From TastingTable, September 18:
It seems the growing challenges stacked against the plant-based meat industry have claimed two major casualties in late 2023. Within one week of one another, San Francisco startups Hooray Foods and Nowadays have both announced they will be permanently shuttering the brands and terminating operations.
While Nowadays co-founder Max Elder announced the end of the company via LinkedIn this week, it had already halted production of its signature plant-based fried chicken in August. In an interview with AgFunderNews, Elder stated that Nowadays was unable to gather sufficient venture funds in the declining plant-based meat market. At the time, he explained the Nowadays founders were looking for other options to continue developing their product with their awarded patents. However, as of Elder's LinkedIn post on September 13, the brand has officially been shuttered for good.
....MUCH MORE
We like AgFunderNews. In addition to bringing together in one place a lot of business and science they are straight shooters. This is worth remarking on as they are also investors in a lot of the startups/businesses/industries that they cover.
Our last link to AgFunderNews (September 15) is a perfect example:
"Beyond Meat facing ‘existential threat’ says TD Cowen: ‘The core problem is the product’" (BYND)
