The U.K.-based vegetarian frozen meals firm Robust Roots has picked up $18.three million in funding from the personal fairness agency, Goode Companions, because it seems to broaden its U.S. presence and construct out its technological capabilities.
Suggested by international mid-market funding financial institution, Alantra, Robust Roots has a presence within the U.S. in retailers together with Goal, Wegmans and Complete Meals, and within the UK at Tesco, Asda, Sainsbury’s and Marks and Spencer.
Neither a direct to client firm nor a novel know-how developer, Robust Roots is hoping to make use of the brand new financing to broaden its analysis and improvement efforts to offer extra useful meals and vitamins, in response to chief government officer Samuel Dennigan.
The corporate is on observe 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 corporate’s distinctive development comes at a time when customers globally are in search of wholesome choices. Robust Roots affords a spread of tasty plant-based meals designed for busy lives. Present in your freezer aisle, the award-winning line contains premium root greens, veggie burgers and freezer favorites like Cauliflower Hash Browns.
The corporate has discovered a powerful accomplice in Goode Companions, whose earlier investments embrace 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 could go after contemporary meals, however noticed extra alternative within the frozen meals aisle.
Robust Roots started promoting its frozen meals in 2015 simply because the vegan and well being meals craze started to surge.
Whereas the corporate has spent the previous 4 years increase a model as a vegan different in frozen meals, Dennigan is now able to broaden 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 Past Meat and Unimaginable Meals which have constructed protein alternative companies over the previous ten years and have surged into client consciousness with massive 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.