meat substitutes -

Sundial Foods is taking ‘chicken wings’ in a new direction • ZebethMedia

By zebethcontrolPosted on October 19, 2022Posted in Jessica Schwabach, meat substitutes, plant-based food, Siwen Deng, Startups, Sundial FoodsNo Comments

Alternative proteins are coming in every shape and form, and Sundial Foods is making its mark in one of sports bars’ favorite staples: wings. Co-founders Jessica Schwabach and Siwen Deng started the company in 2019 to create vegan chicken wings that look just like the traditional cut of meat. The pair met in U.C. Berkeley’s alternative meats program. “We were assigned to a project to try and solve the dryness problem of the alternative meat product,” Deng told ZebethMedia. “We came up with this idea to apply a physical barrier on all sides to lock all the moisture and increase the juiciness.” What the co-founders were going for was the same fried food meat-eaters know, but with a fully plant-based skin, meat and bone. Their proprietary technology simulates a whole cut of meat, complete with similar texture and muscle structure. It is also made with ingredients like water, chickpeas and sunflower oil and contains more fiber and less saturated fat than chicken but about the same amount of protein. They went on to participate in the Nestlé R&D Accelerator in Switzerland where they were able to test their formula for the plant-based wings. This included a co-branded product with Nestlé’s plant-based food brand Garden Gourmet and test launch in more than 40 retail outlets across Switzerland. While exhibiting as part of the Battlefield 200 at TC Disrupt, they told ZebethMedia that they are actively raising a Series A — after raising a $4 million seed round in 2021 — and have plans to expand outside of foodservice and into retail early next year. Sundial Foods started its pilot line with restaurants. You can already find their wings in two locations in San Francisco, Farming Hope at Manny’s and Foghorn Taproom. Farming Hope at Manny’s is selling Sundial’s wings for $8 for two, meaning the price is about three times that of traditional wings, which is currently about $1.68 per pound. “The demand is higher, right now than we can support, so we are moving to full-scale manufacturing,” Schwabach said in an interview. “We have already identified our manufacturing partner and will be working with them for the next six to eight months before going into retail next year.” The plan is to focus on local retailers initially and work on getting the volume, packaging and other items right before expanding into larger retailers. And, as they approach full-scale manufacturing, the co-founders say they will be working on meeting the price parity of chicken wings.

Beyond Meat to cut 19% of its workforce amid sales slump • ZebethMedia

By zebethcontrolPosted on October 15, 2022Posted in Beyond Meat, Layoffs, meat substitutes, StartupsNo Comments

Beyond Meat plans to lay off about 200 employees, or 19% of its workforce, according to a regulatory filing disclosed Friday. The company cited declining sales and said the layoffs are “based on cost-reduction initiatives intended to reduce operating expenses…and target cash flow positive operations within the second half of 2023.” Beyond Meat expects the cuts to be completed by the end of the year. Company shares, which opened Friday on the Nasdaq already 87% down from its 52-week high, fell even further in mid-morning trading following the layoff news. The stock hit a 52-week low of $12.76 earlier in the week, last trading around $13.95, which puts the company’s market value below $900 million. As part of the job cuts, the company said the role of chief growth officer/North America president was eliminated. Deanna Jurgens, who held that role, will leave the company on October 17. In addition, chief financial officer Philip Hardin notified the company that he would be stepping down October 12 “to pursue another opportunity.” Lubi Kutua, who was previously Beyond Meat’s vice president of financial planning, analysis and investor relations, was appointed by the board to serve in that role, effective October 13. The company also cut its full-year revenue guidance, expecting third-quarter net revenue of about $82 million, down 23% to the same quarter in 2021. Full-year 2022 net revenue is expected to be about $400 million to $425 million, which will be a decrease of between 14% and 9%, respectively, compared to the prior year. The company had previously forecasted year-end revenue to be between $470 million to $520 million, the filing said. A request for comment on the changes from Beyond Meat was not immediately returned. The company had announced a 4% reduction in workforce in August, but the news also comes as its chief operating officer, Douglas Ramsey, left the company — his last day was Friday — following his recent arrest that charged him with assault after he allegedly bit a man’s nose. Jonathan Nelson was promoted to head up operations and supply chain. Current and former Beyond Meat employees can contact Christine Hall by e-mail at chall.techcrunch@gmail.com.