Y Combinator is a startup accelerator that invests in a large number of startups twice a year. It created a new model for funding startups. Twice a year, the company invests a small amount of money ($150k) in a large number of startups. The startup accelerator works intensively with the companies for three months, to get them into the best possible shape and refine their pitch to investors. Each cycle culminates in Demo Day when the startups present their companies to a carefully selected, invite-only audience.

Y Combinator

Aera VC invests at the frontier of deep technology and sustainability to accelerate the world to a better future. Those who create breakthrough ideas the fastest will generate new markets, exponential financial returns, and a better future for us all. Aera VC will be right behind them. We believe sustainability is the largest investment opportunity of our lifetime. We have been generating outstanding financial returns since 2016 while investing in the pursuit of a better world. The companies we have backed are the best illustration of what we invest in, aspire to, and can achieve.  We are excited that these companies are only just getting started and we have already established a truly global footprint. 70% of Aera Portfolio companies are co-founded by women or those from minority backgrounds.

Aera VC

Initialized Capital is an early-stage venture capital firm focused on the seed. Initialized has 6 investing partners and over $3.2B under management over five core funds since its founding in 2012. The firm's startups have created in aggregate over $200B in market value so far.

Initialized Capital

Pioneer Fund is a fund of 420+ Y Combinator alumni, investing in the top Y Combinator startups.

Pioneer Fund

At Forerunner, we believe in a better way to invest. We’re a venture capital firm focused on understanding the mindset of the modern consumer and identifying the people poised to deliver what they need. We believe that when entrepreneurs are poised to meet consumers not just where they are today but where they’re going to be tomorrow, they become more than just founders — they’re forerunners. By supporting them with funding, strategic wisdom, and consumer insight — our “CQ” — we help transform industries and drive culture forward.    We’re a San Francisco-based team of veterans and visionaries from multiple disciplines. What unites us is a shared belief that “good enough” just isn’t good enough. We’ve used our combined expertise to support trailblazing brands like Dollar Shave Club, Warby Parker, Hims & Hers, and dozens more.

Forerunner

Sozo Ventures was formed in 2011 to invest in and support IT ventures with their global expansion. We invest in category leaders in advanced data technologies, ecommerce, enterprise cloud, fintech, IOT and healthcare IT, among other emerging sectors. We are structured to connect the most ambitious entrepreneurial teams with the world's most advanced and respected customers and distributors. We are at our best when we can share our expertise well before expansion strategies are set.

Sozo Ventures

Gaingels is a venture investment syndicate in service of the LGBT+ community and its allies, investing in companies with LGBT+ founders and C-suite leaders at all stages of growth, as well as in more established companies resolved on building more inclusive teams, with a global portfolio of 130+ companies and $70M in deployed investment capital to date.  The Gaingels network also actively supports its portfolio in identifying and recruiting diverse talent to their C-suite and board leadership teams and fosters a vibrant global community of industry leaders, investors, operators, and entrepreneurs who share a common goal for positive social change through business and successful investments.

Gaingels

KBW Ventures is an asset management firm focusing exclusively on venture capital, value creation, and growth equity. It seeks to make venture and growth investments in companies operating in the food, artificial intelligence, blockchain technology, and fintech sectors. The firm was founded in 2005 and is headquartered in San Mateo, California, United States.

KBW Ventures

Eclipse Foods

Eclipse Foods is plant-based dairy products that are indistinguishable from animal dairy products. Using a novel plant-processing technology, Eclipse gives amazing dairy flavor, texture, and functionality without the health, environmental, and welfare issues attached to traditional dairy. The company's mission is to create a more sustainable, healthy, and humane food system by making amazing plant-based foods that require no sacrifice. Eclipse Foods was founded in 2019 and is based in Oakland, California.

Eclipse Foods is a plant-based ice cream producer. The company uses oats, corn, potato, cassava, organic cane sugar, and non-GMO expeller pressed canola oil. Eclipse Foods claims its ice cream tastes just like dairy ice cream and is on par with the nutritional values of premium dairy ice cream. The startup is also developing milk, creamers, and cheese, all of which are still in the prototype stage.

A booming food and beverage segment with a history as rich and varied as its present-day product offerings

Plant-based Dairy & Egg

Eclipse Foods Launches Plant-Based Ice Cream Bonbons in US, "eclipseco" Debuts in Japan

Eclipse Foods is a plant-based ice cream producer. The company uses oats, corn, potato, cassava, organic cane sugar, and non-GMO expeller pressed canola oil. Eclipse Foods claims its ice cream tastes just like dairy ice cream and is on par with the nutritional values of premium dairy ice cream. The startup is also developing milk, creamers, and cheese, all of which are still in the prototype stage.Key customers and partnershipsThe startup intends to focus on both foodservice and retail channels. As of December 2020, Eclipse Foods’ ice cream was available in 70 partner store locations in the US and online. In November 2021, the company’s products were available at 45 Whole Foods store locations in Northern California. In <a href="https://sp-edge.com/updates/11223">June 2022 </a>, Eclipse Foods partnered with Smashburger, a fast-casual restaurant chain to offer plant-based milkshakes nationwide in the US which the company claims is a first for the industry.Funding and financialsIn its latest funding round, the company raised over USD 40 million in a Series B funding in <a href="https://sp-edge.com/updates/11355">June 2022 </a>. The round was led by Sozo Ventures and the funding was planned to support growth in the retail and food service sector, acceleration of R&amp;D, new hires to expand the team, and increase brand awareness.

Eat JUST (Hampton Creek before 2018) is a food technology company that specializes in egg and meat alternatives. It has large-scale facilities in Germany and North America and in <a href="https://sp-edge.com/updates/9243">March 2022</a>, the company announced the groundbreaking of its new manufacturing facility in Singapore. It is the largest of its kind in the country post-completion and was slated to be completed in two years at a cost of USD 120 million.Launched in 2018, the company’s plant-based egg, JUST Egg, is made from mung beans and legumes. It offers an egg alternative for sweet and savory applications, including omelets, scrambled eggs, pancakes, and baked goods. In January 2020, the company announced a new folded plant-based egg, along with an upgrade to its original liquid plant-based egg. In <a href="https://sp-edge.com/updates/9599">April 2022</a>, the company received exclusive regulatory approval from the European Commission for its mung bean protein, a key ingredient in its JUST Egg product. In <a href="https://sp-edge.com/updates/30018">June 2024</a>, JUST Egg debuted the latest addition to its plant-based egg lineup, JUST Egg v5, featuring an improved formulation, taste, and texture.As of February 2024, JUST Egg had sold the equivalent of 500 million eggs and was available at food service outlets, online markets, and major retailers like Whole Foods, Sprouts, Walmart, Target, and Kroger.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/10634">May 2022</a>, tennis pro Serena Williams and renowned actor Jake Gyllenhaal partnered with the company to appear in its national ad campaign “Really Good Eggs” to promote JUST Egg. In <a href="https://sp-edge.com/updates/13770">October 2022</a>, the company partnered with MingsBings to launch four new vegan breakfast items featuring JUST Egg. Also, during the same month, JUST Egg <a href="https://sp-edge.com/updates/13795">partnered</a> with Starbucks for a limited trial of new vegan menu items. In <a href="https://sp-edge.com/updates/20178">July 2023</a>, the company partnered with Alpha Foods as a part of its brand portfolio renovation. Following this, JUST Egg <a href="https://sp-edge.com/updates/21095">partnered</a> with Korean alternative meat company UNLIMEAT to develop Korean-style vegan products.Funding and financialsIn <a href="https://sp-edge.com/updates/12427">August 2022</a>, the company bagged a USD 25 million investment along with a strategic partnership from Alibaba-Group-backed private equity firm, C2 Capital Partners. Together, the companies are set to work towards expanding Eat Just’s footprint in the Chinese market. Later, in <a href="https://sp-edge.com/updates/21471">September 2023</a>, the company raised an undisclosed amount in new funding led by VegInvest/Ahimsa Foundation. The funding was to be deployed towards improving the quality and profitability of Eat JUST's products.

Eat JUST

Zero Egg is an Israel-based developer of egg alternatives in powder form using plant-based ingredients such as soy, potatoes, peas, and chickpeas. The startup initially launched two main products, the EGG Basic, a replacement for scrambled eggs and omelets, and BAKE Basic, an egg replacement for baking. In <a href="https://sp-edge.com/updates/13217">September 2022 </a>, the company launched “Zero Egg Scoopable Scramble”, a ready-to-eat frozen plant-based scrambled egg product claimed to be the world’s first of its kind.The company initially only sold to foodservice customers and food manufacturers in 2 lb. bags of around 86 to 130 equivalent eggs. In October 2020, Zero Egg entered the US B2B market following a successful launch in the Netherlands and Israel. As of March 2024, the company’s products can also be purchased online in Patty and Liquid form.In 2021, the company announced that its product is co-manufactured in Cookeville, Tennessee, and would be distributed by Gordon Food Service in the US in 2021.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/18573">May 2023 </a>, Zero Egg partnered with NYC’s Plantega to become the latter’s exclusive plant-based egg supplier. Plantega, based on a deli-in-store concept, featured Zero Egg’s new Egg Patty in its bodega-style breakfast sandwiches, available via all its outlets and food delivery platforms. The following month, the company <a href="https://sp-edge.com/updates/19335">partnered with The Friendly Toast </a>, a US restaurant chain, to launch the Vegan Zero Egg Breakfast Sandwich at all of its ten locations.Funding and financialsIn November 2020, the company raised USD 5 million in a Series A funding round led by Powerplant Ventures. The funding was earmarked for new product launches and expanding the company’s US footprint.

Zero Egg

Impossible Foods, a producer of plant-based meat products, demonstrated a prototype of its plant-based milk product in October 2020. The product has been under development by a five-member research and development (R&amp;D) team since 2015. The startup developed the milk alternative using plant-based ingredients, including a special de-flavored and deodorized soy protein. Impossible Foods claims its product tastes like cow’s milk and functions (froth, cook) like cow’s milk. Unlike soy or nut-based milk, the Impossible Foods milk alternative can be mixed with hot beverages without any precipitation.&nbsp;

Impossible Foods

Perfect Day produces animal-free dairy products using fermentation techniques. The startup uses microflora (microorganisms such as bacteria, yeast, or in this case, fungi) to create the protein blocks of milk-casein and whey via fermentation, which is later combined with fat and water to produce genetically identical substitutes to animal milk. Perfect Day has developed the microflora to produce milk proteins with a similar genetic blueprint corresponding to casein and whey. The startup launched its first product in 2019, a limited line of animal-free ice cream. Perfect Day has also developed animal-free substitutes for cream cheese, feta, and cheese spreads, in addition to milk. Since its first funding round in December 2019, Perfect Day reported a doubling of production capacity while significantly reducing costs. In <a href="https://sp-edge.com/updates/14938">November 2022</a>, the company launched its Very Dairy animal-free milk in Singapore which is claimed to be the first precision fermented milk to enter the Asian market. Following this, Perfect Day <a href="https://sp-edge.com/updates/14989">acquired India’s Sterling Biotech Limited </a>at a value of 638 crore rupees (~USD 78 million). In <a href="https://sp-edge.com/updates/32960">August 2024</a>, 50% of Perfect Day’s stake in Sterling Biotech was acquired by Indian pharmaceutical company Zydus Lifesciences.In <a href="https://sp-edge.com/updates/20068">July 2023</a>, Perfect Day exited its consumer-facing business, The Urgent Company (TUC), due to investor pressure and to shift its focus towards R&amp;D innovation, B2B partnerships, and its nth Bio precision fermentation consulting business. 15% of the workforce at TUC was laid off as a part of this move.Key customers and partnershipsThe company entered into partnerships with Tomorrow Farms in <a href="https://sp-edge.com/updates/10605">May 2022 </a>and Strive Nutrition in <a href="https://sp-edge.com/updates/10862">June 2022 </a>to supply fermented animal-free whey protein for the production of alternative milk. In <a href="https://sp-edge.com/updates/11970">July 2022</a>, the company partnered with sports nutrition brand, Myprotein to launch a precision fermented Whey protein powder. The company partnered with global food and beverage leader, Nestle in <a href="https://sp-edge.com/updates/12953">September 2022 </a>to develop and trial an unnamed alternative milk beverage. Further, during the same month, the company unveiled its <a href="https://sp-edge.com/updates/13187">enterprise biology business, “nth Bio”</a>, offering precision fermentation expertise and technology to companies worldwide and announced Onego Bio as its first partner in this new venture.In <a href="https://sp-edge.com/updates/26920">February 2024</a>, Perfect Day partnered with Unilever-owned ice cream company Breyers, to supply precision-fermented whey protein for developing a lactose-free ice cream product.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates/25248">January 2024</a>, Perfect Day raised up to USD 90 million in pre-Series E funding led by its internal investors. The funding was earmarked for supporting Perfect Day's shift toward manufacturing on a larger scale and paving the path for the commercial release of its fermented whey protein product.

Perfect Day

Califia Farms uses almonds to produce a range of plant-based alternatives such as milk, cold-brew coffee, creamers, half-and-half, butter, and yogurt. In February 2019, the US-based startup launched Übermilk, a milk alternative made with oat milk, pea protein, sunflower oil and seeds, flaxseed oils, and other vitamins and minerals. Übermilk contains the same amount of calories, more protein (8 g), and less sugar (2 g) than a serving of cow’s milk.In <a href="https://sp-edge.com/updates/14325">November 2022</a>, Califia Farms added plant-based whipping cream to its portfolio with the launch of Heavy Whip. In <a href="https://sp-edge.com/updates/15601">January 2023</a>, the company added USDA-certified Organic Oatmilk and Almondmilk–made with only purified water, sea salt, and oats/almonds–to its alternative dairy products. Further, in <a href="https://sp-edge.com/updates/26576">February 2024</a>, the company launched Califia Farms Complete, a plant-based milk claimed to be nutritionally comparable to dairy. It followed this up by launching ‘<a href="https://sp-edge.com/updates/31054">Complete Kids</a>’, a kid-friendly version of its Complete plant-based milk.In <a href="https://sp-edge.com/updates/31925">July 2024</a>, Califia Farms acquired Uproot Inc., a company developing plant milk dispenser systems for foodservice, for an undisclosed sum. With this acquisition, the company aimed to expand its "Away From Home" portfolio and offer plant milk in a convenient dispensing solution at hundreds of colleges, universities, and other dining locations.Califia Farms products are available in the US at Whole Foods, Kroger, Sprouts, and Target outlets.Funding and financialsIn January 2020, Califia Farms raised USD 225 million in Series D funding led by the Qatar Investment Authority to expand its production capacity, R&amp;D efforts, and geographical footprint.

Califia Farms

Producers of plant-based milk alternatives using ingredients such as almonds, cashews, soy, oats, coconuts, peas, etc.

Producers of plant-based cheese alternatives using ingredients such as coconuts, almonds, cashews, soy, hazelnuts, etc. Startups use their proprietary plant-based cultures for the fermentation process

Producers of plant-based butter alternatives using ingredients such as almonds, avocados, olive oil, etc.

Producers of dairy-free ice cream using plant-based milk

Producers of dairy-free yogurt using plant-based milk and cultures

Producers of plant-based egg alternatives for general consumption (used in baking and cooking) using pulses such as mung beans, peas, soy, chickpeas, etc.

Producers of non-dairy (such as plant-based, microflora, cultured, etc.) protein bases that are supplied to dairy alternative manufacturers to produce milk, butter, cheese, ice cream, and yogurt alternatives

Provides sustainable solutions for dairy products and egg farming

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 Eclipse Foods, a company specializing in plant-based ice cream, has introduced Eclipse Bonbons to its range of products. The bonbons will be available in three flavors: Chocolate Hazelnut Truffle, Peanut Butter Pretzel, and Coffee Almond Crunch. They are expected to be available in US retail stores by March 2024.
 Besides, the company has expanded internationally, introducing its products to the Japanese market under the brand name “eclipseco". These products are available at the Japanese convenience store chain, Family Mart, featuring Cookie Butter Crumble, Classic Chocolate, and Mango Passion Fruit flavors.
</div> Analyst QuickTake: 
 Launched in 2019, Eclipse Foods has expanded to have 600+ distribution points across the US. In its latest funding round, the company raised <a href="https: 
//sp-edge.com/updates/11355"> USD 40 million </a> in Series B funding for distribution expansion, acceleration of R&amp;D, and increasing brand awareness.

Eclipse Foods

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