Plant-based chicken brand Daring has raised $8 million in a Series A funding round, led by venture capital firm Maveron.
The US brand claims to offer the “cleanest plant-based chicken on the market that gets as close as possible to the taste and texture of the real thing”.
According to Daring, the capital raised in its latest financing push will be used to support the brand’s expansion in retail and foodservice. Additional funds will be spent on marketing and staffing.
As well as Maveron, Stray Dog Capital, GoodFriends, and Palm Tree Crew Investments all participated in the round.
Private investors including Stitch Fix CFO, Mike Smith, and Brian Swette, former chair of Burger King, are also said to have backed Daring’s latest funding efforts.
In conjunction with the investment round, Daring is launching a new product, Breaded Daring Pieces.
Daring is introducing a new breaded variant to its range.
Free from GMOs and gluten, Daring’s latest offering joins Original, Cajun, and Lemon & Herb Pieces in the brand’s range.
The new Breaded Pieces are available online via the company’s website, and from retailers including Gelson’s, Bristol Farms, and Fresh Thyme.
“We are excited to have attracted a group of investors that have been involved in building monumental consumer businesses and we will leverage this investment to continue our growth in an ever-changing, competitive landscape,” said Daring CEO and co-founder, Ross Mackay.
“This gets us a huge step closer to mitigating the negative impact of the poultry industry on the planet and human health.”
Dan Levitan, managing partner and co-founder of Maveron, added: “We are always looking to partner with entrepreneurs that are building the next generation in consumer products. Daring’s co-founders have a massive mission and the product exceeded our expectations in every capacity – taste, texture, and clean ingredients.
“We are in the early innings of the plant-based movement. The next wave of plant-based alternatives needs to be significantly less processed with a cleaner ingredient profile to win the hearts, minds and stomachs of consumers. We are confident that Daring will emerge as a leader in the space.”
© FoodBev Media Ltd 2020