Bloomberg - How Hampton Creek Sold Silicon Valley on a Fake-Mayo Miracle 5min

Hampton Creek never publicly admitted its numbers were wrong. It scrubbed its site of sustainability claims, and the Cookie Calculator vanished. Such quiet backpedaling might be forgivable at many young companies—overeager math isn’t unheard of in Silicon Valley. But at Hampton Creek, it fits a pattern of mistaken or exaggerated claims that may prove to be deliberately deceptive. ... the company deployed a national network of contractors to secretly buy back Just Mayo from grocery store shelves. ... Tetrick used supermarket sales figures much as he used the environmental claims—to raise venture capital ... His pitch: He would liberate billions of hens from the fetid misery of overstuffed cages—and in the process save water and grain and cut carbon pollution. Profane, charismatic, and built like the linebacker he once was, Tetrick became a tenacious evangelist for eliminating animal protein from the world’s diet. ... Tetrick contends that the mayo buyback program was primarily for quality-control purposes and cost just $77,000. ... A former accounting employee who worked with the company’s profit and loss statements says costs for the buybacks were included in several expense categories on the P&L, including one line item called “Inventory Consumed for Samples and Internal Testing.” As buybacks surged in 2014, Hampton Creek expensed about $1.4 million under this unusual category over five months, compared with $1.9 million of net sales in the period.

San Francisco Magazine - The Agony and Ecstasy of a Mayo Messiah 10min

This is a guy who, seemingly overnight, raked in hundreds of millions of dollars in investment by promising to change the world through vegan mayonnaise, a product that had been on the market for years before his company, Hampton Creek Foods, came along to claim it. For Tetrick, fake mayo is not so much a lowly condiment as a gateway into a better tomorrow of clean eating, humane farms, and enlightened sustainability practices. ... This vision of a utopian techno-corporation, which Tetrick began building six years ago this month and which now counts 150 employees, has of late been the subject of considerable scrutiny, by both the media and the United States Securities and Exchange Commission. ... unnamed former Hampton Creek employees who charged that Tetrick and his company were guilty of numerous questionable practices, including exaggerating Hampton Creek’s scientific discoveries and the number of plant species in its database (which it currently tallies at 1,000); mislabeling ingredients; surreptitiously and unfavorably changing the terms of employee severance packages; insufficiently testing products; and, in the biggest burn of all, being a “food company masquerading as a tech company.” ... To those who question the company’s scientific bona fides, he offers the name of Jim Flatt, the former chief technology officer of the synthetic biology company Synthetic Genomics, who was hired in August 2015 as Hampton Creek’s chief technology officer. To those who question the company’s profitability, he says that it recently had its first $8 million month in sales. ... In Hampton Creek’s future he sees pasta, ice cream, yogurt, grains, and cheese; a global presence through e-commerce; shelf space in every single Walmart in the United States and Mexico; and a presence in food service around the world.