Gourmet News

MyForest Foods Raises $15M, Hires CEO

Published June 7, 2023

MyForest Foods Co. has raised $15 million in Series A-2 funding to support its next chapter of growth and further bring its hero product, MyBacon, to more consumers across the East Coast. The round was led by MyForest Foods’ parent company, Ecovative Design.

The majority of the proceeds will be used to support MyForest Foods’ retail growth and foodservice presence as it expands its footprint across the Eastern Seaboard, including New York City. The company’s popular mycelium-based meatless bacon product, MyBacon, is commercially available at multiple Fairway Market and Gourmet Garage store locations throughout Manhattan. These additions mark a new milestone; MyBacon is available in over 100 retail locations across the Northeast.

“The plant-based category is at a unique inflection point, where only the most promising and delicious innovations will thrive. I believe MyForest Foods has met this call with its unique MyBacon offering,” said Gary Hirshberg, co-founder of Stonyfield Farm and MyForest Foods board member. “The company is scaling its operations to meet consumers’ growing demand. With this additional investment, it will expand its market presence, attract new retailers, and educate customers about the power of mycelium.”

To support the company during this crucial growth period and into the future, MyForest Foods has hired Greg Shewchuk as its chief executive officer, effective immediately. Eben Bayer, the company’s co-founder and former CEO, will remain chairman of the board and continue to support the team’s continued operational expansion. He will remain CEO of Ecovative, which continues developing and scaling mycelium products to meet everyday needs.

“MyForest Foods was founded by a team of innovators with a passion for growing mycelium, an insight into how to grow whole-cut meats, and a vision to eliminate factory farming. Having proved the viability and consumer demand for our flagship MyBacon product, now is the optimal time to bring on an experienced industry leader as we move to commercial scale,” said Bayer, MyForest Foods’ co-founder. “I’m thrilled to bring Greg on board and leverage his savvy marketing and consumer packaged goods experience. With his expertise, our team will expand access to our delicious MyBacon, launch new whole cuts, and create a healthier, tastier, more sustainable world.”

Shewchuk most recently served as CEO of the food allergy prevention company SpoonfulONE, which Nestlé acquired in late 2022. He is an active member of the Board of Advisors for Gemic, a global growth strategy firm, in a position he has held since 2019. Shewchuk previously held senior leadership positions at Campbell Soup Company, Mead Johnson Nutrition, Mondelēz International, Cadburys Schweppes PLC, and Unilever.

“MyForest Foods has impressed me with its high-quality, delicious meatless products that support consumers’ desire for more eco-conscious food choices. There’s a reason why MyBacon was recognized by TIME and Fast Company as one of the most innovative food inventions on the market today,” said Shewchuk. “With this new funding and renewed commitment from our investors, my goal is to double down on our marketing and sales functions to take the MyForest Foods brand to the next level.”

The demand for MyForest Foods’ unique mycelium-based offerings is driven by consumer satisfaction with its tasty products and eco-friendly mission. MyBacon’s production process uses a fraction of the land, water, and carbon required for conventional pork production. The application of AirMycelium farming technology produces a plant-based whole-cut product, filling a significant market gap and bolstering a new industry category. MyForest Foods’ state-of-the-art mycelium farm, Swersey Silos, has rapidly scaled production since opening its doors in July 2022. The team is also in the process of launching a second farm in Canada with Whitecrest Mushrooms Ltd.

MyForest Foods is an American food technology company spun out of Ecovative in 2020. MyForest Foods’ proprietary platform uses a natural super-ingredient called mycelium to grow nutrient-rich fibers that replicate the textures and mouthfeel of meat. MyForest Foods is a consumer packaged goods food brand selling MyBacon in 100+ New York and New England retailers with more widespread availability expected later in 2023.

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Albertsons Rebrands Private Labels as Signature SELECT

Published June 1, 2023

Albertsons Companies, Inc. will rebrand its Signature Farms, Signature Care and Signature Cafe products under one master brand, Signature SELECT, which features a refreshed, modern logo, bold packaging and a new marketing campaign designed to build an emotional connection with customers. The transition to Signature SELECT is under way across stores including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s and more, and is expected to be complete in early 2024.

“Signature SELECT is our flagship brand offering shoppers an incomparable assortment of quality products at an incredible value,” said Jennifer Saenz, EVP and chief merchandising officer. “We are incredibly proud of our Signature family of brands and by bringing these sub-brands together under one name, we are building greater brand recognition, driving brand loyalty and creating customers for life.”

Signature SELECT is already the largest brand in the company’s Own Brands portfolio boasting over 8,000 products including packaged salads, ice cream, frozen pizza, coffee, paper goods, pasta, snacks, canned vegetables and fruit as well as ground beef, pork and chicken.

Following the consolidation of Signature Farms’ fresh poultry and produce, Signature Cafe’s deli items and Signature Care’s line of personal and baby products, the master brand will feature the modern Signature SELECT logo with a unified package design across its broad assortment of product categories so shoppers can easily identify the brand throughout the store. To reinforce the quality associated with every Own Brand item, Signature SELECT guarantees 100 percent customer satisfaction or they can receive a full refund of the purchase price.

The Signature family of brands was introduced to the Albertsons portfolio of stores in 2016 following the merger of Albertsons and Safeway. However, the ‘S’ branding dates back as far as the 1960s when Safeway sold products under the ‘S’ brand including milk, bread, ice cream, coffee, jellies, soft drinks, lunch meat, canned fruits and vegetables, frozen foods and paper products. The ‘S’ brand remained a key private label for Safeway until 2012 when the company retired its namesake brand and merged its products under the Safeway Kitchens, Safeway Farms, Safeway Home and Safeway Care brands, which ultimately became the Signature family of brands.

The Signature SELECT consolidation and rebranding follows recent updates to the company’s Own Brands portfolio including the evolution of the O Organics brand and redesign of Open Nature. These brand innovations are supported by a recent survey commissioned by Albertsons Cos. revealing that consumer demand for private labels continues to grow with 93 percent of Americans embracing and expanding their purchases of store brands. Respondents cited price, quality and availability as the main drivers of these purchases with a large number writing in that better taste was a factor when choosing a private label brand.

To celebrate Signature SELECT, the company debuted a new summer campaign appearing now in print, social, online and streaming channels. From family cookouts, backyard brunches, summer treats and more, the creative highlights in-the-moment imagery of how Signature SELECT elevates everyday life with convenient, affordable alternatives to national brands in every aisle – without sacrificing taste or quality.

“When developing the marketing campaign to accompany our expanded Signature SELECT flagship brand, we knew we wanted to celebrate the brand’s virtues of quality, taste, value and convenience,” said Brandon Brown, SVP of Own Brands at Albertsons Cos. “Our Signature creative showcases warm, welcoming scenes that puts the Signature SELECT brand at the center of life’s moments. We’re creating an emotional connection with our customer and showing her how everyday occasions can have their own signature flavor and style.”

Signature SELECT is part of the Own Brands portfolio, which includes trusted household names such as O Organics, Lucerne, Open Nature, Primo Taglio, debi lilly design, waterfront BISTRO, Soleil and Value Corner. Shoppers can find Own Brands products exclusively at Albertsons Cos. stores.

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‘Modern-Day Supper Club’ Grace by Nia Opens in Boston

Published June 1, 2023

Three of Boston’s award-winning business leaders in the hospitality and entertainment sector — Nia Grace, owner of Darryl’s Corner Bar & Kitchen and The Underground Café & Lounge and Ed Kane and Randy Greenstein, owners of Big Night Entertainment Group — have joined forces to open Grace by Nia, a modern-day supper club for which Eastern Bank is providing financing. Opened on May 11 in Boston’s Seaport District, Grace by Nia puts a new twist on the supper club concept, featuring over 5,000 square feet of restaurant and live entertainment space, a Southern soul-infused menu and a stage for live jazz music. Eastern Bank provided the term loan for the lease-hold improvements to support the build-out of the space.

Darryl’s Corner Bar & Kitchen and Big Night Entertainment Group have been customers of Eastern Bank, and this newest financing helps to expand the reach of their business owners in one of Boston’s most dynamic and thriving neighborhoods.

“With this latest concept, Nia and Big Night Entertainment Group are reinventing a part of the local hospitality and entertainment sector and importantly expanding diversity of business ownership in Boston’s Seaport neighborhood,” said Bob Rivers, CEO and chair of the board of Eastern Bank. “We are proud to support these leading entrepreneurs as they break down barriers and bring greater diversity, inclusivity and vibrancy to this area of Boston.”

Grace said, “Eastern Bank understands the value of supporting women business leaders whose different perspectives create greater innovation and diversity in our economy, and we appreciate the time their team has taken to deeply understand what we are launching and to support me as one of the first women of color to open a hospitality business in the Seaport.”

Kane said, “Through the years, we have worked with Eastern Bank for financing our restaurant and entertainment concepts across the region. They’re always available to talk through ideas and loan scenarios, and we are excited to work with them again as we launch Grace by Nia.”

Eastern Bank provides a range of commercial financing offerings to help companies across many industries to improve cash flow, increase efficiencies and build for the future. Commercial lending solutions include working capital/lines of credit, equipment/term loans, real estate loans, acquisition financing, asset-based lending and employee stock ownership plan-related financing.

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