Australia’s OMG Group Nabs Fresh Funding to Help Expand Protein Oat Milk Line
Oat Milk Goodness, the Australian plant-based milk brand co-founded by cricketer Steve Smith, is set to roll out three new protein SKUs with support from a new capital placement for its parent company, OMG Group.
Joining the influx of plant-protein-boosted products in Australia is Oat Milk Goodness, which will launch a set of protein oat milks in the country’s largest supermarket later this year.
Co-founded by Australian cricket great Steve Smith in 2019, the brand has been a key growth driver for its parent company, OMG Group (formerly Forbidden Foods), and will benefit from its latest capital placement.
The Australian Stock Exchange-listed company has secured firm commitments to raise A$1.5M ($1.1M) to expand its matcha lineup and fund the rollout of three new protein oat milks (titled ‘PrOatein’) at Woolworths in Q4 2026.
The funding includes an A$350,000 ($250,000) cornerstone investment from family-owned drink producer Slades Beverages, which is set to become OMG Group’s oat milk manufacturing partner to deliver production, supply chain and margin efficiencies as volumes scale.
OMG Group CEO Alex Aleksic called Slades’s investment “particularly significant”: “As our future oat milk manufacturing partner, Slades has direct insight into our products and the opportunity ahead, and its decision to make its first equity investment into a brand it manufactures is a strong endorsement of OMG and the growth of our Oat Milk Goodness portfolio.”
Additionally, the company plans to undertake a share purchase plan targeting a further A$250,000 ($180,000). Together, these moves will give OMG Group around A$1.75M ($1.25M) in new capital to support its next phase of growth.
Protein oat milk meets matcha
Smith established Oat Milk Goodness with Tony Adams and Daniel Rootes to capitalise on Australia’s position as the world’s third-largest oat producer. The brand has built its name by offering clean-label, seed-oil-free oat milks through the country’s famed specialty coffee industry.
Its current lineup comprises a barista-friendly oat milk, combining oats with domestically grown olive oil, minerals, acacia gum, and salt, as well as two ready-to-drink PrOatein variants in chocolate and coffee flavours (featuring fava bean and pea protein).
In 2024, Oat Milk Goodness was acquired by its now-parent in a deal worth A$3.4M ($2.25M at the time), earmarking an opportunity to accelerate product development and expand the brand internationally, with a focus on Asian markets.
Now, it’s gearing up to launch three new flavours of the protein oat milks. Its strawberry-matcha, peanut butter-banana, and salted caramel flavours will be stocked at 943 Woolworths stores.
The new SKUs aren’t exclusive to the retailer, though, forming part of the company’s broader national product strategy that includes planned distribution across other grocery, petrol and convenience channels.
Australia is witnessing a protein boom, with research showing that the macronutrient is the most important piece of on-pack nutritional information for its citizens.
And according to Innova Market Insights, high-protein and high-fibre claims are witnessing a rise in demand from Australians, with plant-based foods in particular seeing more functional health claims built around ingredients like protein.
Investment will bring manufacturing and supply chain efficiencies for OMG Group
OMG Group said the investment will boost its balance sheet and provide it with greater flexibility to capitalise on new distribution opportunities, while its deeper relationship with Slades is set to support further manufacturing and supply chain efficiencies as production is ramped up.
These efficiencies will be generated through “increased manufacturing scale, production planning, supply chain optimisation and closer coordination” between the two companies, who will also pursue new product development programmes.
The funds will be directed towards securing increased matcha supply for its Omura Matcha and Matcha Mode brands (which will feed into one of the new protein oat milk flavours), supporting inventory and rollout costs for the PrOatein range, and general working capital, corporate and offer costs.
OMG Group, which owns vegan snack brand Blue Dinosaur, as well saw revenues rise by 48% in the 2026 financial year, totalling A$6.13M. Gross profit was up by 52%. And, the company has signed a deal with Asean International to bring its oat milk range and plant-based snacks to Vietnam.
“With our expanded Woolworths range, the launch of Omura Matcha and Matcha Mode and strong sales momentum carrying into [the 2027 financial year], the additional capital leaves OMG well positioned to continue scaling the business and to achieve cashflow breakeven,” said Aleksic.
“As our volumes grow, working more closely with Slades is expected to create further production and supply chain efficiencies, supporting our continued focus on improving margins and operating leverage. This relationship will also be leveraged towards new product development initiatives, providing additional growth drivers for OMG following recent operational momentum.”
The development comes shortly after vegan cheesemaker Bio Dairy Free launched a high-protein version of its BioCheese Cheddar Shred, and Daring Foods brought its clean-label plant-based chicken to Woolworths. And in April, Australian Plant Proteins introduced Nothing Else, a D2C brand of clean-label protein isolate powders.