Food Drive: How food innovation has continued during the pandemic
Not only are companies continuing on the path to innovation, but many funders are putting a lot of money toward it. Since the pandemic began, Impossible Foods, Perfect Day, Apeel Sciences, Oatly and Nature’s Fynd have all received funding infusions of $80 million or more.
Arama Kukutai, a co-founder and partner at Finistere Ventures told Food Dive that there’s nothing strange about the massive funding for innovative food companies in the midst of a pandemic. Since May, Finistere, which focuses on funding companies that want to transform the food and agriculture space, has invested in four different companies: Agriculture intelligence company Taranis, smart oven Tovala, agriculture analytics firm Enko Chem and agricultural risk management system Growers Edge.
While Kukutai said that food innovation is always a good place to invest — after all, everyone in the world needs it — the pandemic has made it a more desirable place to put money. Finistere is working on an analysis of investments in the food space during the pandemic. While it isn’t yet complete, Kukutai said he’s seen a general acceleration of investment into food since the pandemic began.