Wednesday, July 15, 2020

Alpha Foods continues rise in plant-based meal category with latest investment

Alpha Foods, makers of vegan convenience foods, has raised £28 million to support its growth in the plant-based meal category.

The Series A funding round was led by venture capital fund, AccelFoods, and comprised predominantly of existing investment partners such as New Crop Capital and Green Monday Ventures.

Specifically, the funds will be used towards new product launches, securing key talent expanding its distribution channels – globally and domestically – and boost its marketing and sales support.

Since launch in 2018, Alpha Foods has grown its brand portfolio from four to more than 25 vegan and non-GMO products and is currently available in more than 9,000 stores across the US, including Walmart, Kroger, Albertsons/Safeway, and Wegmans supermarkets.

As a co-lead in Alpha Foods’ previous fundraising round in Q1 of last year, AccelFoods served as a key strategic partner for the brand, which saw eight-figure revenue post initial investment.

“We are so fortunate to continue our incredible partnership with AccelFoods and take the brand to the next level through new products, distribution, and talent,” said Cole Orobetz, co-founder and President of Alpha Foods.

AccelFoods Managing Partner, Jordan Gaspar, said: “We are in the early days of plant-based consumption. As a portable, functional food business geared towards the newly emergent flexitarian consumer, the Alpha platform meets all of its customers snack and mealtime needs.”

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