• 📹 Watch: Evergreen Talks Reformulation
• 🏆 Denise Woodard Receives The Kara Roell Award
• 😁 Manischewitz Updates Legacy Brand Look
• 💸 Mooski Snags $100K Investment

A handful of food and beverage brands have raised meaningful amounts of capital in recent weeks despite the tough funding environment. (Listen to the latest episode of CPG Week for a rundown of investment rounds). And today plant-based protein brand ALOHA joined their ranks, netting $68 million from SEMCAP Food & Nutrition. 

💰 The growth equity firm is buying out early angel investors for a “significant” minority stake in the employee-owned company. ALOHA will continue to operate independently under the leadership of chairman and CEO Brad Charron.

Speaking to Nosh about the deal, Charron said not much will change as a result of its new partnership. SEMCAP Food & Nutrition is led by General Mills veterans John Haugen and Ryan Newcom along with former investment banker and venture capital investor Kate Storey. Haugen and Newcom will join ALOHA’s board of directors alongside former Yasso exec Paul Kenny. 

💭 “Where we’re headed is more of the same – the same operational philosophy, focus and prioritization that has made us successful…” said Charron. The certified B Corp grew nearly 500% between 2020 and 2023 while achieving profitability and positive cash flow and is on track to maintain high double-digit top-line growth this year and beyond, he said.  

📈 SEMCAP Food & Nutrition, which has previously backed Purely Elizabeth, Good Culture and Kite Hill, typically invests in category-leading brands that are profitable or have a path to profitability and proof of scale, Newcom told Nosh. 

“[ALOHA] is a remarkable brand that has shown tremendous growth from a digital-first standpoint. We want ALOHA to be available to consumers irrespective of where they shop,” Newcom said.

🛒 To that end, expect to see the brand’s plant-based bars in more locations. While about two-thirds of the business is direct-to-consumer, ALOHA already has a sizable retail footprint totaling 12,000 doors nationwide. A near-term priority is expanding into conventional and multi-outlet retail channels. 

Read the full story on Nosh to learn more about the partnership and ALOHA’s growth plans.

The better-for-you frozen breakfast category is heating up, leading three-year old brand Evergreen to reformulate its fruit- and vegetable-laden waffles and refresh its packaging to keep up with increased competition. 

At Expo West, Evergreen founder and CEO Emily Cole Groden spoke with Nosh senior reporter Lukas Southard about the brand’s makeover decision, how it is embracing a health-first position with the new formulation and what is coming next as it eyes Lunchable-like breakfast innovations.  

Watch the full interview at Nosh.com

Partake Foods founder and CEO Denise Woodard is the recipient of the third annual Kara Roell Achievement Award. She has been recognized for her support of women within her organization, industry and community, according to a press release. 

💪The award is given in honor and remembrance of VMG co-founder Kara Roell who, in addition to leading the investment firm, also co-founded the Women on Boards Project to support women in leadership positions.

🤝 Woodard joins the ranks of past recipients including Leigh Keith, co-founder and chief brand officer of Perfect Snacks and Chris Lansing, CEO of Health-Ade.

Kosher food maker Manischewitz is bringing new life to the 130-year-old brand. Just in time for Passover next month, Manischewitz refreshed its color scheme and graphics and launched new products to cater to a younger demographic of growing families.

🥶 Looking to seize an opportunity in the convenience-oriented frozen food aisle, Manischewitz is launching a new line of ready-made frozen products including gluten-free knishes and gluten-free matzo balls.

✡️ The legacy food company hopes to tie the brand to Jewish culture through its new tagline  “Savor Our Tradition” and a line of merchandise that includes “Yiddishisms” reflecting cultural heritage.

💭 “Manischewitz is not just about food; it is about stories, heritage, and a sense of belonging. Through this rebranding, we aim to capture the hearts of the culturally curious and kosher-keeping alike, offering a taste of Jewish tradition that is accessible to all,” said Shani Seidman, CMO of Kayco (the parent company for Manischewitz).

Muesli-inspired snack bar company Mooski has received a $100,000 investment from Chicago-based Halperin Emerging Company Fund. The capital follows news that RXBAR co-founder Jared Smith joined Mooski as an investor and advisor last year.

📚 Smith, a DePaul University alum, played an integral role in Mooski’s new partnership. The Halperin Fund provides capital for the university to make equity investments in startups founded by students, alumni and select community entrepreneurs.

☀️ Founder and CEO Robert Broome got his start in the bar business at RXBAR working alongside Smith. While Mooski originally launched in Southern California, the business and manufacturing has since relocated to the Midwest.

🚚 Mooski Bars come in three flavors – Chocolate Peanut Butter, Cookie Dough and Peanut Butter Banana – and are available at retailers nationwide including Foxtrot, Fresh Thyme Market and Central Market.