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Outstanding Foods, the maker of popular plant-based pork snacks, has raised US$10 million in its latest Series A funding round to fuel its retail expansion in 2021. The better-for-you brand of animal-free pork rinds and protein-filled puff will also use the capital to develop and launch new plant-based products in the fast-growing vegan snack category.
Outstanding Foods has bagged US$10 million in a Series A round led by New York firm SternAegis Ventures, which also saw the participation of notable individual investors including former board chair of Enjoy Life Foods Kenneth Harris and El Dorado Foods CEO Javier Valéz-Bautista. The Los Angeles-based startup says that the capital will go towards expanding its retail footprint and direct-to-consumer marketing efforts, as well as ramping up the development of “new outstanding market-ready plant-based products”.
This Series A financing will enable us to accelerate our mission of making it easier for anyone to eat healthier plant-based foods.Bill Glaser, Co-Founder, Outstanding Foods
Founded in 2016 by Bill Glaser and Dave Anderson, former Beyond Meat chef and co-founder of Eat Just, Outstanding Foods is best known for its flagship product PigOut Pigless Pork Rinds, a 100% plant-based and healthier version of the crave-worthy classic, made with rice, pea protein, pea grits and natural flavourings like yeast, salt and vinegar. The brand recently launched its second product, TakeOut Meal-In-A-Bag Puffs, which boasts 21-grams of protein per serve and provides a source of iron, calcium and vitamin B12.
We’ve experienced explosive growth in 2020 in both our DTC and retailer channels, and feedback on our addictively delicious and nutritious products has been outstandingly positive.Bill Glaser, Co-Founder, Outstanding Foods
For health-conscious folk, Outstanding Foods’ line of plant-based snacks appeal as a far more nutritious option with zero cholesterol or trans fats, and is free from soy, gluten and contains no GMO ingredients.
Currently, the startup’s products are sold across major retailers across the U.S., including in Walmart, Kroger and Whole Foods, as well as on its online website. Globally, Outstanding Foods can be found in select specialty grocery stores via local distributors, including in Canada and Hong Kong.
While the brand has gained somewhat of a cult following for its better-for-you, ethical and sustainable alternative of the greasy, fatty and deep-fried animal-based snack, it says that sales have surged particularly amidst the pandemic, thanks to mainstream consumers now also looking for plant-based options.
“We’ve experienced explosive growth in 2020 in both our DTC and retailer channels, and feedback on our addictively delicious and nutritious products has been outstandingly positive,” said Glaser. “This Series A financing will enable us to accelerate our mission of making it easier for anyone to eat healthier plant-based foods.”
Industry watchers have been making bullish predictions for the plant-based snack industry, which is set to be one of the fastest-growing categories propelling the growth of an enormous global industry, though often overshadowed by the explosive alternative meat sector. While some experts have put the estimated market size of plant-based meat alone at US$35 billion by 2027, one report that factors in the entire plant-based food market – including meat and dairy alternatives, ingredients, groceries and snacks – places the figure up to US$74.2 billion by 2027.
Lead image courtesy of Outstanding Foods.