CORRECTING and REPLACING Alpha Foods Raises $28M of Series A Capital in Funding Round
NEW YORK--(BUSINESS WIRE)--Feb 12, 2020--
First paragraph, second sentence of the release dated February 11, 2020 should read: With this latest round of funding, AccelFoods, with mostly existing investment partners, including New Crop Capital and Green Monday Ventures, in addition to the newly established venture capital fund Blue Horizon Ventures, will support Alpha Foods’ continued growth as an emerging global leader in the plant-based meal category. (Instead of: With this latest round of funding, AccelFoods, with mostly existing investment partners, including New Crop Capital, Green Monday Ventures and Blue Horizon, will support Alpha Foods’ continued growth as an emerging global leader in the plant-based meal category.)
The corrected release reads:
ALPHA FOODS RAISES $28M OF SERIES A CAPITAL IN FUNDING ROUND
Led by AccelFoods to Meet Americans’ Growing Appetite for Plant-Based Protein
Alpha Foods , makers of convenient plant-based foods, today announced it raised $28 million in a funding round led by AccelFoods (AF), a leading venture capital fund and first institutional investor in prominent food and beverage companies such as Four Sigmatic and Koia. With this latest round of funding, AccelFoods, with mostly existing investment partners, including New Crop Capital and Green Monday Ventures, in addition to the newly established venture capital fund Blue Horizon Ventures, will support Alpha Foods’ continued growth as an emerging global leader in the plant-based meal category.
Since its launch, Alpha Foods has grown its brand portfolio from four to more than 25 popular vegan and non-GMO products and is currently available in more than 9,000 stores across the U.S., including Walmart, Kroger, Albertsons/Safeway, and Wegmans supermarkets. Alpha Foods is co-founded by Loren Wallis, former founder of Good Karma Foods acquired by Dean Foods in 2018, and Cole Orobetz, a former venture capital investor in the food and ag-tech sector. Wallis and Orobetz have taken the plant-based protein brand to new heights since launch setting themselves apart from the field with deep sector knowledge having been early visionaries and market creators in plant protein.
Alpha Foods plans to put the latest funds toward new product launches, securing key talent, expanding its distribution channels, both domestically and internationally, as well as boosting its marketing and sales support to increase its touchpoint with consumers.
“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 Cole Orobetz, Co-Founder and President of Alpha Foods. “We are so fortunate to continue our incredible partnership with AccelFoods and take the brand to the next level through new products, distribution, and talent.”
As a co-lead in Alpha Foods’ previous fundraising round in Q1 of last year, AccelFoods served as a key strategic partner for the brand, which saw eight-figure revenue post initial investment.
“We are in the early days of plant-based consumption. 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 AccelFoods Managing Partner, Jordan Gaspar. “We couldn’t be prouder to lead this strong nexus of collaborative investors, who had the opportunity to organically build trust this past year allowing for an incredibly successful outcome in this financing.”
About Alpha Foods
Alpha Foods provides unrivaled plant-based convenience through a delicious product roster that provides accessible, meatless and mouthwatering options for all types of consumers. Fueled by the power of plants, Alpha is based in California and is dedicated to providing sustainable food choices that support animal welfare and a healthier planet. Alpha offers a wide variety of protein-packed, non-GMO, plant-based versions of classic comfort foods that deliver a delicious meatless meal that is perfect for an on-the-go lunch, dinner, or anytime snack—without sacrificing on taste or texture.
AccelFoods (AF) is a leading venture capital fund investing in high-growth consumer product companies. Founded in 2014, AF has carved out a new space in the consumer industry, identifying challengers with strong fundamentals and providing the financing and resources needed to create the next generation of enduring brands. AF looks for quality-driven founders and management teams running brands that appeal to diverse demographics. AF manages 30+ portfolio brands across a wide array of categories including plant-based and grain-free food, functional beverage, family and kid-focused consumer products, health and wellness platforms, and more. For more information, visit www.accelfoods.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200211005157/en/
CONTACT: Erin Mandzik
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL
SOURCE: Alpha Foods
Copyright Business Wire 2020.
PUB: 02/12/2020 06:29 PM/DISC: 02/12/2020 06:29 PM