.

Results:

  • Creating a consensus on which categories to prioritise and how to address them.
  • Implementation of an open innovation strategy through the development of partnerships.

Use case: project for a global CPG company to develop a strategy on the healthy ageing ecosystem

What we do (ongoing mission on a subscription model):

  • Kick-off where we present an overview of the AgriFoodTech ecosystem to select with the client the categories to cover and for each, the level of information required.
  • Monthly newsletter: each month we send a newsletter with the articles that we have gathered ranked by relevance, their summaries, and a layer of analysis.
  • Database: we set up a personalised database that will be filled month after month with the information gathered on the companies identified for the watch.
  • Workshops: twice a year with the client’s innovation team and other “innovation curious” team members, we present an overview of the evolutions, key trends and a dashboard of the topics followed by the watch.

Results:

  • A clear, regular and evolutive tool to follow what is happening in terms of innovation on key topics.
  • A forum (through the workshops) to discuss innovation trends and new opportunities.

Use case: opportunity screening for an ingredient company

What we did:

  • Kick-off to define the perimeter of the ecosystem studied.
  • Mapping of the different trends shaping the innovation ecosystem of the client.
  • Analysis of the trends on DigitalFoodLab’s trend curve and other relevant frameworks.
  • Workshop to discuss DigitalFoodLab’s recommendations on key trends to prioritise

Results:

  • Shared view of the innovation ecosystem for the client with a view of the trends to prioritize.
  • Clear document (personalised trend curve) that can be easily shared internaly to explain the company’s innovation choices and which can be then updated each year.

Use case: scouting for an agriculture coop

What we did:

  • Kick-off to define the perimeter of the client, the goals of the scouting (partnerships) and the criteria on which startups should be evaluated.
  • Set-up scouting: we selected the first batch of 20+ key startups following the criteria of the client.
  • On-going scouting: then we set up a quarterly scouting of about ten startups.
  • For each scouted startup, we created an ID card with key information such as the business and technological maturity, funding, and corporate partnerships. We also added an explanation of why we selected this startup.

Results:

  • An ongoing and evolutive scouting are matching the client's criteria and its capabilities in terms of deal flow.

Use case: working on an acquisition process for a CPG company

What we did:

  • Kick-off to define what the client is seeking, notably in terms of maturity.
  • Workshop with the client based on a mapping of the different innovation ecosystems adjacent to its activities to select some priorities and discuss inspiring examples of startup acquisition stories.
  • Identification of 20+ targets.
  • Workshop to select the most relevant to engage with.
  • DigitalFoodLab worked as a sparing partner during the acquisition process, notably to help design how the acquired startup could be integrated into the overall company’s strategy.

Results:

  • Different results from traditional M&A processes with a focus on the client’s innovation strategy.
  • Identification of a good match for an acquisition.

Use case: market due diligence on sugar alternatives

What we did:

  • Kick-off with the client to discuss its interest on this category, its expectations and existing level of information (notably on the target company).
  • Mapping of the ecosystem to analyse the different existing alternatives and technologies to compare them.
  • Interview (calls) with relevant startups made by our internal biotechnology expert.
  • Recommendation on whether to invest or not.

Results:

  • Clear view of the ecosystem and of the reasons to believe (or not) in each sub-category.
  • Enforceable recommendations based on facts and expertise.