Hooray Foods, a US-based manufacturer of meat-free bacon, has received seed financing led by local venture capital fund Stray Dog Capital.
Stray Dog, which invests in plant-based food companies, headed up the round in San Francisco-headquartered Hooray Foods, and was joined by The Glasswall Syndicate. The investment amount was undisclosed but marks the second contribution from Stray Dog, which led a pre-seed funding round in the business last October.
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By GlobalDataThe Glasswall Syndicate is made up of a group of “venture capitalists, foundations, trusts, non-profits, and individual investors who share a similar investment thesis and want to accelerate mainstream adoption of products and services that will make a difference in the lives of animals, people and that are better for the planet”, according to its website.
Founded in 2019 by Sri Artham, who is chief executive, Hooray Foods makes meat-free bacon using ingredients such as coconut oil, rice flour, mushrooms and beetroot, and it contains zero cholesterol.
The company will use the funds to expand into retail and foodservice, which a Hooray spokesperson told just-food is planned for the autumn. Its meat-free bacon is currently available in two out-of-home outlets in the US and online, and the business plans to launch other meat-alternative products in due course, the spokesperson said.
Artham said: “Stray Dog Capital is one of the most prolific investors in plant-based eating and I’m beyond honoured that they believe in us so early on, and see that beyond bacon, we have a vision for plant-based meats that closely mimic their animal counterparts while using ingredients you can feel great about.”
Macy Marriott from Stray Dog Capital, who also manages Glasswall, added: “We know that consumers are hungry for options like this. We’re thrilled to have led the round for this SDC portfolio company – Sri is a true visionary when it comes to creating plant-based bacon’s new reputation as a crisp, savoury, and guilt-free addition to any breakfast lover’s plate.”
