The U.Okay.-based vegetarian frozen meals firm Strong Roots has picked up $18.three million in funding from the personal fairness agency, Goode Partners, because it seems to develop its U.S. presence and construct out its technological capabilities.
Advised by world mid-market funding financial institution, Alantra, Strong Roots has a presence within the U.S. in retailers together with Target, Wegmans and Whole Foods, and within the UK at Tesco, Asda, Sainsbury’s and Marks and Spencer.
Neither a direct to shopper firm nor a novel expertise developer, Strong Roots is hoping to make use of the brand new financing to develop its analysis and improvement efforts to offer extra useful meals and vitamins, based on chief government officer Samuel Dennigan.
The firm is on monitor to maneuver $50 million value of frozen vegan meals gadgets within the calendar yr, and it expects its gross sales to greater than quadruple over the following 4 years.
The firm’s distinctive development comes at a time when shoppers globally are searching for wholesome choices. Strong Roots affords a spread of tasty plant-based meals designed for busy lives. Found in your freezer aisle, the award-winning line contains premium root greens, veggie burgers and freezer favorites like Cauliflower Hash Browns.
The firm has discovered a powerful associate in Goode Partners, whose earlier investments embody AllSaints and La Colombe.
Dennigan’s profession in agribusiness stretches again 15 years, however his household has lengthy been within the meals manufacturing and distribution enterprise.
“I started working with some international brands in the late nineties and saw how CPG companies were doing things in a poor way,” says Dennigan. At first the corporate thought it might go after recent meals, however noticed extra alternative within the frozen meals aisle.
Strong Roots started promoting its frozen meals in 2015 simply because the vegan and well being meals craze started to surge.
While the corporate has spent the previous 4 years increase a model as a vegan various in frozen meals, Dennigan is now able to develop into different classes. “The pieces of IP that are going to be developed and placed in market in the next 12 months especially around the fortification of the products,” he says. “What our analysis is exhibiting us is that there’s an enormous alternative between extruded and meals and what we’re doing.”
Dennigan is, in fact, referring to corporations like Beyond Meat and Impossible Foods which have constructed protein alternative companies over the previous ten years and have surged into shopper consciousness with large offers at quick meals chains (and no small quantity of kerfuffles).
The success of these two corporations has arrange a feeding frenzy amongst traders who’re voraciously scarfing up vegetarian meals corporations so as to add to their portfolios.
