Los Angeles is adding another player to its roster of packaged health food startups.
Irvine-based Longève Brands, a startup selling fake meat crumbles made of pea protein, closed a $5 million seed round Wednesday led by Wavemaker Partners and Springboard. The company's line of faux-meat products includes "Protein Crumbles" that resemble ground meat and can sit on pantry shelves instead of needing refrigeration.
<p>Longève was co-founded in 2020 by Cie, a California-based venture studio whose portfolio includes Titan School Solutions, a software for schools to track food inventory. It <a href="https://dot.la/titan-school-solutions-2648851980.html" target="_blank">was acquired by LINQ in November</a> for $75 million. </p><p>Unlike others in the meat replacement consumer goods market, Longève Brands CEO Douglas Kantner said that his product is less processed and preservative-free. </p><p>The plant-based meat market was worth $939 million in 2019, up 18% from the year before, <a href="https://www.gfi.org/marketresearch" rel="noopener noreferrer" target="_blank">according to the Good Food Institute, a nonprofit promoting alternatives to meat and dairy</a>.</p><p>The market has gained momentum in recent years after Impossible Foods and El Segundo-based Beyond Meat were picked up by fast food chains like Starbucks, Carls Jr. and others. But Kantner doesn't see those brands as competitors because "they are making burgers and sausages. We are providing a shelf-stable, clean label product that can be used in a variety of dishes."</p><p>"Our real competitor is meat from animals," Kantner added. </p><p>Longève will use the funding to build brand awareness, hire and add more plant-based foods to their line of products, which are stocked in U.S. retailers Erewhon and HEB and in grocery stores across Mexico, Australia, Southeast Asia and the United Arab Emirates. It finds a natural home in Southern California, a hub for nutrition consumer packaged goods — from meatless burger brand Beyond Meat in El Segundo to downtown's Califia Farms. </p><p>"If your recipe calls for one pound of ground beef, you take three ounces of this stuff, reconstitute it with water and it kind of poofs up," Cie co-founder and CEO Anderee Berengian said. "It's ready to take on the flavor profile of whatever spices and ingredients that the chef wants to add." </p><p>RezVen Partners and Alumni Ventures Group also participated in the round. </p>
From Your Site Articles
Related Articles Around the Web
Read more
Show less
At the start of the COVID-19 pandemic, gyms across the country were forced to close without knowing when they would reopen. Presence Fit is hoping to fill that void by launching their application to create interactive remote workouts.
Presence Fit has trainers working in two-way live high intensity interval training classes which uses your smartphone's camera and audio. No need for any other equipment.
The Los Angeles-based company had a soft launch in June, but today announced it has raised $1 million in seed funding and will soon be expanding. The raise is backed by angel investor Michael Stoppelman and Tom Masonry, among others.
<p>The company relies on AI technology, biomechanics and health tracking data allows the trainer to know how your body is responding to each workout in order to monitor what can be improved. Using the depth sensors used in your phone, their app monitors your form, pace and vitals to be able to give the trainers insight on your progress. </p>
<img lazy-loadable="true" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDQ3MTQxNi9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYzMTM3ODQyMH0.CxZlsILumHINJ6G05JKHlgW49n8r9m7_cFgwkMrlPkY/img.png?width=980" id="5fcfd" class="rm-shortcode" data-rm-shortcode-id="62267e57d1c570a8d10ad7bc5a0cd779" data-rm-shortcode-name="rebelmouse-image" data-width="289" data-height="344" />
Robert Jadon is a co-founder of Presence Fit.
<p>"There's no bulky hardware. You don't have to go buy a big Peloton bike. You don't have to get a big expensive piece of equipment with a 36-month contract," said co-founder Robert Jadon. "All of this can be done with your phone." </p><p>Co-founders Robert Jadon and Dr. Masaki Nakada bring expertise in business and technology, with years of experience in research and development at UCLA's accelerator program and computer graphics and vision lab. That combined experience was the foundation for the app.</p><p>"It sort of came about as a combination of his background in computer vision and biomechanics, and my interest in finding a convenient, effective workout as a busy husband and dad of three, without buying some big piece of equipment," said Jadon. </p>
<img lazy-loadable="true" data-runner-src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDQ3MTQxNy9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYxNjQ1ODM5NX0.PyDB_ZWw8rkB2BbRr-CDi_Qnuhlj9SqQYTrHBf4VQws/image.png?width=1500&coordinates=197%2C583%2C717%2C636&height=2000" id="31282" class="rm-shortcode" data-rm-shortcode-id="a0eb6ec7bd8ea5d230fa900b19137867" data-rm-shortcode-name="rebelmouse-image" data-width="1500" data-height="2000" />
Dr. Masaki Nakada is a co-founder of Presence Fit.
<p>"We've known each other for years now and both worked in technology and [wondered] 'is there is a way that we can leverage technology and sort of evolve the remote workout experience?'"</p><p>Popular in-person fitness centers such as Orange Theory start their basic packaging at $59 per month for four classes. Presence Fit's monthly fees are $50 for unlimited live classes.</p><p>A <a href="https://www.npd.com/wps/portal/npd/us/news/press-releases/2020/sporting-goods-home-fitness-and-cycling-sales-surge-in-the-us-reports-the-npd-group/" target="_blank">report by Nielson</a> in May found that sales in home workouts increased tremendously in the early days of the pandemic, up 130%. That included fitness equipment sales and all its categories including cardio machines, free weight equipment, home gym weight machines, strength training products, as well as yoga and Pilates essentials.</p><p>The COVID-19 pandemic has reshaped the fitness industry. Presence Fit believes it may have permanently shifted how people exercise.</p>
<p><br/></p><p><span style="background-color: initial;">"You know, people might not otherwise have looked at it that way. They were sort of forced to look for new options," said Jadon, adding that he was surprised to see their product appealed to an older demographic "who initially we weren't seeing would necessarily be the target demographic for us, who really liked it, and are excited about this concept."</span><br/></p><p><span></span>The app also records streaming content for those whose routines don't work with the scheduled live classes. Presence Fit believes the option gives consumers the best of both worlds.</p>From Your Site Articles
- Zwift's Raises $450M to Build Fitness Hardware - dot.LA ›
- FitOn Fitness App Raises $7 Million in Funding - dot.LA ›
Related Articles Around the Web
Read more
Show less
The pandemic has forced many gyms to close and emptied others, catapulting the at-home fitness industry.
Zwift, a social fitness application that lets users virtually train together on their treadmills and bikes, is taking advantage of the shift.
The Long Beach-based company announced Wednesday it raised $450 million to build out Zwift-branded "hardware' for fitness buffs that uses the company's 3-D generated worlds to ride or run alongside others. It's also looking to expand into esports as it builds out the 10 virtual worlds it offers in the platform. In the summer, Zwift hosted a virtual Tour de France in July.
<p>But its growth has been hampered. Right now, users pay $14.99 a month for Zwift's software but must pair it with a third-party stationary bike or treadmill such as Bkool, Elite, Cylotronics. The company hasn't specified what hardware it aims to create, but offering a treadmill or cycle could help it go head-to-head with companies like Peloton, which last week reported its first quarterly profit after sales surged 172% as homebound customers stocked up.</p>
<p>Peloton recently dropped the cost of its basic bikes, which <a href="https://www.theverge.com/2020/9/8/21427003/peloton-new-treadmill-bike-plus-exercise-equipment-features-price" rel="noopener noreferrer" target="_blank">sell for $1,895</a>. Their accompanying app costs $39 a month, although a $12.99 membership is available for those without the equipment. </p>
<p>"With this investment, Zwift is primed to operate in a broader fitness market and deliver on our ambition to provide gamified fitness through integrated software and hardware, to anyone who wants to have fun while getting fit at home," said Zwift CEO Eric Min in a statement. </p>
<p>The competition is heating up. This week, Apple announced that it will release <a href="https://www.businessinsider.com/apple-fitness-plus-app-take-on-peloton-2020-9" rel="noopener noreferrer" target="_blank">Fitness Plus for $9.99 a month</a> or $79.99 a year. The service offers workouts from the "world's best trainers" in yoga, cycling, dance and more with Apple Music integrated. </p>
<p>Since it launched in 2015, Zwift has registered more than 2.5 million accounts, according to the company. </p>
<p>The round was led KKR, accompanied by other investors including Permira, Specialized Bicycle Components' venture capital fund, Zone 5 Ventures and the Amazon Alexa Fund and existing investors including True, Highland Europe, Novator and Causeway Media.</p>
From Your Site Articles
- Barry's Not Sobbing: VR Training Platform Talespin Triples Funding ›
- A Virtual Reality Look at a COVID-19 Patient's Lungs: No 'MD' ›
- Holos Will Bring Its Virtual Reality Training to the Air Force, IAI - dot.LA ›
- VR Startups NextVR and ViRvii Attract Big Tech - dot.LA ›
- Presence Fit Raises 1M Seed Round Bring Gyms into Homes - dot.LA ›
Related Articles Around the Web
Read more
Show less