2022 signified several major funding and investment movements in the food and beverage industry. Below, are the top ten most-searched F&I stories from the FoodBev website. 

Yili Group opens “world’s largest” dairy facility in China

In July, Yili Group made a significant investment when it opened a dairy facility in Hohhot, China, designed to be used as a production base for liquid milk, infant formula and cheese.

The company said it aimed to build a “Dairy Silicon Valley” that would be the “world’s largest” site of its kind, and serve as a global hub for the dairy and health industries.

Located at the Global Smart Manufacturing Industrial Park, the facility was set to produce liquid and powder milk. It will also house the Chilechuan Ecological Intelligent Pasture and a manufacturing experience centre.

PepsiCo to invest $550m in energy drinks business Celsius

PepsiCo announced plans to invest $550 million in Celsius Holdings to become the long-term US distributor of the brand’s energy drinks.

The agreement included distribution in retail and foodservice channels. The deal hoped to see PepsiCo become “the preferred distribution partner globally for Celsius”.

The beverage giant was set to acquire an estimated 8.5% ownership in Celsius. As part of the contract, PepsiCo was also expected to nominate a member to Celsius’ board.

Kirk Tanner, CEO of PepsiCo Beverages North America, said: “We are extremely pleased to partner with Celsius and excited about the opportunity for our two organisations to drive growth and innovation in the energy beverage category. The Celsius brand’s growing momentum, coupled with the strength of PepsiCo’s portfolio and go-to-market capabilities, creates a combination we believe will be very compelling and valuable to retailers and consumers.”

PepsiCo Beverages North America to construct its largest US facility

PepsiCo Beverages North America (PBNA) unveiled plans to invest in the expansion of its Denver, Colorado facility, making it the company’s largest US site to date.

The company acquired almost 152 acres of land in the Denver High Point development area wher it will construct the 1.2 million-square-foot manufacturing site, with the plant holding three times the capacity of its current facility.

Plans for the bottling facility included the production of branded products such as Pepsi, Pepsi Zero Sugar, Gatorade, bubly, Rockstar, Propel and Muscle Milk, hoping to achieve 100% renewable electricity, water efficiency and reduced virgin plastic use.

Johannes Evenblij, PBNA’s west division president, said: “We’re thrilled to call Denver, a city that shares so many of our values, home to PepsiCo’s most sustainable US plant location. With the High Point facility serving a model for the future of PBNA’s supply chain, we’re eager to continue deepening our dedication to Colorado through positive impacts such as new job opportunities and more sustainable business solutions.”

ADM JV ScaleUp Bio to open two precision fermentation facilities

In October, Singapore-based precision fermentation solutions provider, ScaleUp Bio, announced plans to open two facilities in the country in 2023.

ScaleUp Bio, a joint venture led by nutrition and food processing corporation ADM and Temasek’s Nurasa, is a new company focused on accelerating the commercialisation and adoption of sustainable food across Asia. It is wholly owned by Temasek, a global investment management company in Singapore.

ScaleUp Bio’s CEO, Francisco Codoñer, said: “We have designed ScaleUp Bio’s entire business model specifically to empower young companies with the facilities, capabilities and resources they have long needed to scale and succeed in today’s marketplace”.

The first facility will be a joint laboratory developed under a new partnership with the Singapore Institute of Food and Biotechnology Innovation, designed especially for research and development (R&D) for start-ups and emerging food tech companies.

Better Juice launches commercial sugar reduction facility

Israel-based Better Juice launched its first full-capacity manufacturing plant, scaling the production of its sugar-reducing immobilised enzymes.

The food tech start-up entered into commitments with a number of juice companies to reduce the amount of sugar in their products. The new facility will enable Better Juice to fulfil current orders and respond to anticipated new demand.

The launch marks the latest milestone for the company as it scales towards full commercial production. The plant will have the capacity to support sugar reduction of 250 million litres of juice every year.

Better Juice co-founder and co-CEO, Gali Yarom, said: “This move marks a major leap forward in our commercialisation efforts. We project that the new plant will accommodate our production needs for the next four years. As interest and demand in our technology continue to flourish in the global fruit juice sphere, we will expand our production capabilities outside of Israel as well.”

CBD brand Trip raises $12m in investment round

UK-based CBD brand Trip raised $12 million in funding in August, as it looked to continue its growth in the US market and beyond.

The round was supported by entrepreneurs, business leaders and investors, including Maria Raga, former CEO of Depop, and Christian Angermeyer, founder of Apeiron Investment Group.

Trip’s premium-quality CBD portfolio includes drinks, oils and gummies, designed to help consumers “find calm”.

Olivia Ferdi, Trip co-founder, commented: “Over the last few years the world’s attitude towards the importance of mental health has changed dramatically. Since discovering the power of CBD through an incredible personal experience, our mission has always been to share calm in the everyday chaos, with next-generation wellbeing products to power your lifestyle and help care for your mental health.”

Pure Harvest Smart Farms secures $180.5m in funding round

Sustainable agriculture company Pure Harvest Smart Farms secured $180.5 million in a funding round in June, as it looked to expand across Asia.

The round included participation from global investors, including Metric Capital Partners, IMM Investment Corp and Olayan Group, in addition to several existing investors and management.

Pure Harvest, headquartered in the United Arab Emirates, uses controlled environment agriculture technologies such as high-tech greenhouses to produce high-quality, sustainably grown fresh fruits and vegetables.

The company plans to use the investment to support research and development, as well as expand its footprint across the Gulf Cooperation Council (GCC) and open new high-tech hybrid smart farms in Asia.

Modern Milkman closes £50m Series C investment round

In November, grocery delivery service Modern Milkman secured £50 million in funding to support packaging innovation, accelerate growth and deliver international expansion.

The Series C round was led by existing investors Insight Partners and ETF Partners, new investors Praetura Ventures and Avery Dennison, in addition to a number of angel investors.

Modern Milkman was founded four years ago with a commitment to reduce plastic waste. With 16 hubs across England and working with a network of independent suppliers, the brand claims to have saved over 55 million plastic bottles to date.

Keurig Dr Pepper invests $50m in non-alcoholic beer company

Keurig Dr Pepper (KDP) announced its acquisition of a minority stake in US non-alcoholic craft beer maker, Athletic Brewing Company.

The $50 million investment was said to result in KDP having a seat on Athletic Brewing’s board of directors as well as an equity stake in the company “that is comparable to other lead investors”.

Athletic Brewing founder, Bill Shufelt, said: “We’re thrilled to welcome Keurig Dr Pepper as an investor and strategic partner. Their team brings a tremendous amount of expertise and truly embraces our mission of brewing great-tasting non-alcoholic beers that are fit for all times. This investment will enable Athletic Brewing to further accelerate our growth across North America.”

Diageo to construct €200m carbon-neutral brewery in Ireland

Lastly, Diageo announced plans to invest €200 million in a carbon-neutral brewery in Kildare, Ireland.

The new facility planned to brew lagers and ales, including brands such as Rockshore, Harp, Hop House 13, Smithwick’s, Kilkenny and Carlsberg.

In order to reduce overall energy and water consumption, the site was said to be powered using 100% renewable energy. As a result, the brewery will be able to reduce carbon emissions by up to 15,000 metric tons a year.

Diageo said that the transfer of the production of lagers and ales to the new facility would allow St James’s Gate to increase the production of Guinness to meet export demand, and help the company to meet its 2030 environmental commitments.