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Starting tomorrow, 777 supermarkets in California, Illinois, Indiana, Iowa and Nevada will begin stocking the Impossible Foods plant-based meat substitute.

Fueling the increased distribution and a push to expand its product suite and geographic footprint domestically and internationally is a $500 million round of funding the company closed in March.

Some of that money is supporting the company’s debut at stores like Albertsons, Jewel-Osco, Pavilions, Safeway and Vons.

In all, the company said it would be in nearly 1,000 grocery stores by tomorrow. That includes all Albertsons, Vons, Pavilions and Gelson’s Markets in Southern California; all Safeway stores in Northern California and Nevada; Jewel-Osco stores in Chicago, eastern Iowa and northwest Indiana; Wegmans stores on the East Coast and Fairway markets in and around New York.

Since its debut in September, the company said it was the number one item sold at the locations it was available on the East and West coasts.

The company’s 12-ounce packages are sold for somewhere between $8.99 and $9.99 and it plans to soon introduce the Impossible Burger at even more stores nationwide.

“We’ve always planned on a dramatic surge in retail for 2020 — but with more and more Americans’ eating at home, we’ve received requests from retailers and consumers alike,” said Impossible Foods’ president Dennis Woodside, in a statement. “Our existing retail partners have achieved record sales of Impossible Burger in recent weeks, and we are moving as quickly as possible to expand with retailers nationwide.”

Even as the company announced its expansion, it made moves to assuage any consumer concerns over the processes in place at its manufacturing facilities.

Impossible Foods said it had instituted mandatory work from home policies for all of its employees who can telecommute; restricted visitors to its facilities and those operated by co-manufacturers; banned all work-related travel; and implemented new sanitizing and disinfection procedures at its workplaces.

“Our No. 1 priority is the safety of our employees, customers and consumers,” Woodside said. “And we recognize our responsibility for the welfare of our community, including the entire San Francisco Bay Area, our global supplier and customer network, millions of customers, and billions of people who are relying on food manufacturers to produce supplies in times of need.”

The company said it was proceeding with its research and development initiatives; accelerating the ramp of its production facilities; and moving to broadly commercialize its Impossible Sausage and Impossible Pork products.

Impossible Foods has raised $1.3 billion from investors, including Mirae Asset Global Investments, Khosla Ventures, Horizons Ventures and Temasek.

Source: Tech Crunch

Savvy, a healthcare cooperative, has just raised an undisclosed amount of funding from Indie.vc.

Established as a cooperative that shares profits with its users, Savvy connects patients with healthcare companies and other providers looking to better serve people through products and services. Patients can take paid gigs that include tasks like interviews, focus groups and user testing.

Savvy is set up as a multi-stakeholder cooperative. Those stakeholders are divided into four classes: patients, Savvy employees, founders and investors. Up until now, Savvy has been entirely bootstrapped and sustained by its revenue, Savvy CEO Jen Horonjeff told TechCrunch via email.

“But as more and more companies are seeing that patient insights are critical to help their healthcare solutions find product-market fit, we need to scale up our operations to meet the demand,” she said. “This financing will allow us to expand our offerings, support more companies and, in turn, improve the lives of countless more patients.”

Cooperatives can oftentimes face trouble raising venture funding. That’s because their business models don’t generally align with the incentives of traditional venture capitalists, Horonjeff previously told me.

“I have to say a lot of investors are, first of all, not curious,” she said. “And those that are curious — and we’ve gone down the path with people like that — think we’re this cool new thing, but just don’t understand how it’s going to jive with the rest of their fund. So there aren’t great mechanisms in place to kind of bridge the gap between what people know and what the new economy could look like.”

For Indie.vc, which already takes a non-traditional approach to venture capital, co-ops fit into the firm’s vision. Indie.vc, which aims to be the last investment its founders need to take, is geared toward startups with founders who value preserving nationality and ownership.

As Indie.vc founder Bryce Roberts said in a statement, “Savvy represents everything we’d like to see in the future of impact business — shared ownership, diverse perspectives, and aligned incentives, tackling one of the largest industries on the planet.”

Source: Tech Crunch

Media software maker Plex has released two new projects today from its internal R&D group, Plex Labs. One is an updated take on the classic Winamp player it calls Plexamp, and another is a dedicated app for Plex server administration. The projects are meant to appeal largely to Plex power users who take full advantage of Plex’s software suite, which has grown over time from being only a home media solution to a one-stop shop for everything from live TV to streaming audio.

The first of the new apps, Plexamp, is actually a revamp of the first Plex Labs project released. In December 2017, Plex introduced its own music player, whose name Plexamp was a nod to the Winamp player it aimed to replace. The project, like others from Plex Labs, was built by Plex employees in their spare time.

The goal with the original Plexamp was to offer a small desktop player that could handle any music format. The app let you use media keys for playing, pausing and skipping tracks and it worked offline when the Plex server ran on your laptop. It also offered visualizations to accompany your music that pulled from the album art.

While the original app ran on Mac or Windows, the new release works across five platforms, now including iOS, Android and Linux.

The app itself has been completely redone, as well — rewritten from scratch, in fact. And it’s tied to Plex’s subscription service, Plex Pass — meaning you’ll need to be a paying customer to use it.

The company explains the original version of Plexamp had issues around portability and licensing; it didn’t have an easy way to add functionality; and it was built with React, which tied it to the web.

To create the new Plexamp (version 3.0), Plex built an audio player library called TREBLE on top of a low-level commercial audio engine. TREBLE has been shipping in Plex’s commercial applications, but this release brings it to Plexamp. The addition helped make the app portable across almost all desktop and mobile platforms, as was it being rewritten in React Native.

The new app provides features Plex Pass music listeners want, like gapless playback, high-quality resampling, Sweet Fades (Plex’s “smart” alternative to crossfades) soft transitions and pre-caching. Plex also added a few more effects, including one for voice boosting spoken word audio and another for silence compression.

But the app really sells itself to longtime Plex users, as Plexamp lets you go back to see your own “top personal charts” for what you’ve listened to the most in years past. (Sort of like a Plex version of Apple Music’s Replay playlists).

Plexamp 3.0 also introduces a feature that lets you build your own mixes by picking a set of artists. Plus it offers a more expansive list of stations, supports offline listening and improves its search functionality.

The new Recent Searches area, for example, will save your search results from across servers, as well as TIDAL and podcasts. And a new Recent Plays feature shows you the music you consciously chose to play, again including across all servers and TIDAL.

There are some little touches, too, that show the personal care that went into the app’s design — like the way Plexamp uses album art and a process called “UltraBlur” to give each artist and alum page its own look. Or how there are options for light and dark — and lighter and darker — themes.

The other big new release from Plex Labs is the new Plex Dash app.

This mobile and tablet app lets you keep a close eye on your personal media server, including a way to see all playbacks even across multiple servers, plus other administrative features.

With Plex Dash, you can edit your artwork, scan for new media, fix incorrect matches, check on server resource usage, tweak library settings and view server logs live.

Plex suggests you it run on the iPad you have mounted in the wall — like in your fancy media room, I guess — but for us poorer folks, it runs on your smartphone, too.

It’s a power user tool, but one that will be welcomed for those fully immersed in a Plex-run home media setup. (And also a good way to respond to criticism that Plex is too focused today on its streaming and TV options, and not its core home media software customer base.)

Like Plexamp, the new Plex Dash requires a Plex Pass subscription and runs on iOS and Android.

The apps launched today are notable as they’re the first to arrive from Plex Labs since the original release of Plexamp in 2017 and because they require a subscription in order to work.

Plex at the end of 2019 said it had 15 million registered households using its service. Though the service is profitable, only a small percentage are paid subscribers. New apps with extra features, then, could convince more Plex users to upgrade.

Source: Tech Crunch

There’s a potential climate-related crisis brewing in the beer industry and Province Brands has just raised $1.6 million for its technology that purports to be a solution.

The Canadian company, which has developed a way to make beer from any plant material, is pitching itself as a solution to the increasing shortages of barley and other grains caused by global climate change.

It’s a pivot for the brand. When it launched, the company was taking its technology to cannabis brands as a way to brew beer made from bud. But when the bottom started falling out of the cannabis market, Province Brands switched the pitch to the broader brewery business.

“The cannabis industry was overvalued from an equities perspective for years,” says Province Brands’ co-founder Dooma Wendschuh. “Starting in mid-2019 we started to see that crash… this is an industry that is very capital intensive… it requires a tremendous amount of investment to set up these facilities.”

As the market became less about the puff and more about the pass, Province decided to reach out to its investor base and raise a Canadian $2.2 million convertible note.

“We didn’t want investors to take a bath on it if that could be avoided,” says Wendschuh.

Province Brands’ last funding was its Series B in 2019 when the Company raised CAD $5 million at a CAD $70 million pre-money valuation, the company said in a statement. 

“Closing this round quickly highlights the attractiveness of Province Brands’ technology, IP, and market opportunities,” said Wendschuh.  

The money which came from previous institutional and angel investors will be used to continue marketing its technology more broadly to brewers impacted by rising prices for beer staples like barley and to launch its own branded hemp lager into the market.

The company’s Cambridge Bay Canadian Hemp Lager will be the first beer brewed from hemp, according to a statement from Province Brands. Made of only hemp, hops, water and yeast, the beverage contains no THC, CBD or phytocannabinoids and can legally be sold wherever alcohol is sold, the company said. 

“The technology we created to brew beer from cannabis would allow us to brew beer from any non-starch plant material,” Wendschuh said. “This could be transformative for beer companies where the price of barley has gone through the roof.”

In some cases barley is too expensive for large-scale beer production, Wendschuh noted. 

“Funds raised will help us complete Phase 1 construction of our 123,000-square-foot brewing facility and will enable us to receive additional licensing from Health Canada,” said Province Brands’ co-founder Jennifer Thomas. The company received its research and development license from Health Canada in late 2019. 

Province Brands is already working with some bigger name liquor companies on making beer substitutes from their feedstocks. In one case, the company is working with an undisclosed tequila manufacturer on a beer made from agave.

It is notable that the transaction closed in less than two months at a time when capital markets have been challenging. 

Source: Tech Crunch

The startup world is going through yet another evolution. A few years ago, VCs were focused on growth over profitability. Now, making money is just as important, if not more, than sheer growth. And we’re in the midst of a global pandemic, which has brought the economy to a crawl and forced entrepreneurs to rethink both their short and long-term priorities.

Startups want to hear from the voices they trust for guidance on how to navigate this difficult situation. That’s why we’re excited to introduce Extra Crunch Live, a virtual speaker series complete with live Q&A for our Extra Crunch members. We’re also thrilled to announce that Aileen Lee and Ted Wang, partners at Cowboy Ventures, will be joining us for our very first Extra Crunch Live call on April 20 at 10:30am PT / 1:30pm ET. (Full details at the bottom of the post.)

Aileen Lee founded Cowboy Ventures, a well-known early-stage firm, after serving as a partner at KPCB from 1999 to 2012. She coined the term “unicorn” (in a TechCrunch article, no less) and has been named one of Forbes’ 100 Most Powerful Women, The Top Women Investors on Midas and The Times’ 100 Most Influential People.

She has worked hands-on with companies such as Bloom Energy, Blue Nile, One Kings Lane, Rent the Runway, Shopkick and Tellme (acquired by Microsoft) during her time at KPCB, and has investments in StyleSeat, Textio, August Home, Brit+Co, Crunchbase, Dollar Shave Club and Drop via Cowboy Ventures . Lee is also a co-founder of AllRaise, a nonprofit to accelerate the success of women in the tech ecosystem.

Ted Wang was one of the country’s leading tech startup lawyers, at Fenwick & West, before joining Cowboy Ventures. At the law firm, he served as outside counsel to some of the biggest tech companies in the world, including Facebook, Twitter, Dropbox, Square, Sonos, Spotify, Jet, Stripe and Wealthfront.

Wang’s specialty is helping early-stage startups understand the metrics they need to hit to go from seed to Series A and beyond, and he likes to say one of his investment focuses is “Unsexy Tech,” with an interest in both consumer and enterprise tech.

We’re excited to talk to Lee and Wang about how they’re advising their portfolio companies during COVID-19, if there are new and innovative ways for early-stage startups to secure capital beyond the traditional VC route, and whether startups should hunker down or lean in during these uncertain times.

We have plenty of questions of our own, and you’ll also be able to ask your own questions. Make sure you come prepared! But you’ll need to be an Extra Crunch member to participate in the call.

We’ll be announcing more speakers very soon! Sign up for Extra Crunch to be the first to hear about the upcoming schedule. Information to join Aileen Lee and Ted Wang can be found below:

Source: Tech Crunch

As silently and swiftly as it has devastated families and communities around the world, COVID-19 has also left many startups gasping for air. Emerging companies with strong 2020 revenue forecasts have seen their high-confidence plans reduced by 60%-80% in a matter of days. Even in the best of times, startups must reach value-unlocking milestones to successfully raise new capital. But today, a globally synchronized halt to business activity has made irrelevant normal benchmarks for financing rounds.

Obtaining payroll support from the recently enacted special government programs for small businesses will not resolve the cascading problems startups are grappling with, regardless of whether or not they are VC-backed.

Product development roadmaps in many innovation-driven industries are changing in ways that may permanently alter a company’s future strategic direction. Merger and acquisition discussions are being shelved. Normal financing rounds, in process and contemplated, are contracting or being abandoned altogether. Many venture funds, including corporate venture programs, have unilaterally “taken a pause” to reevaluate the radically changing landscape for their early-stage company portfolios.

I last experienced this phenomenon in the aftermath of the Great Technology Bubble: 2002-2003. And all signs show that we are at the beginning of a new round of punitive “incentives” for venture investors to keep their companies alive.

Several of my current portfolio companies have recently proposed “emergency bridge” convertible note financings of between $5 million and $15 million, each featuring a painful feature for non-participants: multiple liquidation preferences benefiting only the new money above 3x, with discounts greater than 20% on conversion in a new equity financing. Of course, these financings are open to both existing and new investors. But the likelihood of another round is actually diminished by this type of structure.

Source: Tech Crunch