©Sproud
Swedish plant-based milk start-up, Sproud, has raised £4.8 million in funding from growth capital investor VGC Partners.
Headquartered in Malmö, Sweden, Sproud offers vegan milk substitutes that are made using a blend of yellow split pea protein and GMO-free oils and syrups, fortified with essential vitamins.
Sproud claims that its offerings contain double the amount of protein and far fewer sugars when compared with oat milk. They are also said to be closely comparable in taste and nutritional profile to dairy milk.
The company says that it will use the new funds to grow its team and further develop its product offering.
In addition, capital will be used to support distribution and accelerate Sproud’s brand building activities in its core markets, which include the UK, the US and Canada.
Based in London, VGC Partners has previously invested in food and beverage companies such as Ugly Drinks and the food technology firm behind Just Egg.
Parminder Basran, founder and managing partner at VGC Partners, said: “Through our experience of backing innovative food and drink brands, we have a deep understanding of the plant-based market, including from the perspective of evolving consumer demands and the cutting-edge product innovation that is catering to this.
“We believe Sproud has the potential to become a global leader in the huge and growing dairy alternative market, owing not only to its superior taste and nutrition profile, but also due to its positive environmental and sustainability credentials.”
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