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Corporation
FOOD & BEVERAGES | Wholesale food distributors
richs.com

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Investments

6

Partners & Customers

1

Service Providers

2

About Rich's

Rich's is a supplier and solutions provider to the foodservice, in-store bakery, and retail marketplaces. It is based in Buffalo, New York.

Rich's Headquarter Location

One Robert Rich Way

Buffalo, New York, 14213,

United States

716-878-8000

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Rich's Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
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Rich's Rank

Latest Rich's News

Lab-grown meat pioneer Future Meat raises $347m as it eyes US expansion

Dec 21, 2021

Share Future Meat's production facility in Rehovot, Israel | Credit: Future Meat Israeli firm announces record investment as it slashes estimated cost of producing cultivated chicken by more than half over the last six months Future Meat Technologies has raised $347m in its latest funding round, which it claims marks the largest investment to date in a lab-grown meat firm. The Israeli start-up, which cultivates chicken, lamb and beef products from animal cells, said the investment would help fund its expansion to the United States. The company claims it can now produce a cultivated chicken breast for just $7.70 per pound, or $1.70 per 110-gram chicken breast, down from under $18 per pound just six months ago, potentially pushing cultivated meat closer to cost-parity with traditionally reared meat from animals. Future Meat founder and president Professor Yaakov Nahmias said the firm's rapidly falling production costs had paved the way for a "massive expansion of operations" beyond its first production line, which was opened in Rehovot, Israel earlier this year. The company has confirmed it is currently scouting several locations be the site of a large-scale production facility in the US, with a plan to hit US market shelves in late 2022, pending regulatory approval. "Our team will break ground on the first-of-its-kind, large-scale production facility in the United States in 2022," Nahmias said. The investment round was led by ADM Ventures, the investment arm of US food multinational Archer-Daniels-Midland. Other investors included Israel's Menora Mivtachim pension and insurance fund, Israeli venture fund S2G Investors, as well as the the venture capital arms of US food giant Tyson Foods and US food multinational Rich Products Corporation. "We are incredibly excited by the massive support of our global network of strategic and financial investors," said Nahmias. "This financing consolidates Future Meat's position as the leading player in the cultivated meat industry, just three years after our launch." Cultivated meat has been shown in several studies to be significantly more environmentally friendly than livestock farming, producing only a fraction of the greenhouse gas emissions and using significant less natural resources than traditional meat production. Future Meat claims its cruelty-free production process cuts land and water use by 99 and 96 per cent, respectively. "While Future Meat is leading the pack as the fastest growing company in this space, I truly see the entire cultivated meat industry as a massive agent of change, creating a sustainable future for coming generations," Nahmias said. The company said it had secured "industry leading" low costs due to its proprietary technology, which relies on stainless steel fermenters to continuously remove waste products generated by "immortal" tissue cells to create an environment where animal cells can multiply indefinitely. It claims that this ‘connective tissue method' is more cost-efficient and less wasteful than stem cell methods favoured by other food technology companies. "We have consistently demonstrated that our single-cell technology and serum-free media formulations can reach cost parity faster than the market anticipates," Nahmias said. Share

Rich's Investments

6 Investments

Rich's has made 6 investments. Their latest investment was in Good Eggs as part of their Series E on February 2, 2021.

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Rich's Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/3/2021

Series E

Good Eggs

$100M

Yes

3

2/1/2021

Series B

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$99M

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10

1/6/2021

Series B

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$99M

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10

6/2/2020

Series B

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$99M

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10

4/24/2020

Corporate Minority

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10

Date

2/3/2021

2/1/2021

1/6/2021

6/2/2020

4/24/2020

Round

Series E

Series B

Series B

Series B

Corporate Minority

Company

Good Eggs

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Amount

$100M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

3

10

10

10

10

Rich's Acquisitions

14 Acquisitions

Rich's acquired 14 companies. Their latest acquisition was Signature Breads on November 15, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/15/2021

$99M

Acquired

1

2/10/2020

$99M

Acquired Unit

1

2/10/2020

Debt

$99M

$7M

Acquired

1

2/10/2020

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$99M

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10

8/23/2019

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$99M

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10

Date

11/15/2021

2/10/2020

2/10/2020

2/10/2020

8/23/2019

Investment Stage

Debt

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$7M

Note

Acquired

Acquired Unit

Acquired

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Sources

1

1

1

10

10

Rich's Partners & Customers

1 Partners and customers

Rich's has 1 strategic partners and customers. Rich's recently partnered with Tata Consultancy Services on August 8, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

8/8/2021

Vendor

Tata Consultancy Services

India

TCS selected by Rich Products for supply chain transformation

Tata Consultancy Services selected by US-based food supplier Rich Products Corporation for supply chain transformation .

1

Date

8/8/2021

Type

Vendor

Business Partner

Tata Consultancy Services

Country

India

News Snippet

TCS selected by Rich Products for supply chain transformation

Tata Consultancy Services selected by US-based food supplier Rich Products Corporation for supply chain transformation .

Sources

1

Rich's Service Providers

2 Service Providers

Rich's has 2 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Corporate Minority

Investment Bank

Financial Advisor

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Service Provider

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Associated Rounds

Corporate Minority

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Provider Type

Investment Bank

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Service Type

Financial Advisor

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Partnership data by VentureSource

Rich's Team

10 Team Members

Rich's has 10 team members, including current Chief Compliance Officer, Senior Vice President, Jill Bond JD CCEP CCEP I.

Name

Work History

Title

Status

Jill Bond JD CCEP CCEP I

Chief Compliance Officer, Senior Vice President

Current

David Cowperthwait

Kellogg Company, McCain Foods, and Hain Celestial

Senior Vice President

Current

David Faturos

Senior Vice President

Current

Steven Franz

Senior Vice President

Current

Jamie McKeon

Senior Vice President

Current

Name

Jill Bond JD CCEP CCEP I

David Cowperthwait

David Faturos

Steven Franz

Jamie McKeon

Work History

Kellogg Company, McCain Foods, and Hain Celestial

Title

Chief Compliance Officer, Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Status

Current

Current

Current

Current

Current

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