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FRESH POWDER

Looking at three funds that recently topped up their coffers.

INVESTING

Food Tech Is on a Diet

We’ve talked previously about the weak volume of venture capital investments in Q3 and how climate tech has been a bright spot in an otherwise dark market.

Judging from climate tech’s success, you would think that food tech would be similarly prospering. They are trying to solve the same general issues, after all.

Sike. It turns out that investment in food tech is down horrendously.

Bad Eats

The numbers for food tech investment, which includes everything from plant-based products to grocery tech, are not pretty:

• Investment value down 63%

• Investment count down 28.5%

• $420 million into alternative protein companies, down from $833 million in the second quarter and $911 million in the first quarter.

• Deal values at a ten-quarter low not seen since Q1 2020.

Experts have different opinions on what’s causing this malaise. Some believe that the previous generation of food tech investors didn’t do their due diligence on the actual product and thus made some bad bets. Others believe the general macroeconomic downturn is to blame. Some others think that this is just a natural contraction after a period of rapid growth.

Some Good Eats?

It’s not all doom and gloom for food tech, as there were some notable investments in Q3.

• Meati Foods landed $150 million for its mushroom root-based meat.

• Planted received $72 million for its vegan chicken.

• Outside raised $65 million for its oat milk.

I am admittedly not an alternative protein guy. You won’t catch me passing up a burger for a mushroom burger anytime soon. However, even I can admit that the work food tech is doing is pretty dope and very important.

Sustainability is the name of the game these days. If food tech can make a product as tasty as their mission is important, success will surely follow.

QUICK HITS

Seed Round

Stat: 214%, the amount that dating app Grindr’s stock rose after going public on Friday.

Story we're watching: If Elon wanted to cut down on Twitter’s fat, then his employees got him covered. After he sent a rah-rah email telling the company to get ready for a lot of hard work, hundreds of employees quit. The question now becomes: if Elon can make this work, will this change how tech companies staff themselves?

Rabbithole: Galactica: What Dangerous AI Looks Like (The Algorithmic Bridge)

WHAT ELSE IS GOING ON

• The infamous Elizabeth Holmes has received 11 years in prison for her crimes. If she received 11, just imagine how many years SBF will get.

• Donald Trump is back on Twitter. He says he’s staying on his social media platform Truth, but we doubt he will stick to that with the 2024 election coming quickly.

• Apple and Epic Games have resumed their antitrust lawsuit over Apple’s App Store practices. We’ve written about this before, but the TLDR is that the result of this case will set a huge precedent for the App Store’s future.

• Investor Bill Ackman says "crypto is here to stay". Meanwhile, Paul Graham said a little birdy told him that a systemic risk is coming to crypto. Which one is true? Probs both.

PICK THAT PITCH DECK

It's a company that may have tried not to be "Over The Top" but definitely is lol.

MONDAY MUSIC

Artist: Amy Winehouse (Spotify)

Playlist: Cactus Jack Official Playlist (Spotify)

Song: Money Valentine by Clyde Kelly (Spotify)

LAYOFFS TRACKER

Notable layoffs this week

Unchained Capital: 13 people (15%)

Nuro: 300 people (20%)

Carvana: 1500 people (8%)

FOUNDERS CORNER

The best resources we came across this weekend that will help you become a better founder, builder, or investor.

🤝 Contrary Capital's Kyle Harrison writes about why due diligence just ain't doing it.

🔥 I just read Bed of Procrustes by Nassim Nicholas Taleb. It's quick one-liners about paradoxes in business and life. In typical Taleb style, it's full of sarcasm and wit.

🚗 Crypto-native ridesharing company Teleport is inviting Homescreen readers to Teleport City at Art Basel. Rlly wishing I bought tix to Miami this year.

PICK THAT PITCH DECK ANSWER

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