Plant-based cheese maker Good Planet Foods has secured $12 million in a Series A funding round as it aims to accelerate growth within the plant-based category.
The round was led by venture capital firm Cleveland Avenue and joined by GreatPoint Ventures, Tasseo Consumer, Stray Dog Capital and Lever VC.
With its funding, the US company intends to focus on product development, sales and marketing, while ultimately bringing more awareness and accessibility to the plant-based foods category.
Based in Washington, Good Planet Foods offers a range of plant-based cheeses that are free from common allergens such as dairy, nuts, soy and wheat. Available in both shredded and sliced varieties, its cheeses are made from coconut oil and plant starches that the company claims helps create the texture and meltability of dairy cheese.
“Our mission continues to be developing great tasting cheeses that are ‘Good for you and good for the planet’,” said David Israel, founder and CEO of Good Planet Foods.
He added: “We are gaining significant momentum and will continue to play a significant role in increasing awareness of the plant-based foods category. By partnering with these strategic investors, we’ll be able to move forward more aggressively with additional focus on product development, sales and marketing.”
Good Planet Foods’ non-GMO, vegan, kosher and halal certified products are now available at major retailers across the US, such as Walmart, Costco and Whole Foods.
“Consumers are expecting great-tasting foods that also support environmental sustainability. Good Planet Foods delivers on those expectations,” said Don Thompson, CEO and founder of Cleveland Avenue.
Thompson continued: “We’re excited to partner with Good Planet Foods and this impressive group of investors to continue to build on this growth opportunity in the plant-based category.”
Ray Lane, managing partner of GreatPoint Ventures, added: “It’s exciting to be able to help fuel a brand’s success. Based on our experience with consumer trends in other segments of the plant-based category, Good Planet certainly has the potential to become a leading influential brand. We’re looking forward to encouraging big things from this company.”
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