US-based ice-cream business Van Leeuwen has received a US$18.7m Series B investment led by private-equity firm NextWorld, building on its cash injection from Strand Equity more than a year ago.
The San Francisco-based investor provided the financing through its consumer-focused NextWorld Evergreen fund, according to a statement, which did not disclose the other participants. In 2018, Van Leeuwen, located in Brooklyn, New York, got an undisclosed amount of funding from Strand in Los Angeles.
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Founded in 2008 by Laura O’Neill and brothers Ben and Pete Van Leeuwen, the company manufactures conventional ice cream and also dairy-free vegan alternatives. Its latest innovation is Vegan Oat Milk Ice Cream.
Pete Van Leeuwen said: “Thanks to NextWorld’s long-term vision and deep experience in consumer goods, we are excited to start the next chapter in our growth plan. With several new products in the making, strong consumer demand, and a team of experienced professionals, Van Leeuwen is at an inflection point, poised to continue to grow and expand market share in both the wholesale channel as well as with the addition of new scoop shops.”
Its products are currently sold in retailers Whole Foods Market, Sprouts, Safeway, Kings, and Wegmans. The firm’s “classic” ice creams are made with fresh milk and cream, cane sugar and egg yolks, while the vegan alternatives comprise oat or cashew milk, coconut cream, organic extra virgin coconut oil, cane sugar, pure cocoa butter and carob bean.
David Fife, a partner at NextWorld, who will be joining the Van Leeuwen board, added: “We are excited to partner with the outstanding management team at Van Leeuwen and believe our Evergreen fund, a patient and flexible capital source, will provide the company with the resources to continue building a strong, iconic brand. We love how the product is made with obsessively sourced ingredients and always free of unnecessary fillers, stabilisers and artificial flavours. The authenticity of the Van Leeuwen brand is something special.”
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