Dairy alternatives company Oddlygood Global has secured $28 million in its first funding round, led by Mandatum Asset Management.
Oddlygood is a spin-off of Valio Group, which remains its majority shareholder.
Oddlygood produces plant-based products, including oat drinks, oat yogurts and cheese alternatives. The company will use the funds to fuel its international expansion into new markets.
“Interest in plant-based products is growing exponentially worldwide, which we see in a significant increase in our sales,” said Oddlygood Global’s CEO, Niko Vuorenmaa. “However, consumers will only change their day-to-day consumption habits if they find dairy alternatives that both taste good and fit their lifestyle.”
He continued: “We will use Mandatum’s financing to accelerate the implementation of our growth strategy and to deepen our business development expertise”.
Mandatum Asset Management’s head of private equity, Alexander Antas, added: “With our investment, Oddlygood Global will be able to accelerate the implementation of its growth strategy by developing its means of production, expanding its marketing efforts and hiring new professionals with global growth in mind. We will also be joining the company’s board of directors and working actively with Oddlygood’s management team.”
Oddlygood products are currently sold in the UK and Europe, with US sales scheduled to begin in early 2022.
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