The ToFoo Co. has received an undisclosed investment from Germany-headquartered growth investor Comitis Capital.
Based in the UK town of Malton, North Yorkshire, ToFoo was acquired in 2016 by David Knibbs and Lydia Smith. The company produces varieties of tofu – a plant-based protein made with soya beans – such as natural, smoked and teriyaki.
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The portfolio also features seitan and tempeh protein products in a range of flavours, along with tofu-based burgers.
ToFoo supplies UK retailers and also the foodservice channel, including the Wagamama restaurant chain.
The actual size of the stake taken in the business was not revealed. Knibbs and Smith will “remain invested” in the company and will remain on board, according to a statement.
“Tofu, a product once seen as being just for vegans and shunned by so many for being bland, boring and tasteless, has finally been accepted into consumer’s fridges as a staple natural alternative protein,” ToFoo claimed.
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By GlobalDataKnibbs added: “We chose Comitis as our partner to enter a new era of rapid expansion. Their deep understanding of our business model and entrepreneurial thinking has left us convinced that they are the right choice to bring The Tofoo Co. to the next level.”
Felix Jauch, an investment associate at Frankfurt-based Comitis, said: “We are thrilled to collaborate with visionary entrepreneurs who are eager to foster growth, and the team at The Tofoo Co. perfectly embody this spirit.
“Together, we share a unified vision of propelling The Tofoo Co. into a leading position in the international plant-based meat-alternatives market. With our investment, expertise, and extensive network, we are committed to fueling the company’s dynamic expansion plan.”
Outside of human foods, Comitis has also invested in PetCo, a dog- and cat-food business based in Austria, through an undisclosed stake in 2021.
Operating in a similar product segment to ToFoo, another UK business, LoveSeitan, closed up last year. Its flagship product was Facon Bacon, along with seitan-based pepperoni and faux-meat roasts.
Once backed by vegan stalwart and entrepreneur Heather Mills, LoveSeitan’s co-founder Stephen Swindon said at the time: “We could not convince enough people of the benefits of seitan”.
He also cited “tough market conditions and increasing costs” last August as other reasons for the demise of the business.
