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5@5: Instacart's sky-high valuation | Nonprofits fill produce gaps | Tofu returns

TAGS: General
Instacart's valuation skyrockets with increased pandemic-related delivery demands Instacart
Each day at 5 p.m. we collect the five top food and supplement headlines of the day, making it easy for you to catch up on today's most important natural products industry news.

Instacart's valuation skyrockets with increased pandemic-related delivery demands

As a $225 million funding round closed, Instacart Inc.'s valuation skyrocketed to $13.7 billion—about what Amazon paid for Whole Foods Market in 2017, according to Bloomberg. The recent funding round will support new customers and workers, as well as advertising and software. In May, the grocery-delivery company said it expects to handle more than $35 billion in sales this year. Read more at Bloomberg…

 

Food hubs and co-ops succeed, despite the USDA Farm Box Program’s flaws

While the USDA's Farm Box Program is embroiled in incompetence and controversy, small distributors and local farms are working together to get fresh food to people in need. The Common Market, a regional, nonprofit distributor that received a $5.7 million contract for its work on the East Coast and in the Southeast—the first time it's handled emergency food relief—is one example of the program working. Read more at Civil Eats

 

Companies touting Black Lives Matter face workforce scrutiny

Black employees, business owners slap back on companies' glossy messages supporting racial equality. Microsoft, Amazon, McDonald's and others are being called out for talking about the issue when they haven't practiced it. Even Nike, which launched an ad campaign in support of former NFL quarterback Colin Kaepernick, has filled less than 10% of its vice president positions with blacks. Read more at Associated Press

 

Tofu sales jump as coronavirus forced shutdowns in meatpacking plants

Tofu, one of the old-school meat alternatives, has seen a comeback as COVID-19 breakouts closed meatpacking plants throughout the country. Pulmuone, which is based in South Korea, has three of its tofu plants operating six days a week—and the company is importing the soy-based protein to meet demand. According Nielsen data, May sales of tofu were up 32.8% from a year ago. Read more at Bloomberg

 

New York City pauses composting pickup through June 2021

New York City residents generate about 4,000 tons a day of food waste and yard trimmings. Just weeks ago, a city council member proposed making curbside pickup of compostable waste available through the city, and eventually requiring all residents to use it. Read more at FoodPrint.org  

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