US plant-based food company Hodo has received a Series B investment from venture capital firm Renewal Funds.
The financing will expand California-based Hodo’s production capacity to meet increasing demand for its products such as Moroccan cubes, curry nuggets and Cajun burgers.
Featuring globally inspired flavours, Hodo’s ready-to-eat products are now on sale in more than 6,000 stores across the US, including Whole Foods, Target, Publix, Walmart and Natural Grocers.
“As an active investor in the plant-based category, we’ve tracked Hodo’s brand expansion and momentum closely,” said Kate Storey, partner of Renewal Funds.
“Hodo’s growth and popularity is rooted in organic ingredients and culinary innovation that sets it apart from the competition and resonates with top chefs and retail consumers alike. We share the values that have earned Hodo such a loyal following and are proud to support the team in this exciting stage of growth.”
With the closing of the transaction, Paul Richardson, managing partner of Renewal Funds, will join Hodo’s board of directors.
Minh Tsai, founder of Hodo, added: “Renewal Funds’ eye for category-disrupting brands and its track record of execution makes their team ideal to work with in expanding Hodo’s growth in North America.
“Renewal is one of the original impact funds, and we were pleased to find a partner with a social and environmental mission that aligns with our own. We are excited to have such a selective, high-integrity partner on board that gets our strategic goals and has the experience to help us achieve them.”
© FoodBev Media Ltd 2021
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