Fonterra has invested in Germany-based meal replacement start-up YFood, as part of a €15 million Series B funding round led by Felix Capital.
Fonterra – the world’s largest dairy co-operative – was joined by existing investors Five Seasons Ventures and New Ground Ventures in the financing round for the Munich-headquartered start-up.
Founded in 2017, YFood markets a range of meal replacement products including drinks, bars and powders, which are available in Germany, Austria and Switzerland. The firm claims that its revenues have grown 300% in the last year, and that it now serves over 200,000 online customers.
According to a release from YFood, this latest funding round will aid the firm’s international expansion efforts, as the company aims to roll-out its product range and business model across Europe.
This expansion effort has seen the start-up launch an online store in the UK recently, and YFoods claims this was the prelude to expansion in seven key European markets, though the firm did not specify which markets.
YFoods also claims that, with the backing and expertise of Fonterra, it intends to invest in research and development in an effort to expand its product development and technological capabilities.
YFood founders Ben Kremer and Noël Bollmann stated: “Winning the support of Felix Capital as the lead investor is a major asset for us. From the outset it has been clear that we share the same vision for the future.
“Felix Capital is a London-based venture capital firm operating at the intersection of technology and creativity with a strategy to invest in digital lifestyle, backing modern brands and related enabling technologies. We immediately clicked with this investment thesis and are delighted to continue the YFood success story with such an experienced investment team.”
© FoodBev Media Ltd 2021
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