Happy Tuesday! The New York Times published an article highlighting the growing trend of VC capital flowing into innovative food startups.
An excerpt from the article sums up the attraction VCs have for food:
“Part of the reason you’re seeing all these V.C.’s get interested in this is the food industry is not only is it massive, but like the energy industry, it is terribly broken in terms of its impact on the environment, health, animals,” said Josh Tetrick, founder and chief executive of Hampton Creek Foods, a start-up making egg alternatives.
And by the numbers: last year, VCs invested $350 million in food projects, which marked an 37% increase from the year before. Even though the $350 million is a small proportion of the total VCs invest, the growth rate is remarkable.
There are still a doubts VCs have about food startups, and it’s intriguing to see they are grappling with some of the same issues we are trying to explore in our meetup group!
Check out the full article here.