MyForest Foods Raises $15M, Hires CEO
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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SweetWater Releases Summer Brew American Lager
SweetWater Brewing Company, the ninth largest craft brewer in the U.S. and a subsidiary of Tilray Brands, Inc., announced the summer release of SweetWater American Lager, a special edition of SweetWater’s flagship Lager, featuring American red, white and blue branding now available in over 10 states across the United States with national distribution coming soon.
Ty Gilmore, president, U.S. beer, Tilray Brands, said, “SweetWater’s American Lager is a salute to American craft beer and our best-selling flagship Lager. We hope the refreshing and crisp American Lager will be a staple at backyard barbecues, tailgates and get-togethers this summer.”
SweetWater’s American Lager (4.5 percent alcohol by volume) is a clean-bodied craft beer with a 100 percent premium Pilsner grain bill along with Crystal and Hallertau hops, expertly brewed for easy-drinking. The new American Lager is flowing at SweetWater’s flagship taprooms in Atlanta and Fort Collins, Colo., and is also available in 12-packs of 12oz cans at grocery and liquor stores, as well as bars and restaurants across the United States in Georgia, Florida, South Carolina, Colorado, North Carolina, Pennsylvania, Wisconsin, Tennessee, Maryland, California, Kentucky, Minnesota, Texas, Missouri, West Virginia and Mississippi.
This Memorial Day weekend, SweetWater will also be one of the participating breweries at this year’s Brew at the Zoo from 6 to 9:30 p.m., May 27, at 800 Cherokee Ave. in Atlanta. To find Sweetwater’s American Lager and other craft brews near you, checkout SweetWater’s beer finder online at www.SweetWaterBrew.com.
One of Atlanta’s original craft breweries, founded 26 years ago, SweetWater Brewing is now the 9th largest craft brewers in the United States. With two flagship breweries in Atlanta and Fort Collins, Colo., SweetWater’s award-winning craft beers and ready-to-drink cocktails are available coast to coast and in more states than ever before. Inspired by the outdoors, SweetWater is a passionate advocate for healthy waterways and conservation initiatives. Through its annual Save Our Water campaign, SweetWater continues to raise funds to support nonprofit organizations fighting for clean water and habitat conservation, including the Waterkeeper Alliance, Bonefish & Tarpon Trust and Trout Unlimited.
SweetWater Brewery is a subsidiary of Tilray Brands, Inc., a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life.
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Alaska King Salmon Season Begins, Looks Above Average
The first king salmon from Copper River, weighing 34 pounds, landed in Seattle on an Alaska Airlines flight direct from the pristine waters of Alaska, marking the beginning of what industry leaders expect to be an above-average run for the some of the most delectable salmon in the world. Representatives from Trident Seafoods, the Copper River Prince William Sound Marketing Association, Alaska Airlines and Chef Tom Douglas were on-hand to greet the first of these prized fish.
With 50 years of industry leadership, Trident Seafoods takes pride in distributing Copper River king salmon, known for its delicious, rich taste and high content of omega-3s. Following Trident’s commitment to fleet-to-fork processing, the salmon is delivered from Alaskan waters within 24-48 hours, directly to knowledgeable fishmongers, esteemed chefs, and renowned restaurants nationwide. This ensures consumers with discerning palates can experience the exceptional quality of Copper River salmon at its freshest, leading to unforgettable dining experiences.
“We are very excited to bring in the first king salmon from Copper River and are grateful for all the independent fishermen that continue to choose to be our partners and deliver the best quality and freshest fish to the world. Our history of partnership with Copper River goes back many years and we look forward to continuing working together in responsibly sharing the best from Alaska with the world,” said Joe Bundrant, CEO of Trident Seafoods.
Consumers can find Copper River salmon in numerous restaurants and retailers, including in Chef Tom Douglas restaurants, where he will feature Copper River king salmon in a mouthwatering dish at his Seattle restaurants, including Palace Kitchen, Carlie Room, Lola, Etta’s, and Sea Town. A portion of proceeds from these dishes, from May 16-20, will be donated to the Ballard Food Bank, with Trident Seafoods matching the donation 100 percent.
“I’ve been cooking Copper River salmon for many years and this year I think it’s fitting to partner once again with Trident to support our community by donating proceeds to the Ballard Food Bank and supporting people in need,” said Douglas.
Christa Hoover, the executive director of the Copper River Prince William Sound Marketing Association reflects, “As this momentous season launches, we are so pleased that we’re also celebrating our 40th Anniversary. It’s been incredible to see and let people know how much the fishery has evolved and yet remains steadfastly committed to quality for the consumer.”
To bring the fish to tables so quickly, it’s imperative to have immediate transportation from Alaska to the rest of the country.
“Alaska Air Cargo has a special partnership with the Alaska seafood industry, which is recognized worldwide for its sustainable fishing practices,” said Adam Drouhard, managing director at Alaska Air Cargo. “Our cargo employees across more than 110 airports are working around the clock to ensure we deliver the first catch of wild Copper River salmon to market, often within 24 hours of being pulled from the water.”
Copper River King Salmon is available through June, at retailers and restaurants across the country.
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