Hodo, a US food business specialising in plant-based products, has announced a series B investment from Canadian venture capital firm Renewal Funds.
While the amount invested has not been disclosed, Oakland, California-based Hodo said the financing will allow it to expand production capacity to “meet escalating demand for Hodo’s products from the retail marketplace”.
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Hodo manufactures plant-based products using ingredients such as tofu. Its lines, which include Moroccan Cubes, Curry Nuggets and Cajun Burgers, are sold in more than 6,000 stores in the US, including branches of Whole Foods, Target, Publix and Walmart.
It is also active in the foodservice channel, serving Michelin-starred restaurants as well as chains such as Chipotle. It also supplies the Silicon Valley campus restaurants of major tech businesses including Facebook and Google.
Speaking about the funding round, Minh Tsai, founder of Hodo, said: “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.”
Kate Storey, a partner at Renewal Funds, said: “As an active investor in the plant-based category, we’ve tracked Hodo’s brand expansion and momentum closely. 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.”
