3 Mins Read
Los Angeles-based plant-based startup Alpha Foods has just completed their Series A round with US$28 million in funding, led by early-stage venture investment firm AccelFoods. With the fresh injection of capital, the Californian vegan brand is looking to grow its team, expand their product offerings and launch in new markets internationally.
Alpha Foods has just announced that they have raised US$28 million in a Series A funding round led by investment firm AccelFoods, adding to their existing US$7 million in investment closed in March 2019. Other investors include private venture firm New Crop Capital, Hong Kong-based Green Monday Ventures, and veteran plant-based investment company Blue Horizon. With this latest financing, Alpha Foods plans to expand their team, product lines and international distribution.
“As more and more people actively seek out plant-based options, whether for their health or the environment, we are looking to expand our innovations within the category and bring easy-to-prepare products to a wider audience,” said co-founder and COO of Alpha Foods Cole Orobetz.
Founded in 2015 by Cole Orobetz and Lauren Wallis, the brand debuted their first products of vegan frozen burritos and pot pies in 2018 across all United States Walmart locations, and soon expanded their retail list to other supermarket giants Kroger, Publix and Wegmans. Last year, the brand made their first international foray and launched in Hong Kong in partnership with Green Monday, rolling out their vegan chicken nugget product to huge fanfare across the group’s plant-based cafe chain Green Common and restaurant concept Kind Kitchen.
To date, the brand has produced over 25 vegan products, including ready-made pizzas, nuggets, burgers and pot pies. Their products are high in protein and free from any cholesterol, trans fats and antibiotics. The main ingredients include soy protein, wheat protein, vitamin E, natural flavourings such as onion and garlic powder, and is prepared in a breaded batter.
Although the vegan demographic in general is quickly growing – thanks to consumers who are coupling their food choices to environmental, health and ethical implications – Alpha Foods targets those who are looking for affordable, accessible and easy-to-prepare versions of classic dishes. And this market is growing, with the sale of pre-prepared vegan meals reaching US$387 million in 2019, marking a 6% increase compared to the year before.
“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,” said Jordan Gaspar, managing partner at AccelFoods.
Looking ahead, it is likely that the brand will be launching in various other locations across Asia, especially with the support of their investor and partner Green Monday’s region-wide distribution arm. Most recently, Green Monday’s partnership with Bafang Yunji to roll out plant-based Omnipork dumplings has been met with huge success, with over 1 million dumplings sold each week, an indication of the huge demand and business opportunity in the plant-based space in Asia.
Lead image courtesy of Alpha Foods.