Plant-based food and beverage brand Urban Remedy has closed a $17 million series B fundraising round with lead investment from 301 Inc, the venture capital arm of General Mills.
California-based Urban Remedy produces plant-based meals, snacks and cold-pressed organic juices. It was founded in 2009 by acupuncturist Neka Pasquale who uses Chinese medicine to craft food by using “quality, organic ingredients that nourish the body”.
Alongside the fundraising, John Foraker, former president of General Mills’ organic brand Annie’s, has joined the Urban Remedy board of directors.
The brand said that backing from 301 Inc and the partnership with Foraker will help it accelerate its mission to “make fresh, clean food more accessible to an increased number of customers”.
Urban Remedy CEO Paul Coletta said: “We believe the future of food is fresh, clean and convenient. We are on a mission to reimagine our industrialised food system and empower consumers to seek unprocessed, nutrient-dense healing food.
“Two consecutive years of over 100% revenue growth indicate that we are on the right path. Scaling a high-quality fresh food business is very challenging. Our new partnership with 301 Inc and John Foraker brings significant strategic resources and experience to our effort.”
301 Inc general manager John Haugen said: “We are thrilled to partner with Urban Remedy, a company whose multi-channel, go-to-market strategy thrives at delivering fresh, healthy food to consumers.
“Through retail stores, branded kiosks, and direct-to-consumer delivery, Urban Remedy excels at providing convenient access to organic products. We are excited to help Urban Remedy achieve its mission to deliver food that’s healing to people and the planet.”
John Foraker added: “I am a big believer in the Urban Remedy product and mission. I see Urban Remedy’s food at the helm of bringing consumers fresh, great-tasting meals and snacks that are better for the planet and better for their bodies. I am very excited to be a part of this systemic change in food culture.”
Urban Remedy products are available at stores in California and across the US online.
© FoodBev Media Ltd 2020