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November 3, 2021

Daring Foods grabs more plant-based chicken funding

Daring Foods has secured US$120m since its 2018 founding.

Daring Foods has added to this year’s financing with the completion of a new round as Walmart joins the plant-based chicken supplier’s retail roster.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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Set up in the Scottish city of Glasgow in 2018, Daring Foods has secured US$65m in a Series C, taking its total funding since the business was founded to $120m, including from an A-list of celebrities. The company has just launched its frozen chicken alternatives in 3,000 Walmart stores across the US, joining Whole Foods Market, Sprouts and Kroger stocking its products, as well as a “growing list of restaurants nationwide”.

The business is led by co-founder and CEO Ross Mackay, who claims Daring Foods is “one of a handful of companies to raise Series A, B and C in a single year”. The company launched in the US in 2020. Former corporate banker Eliott Kessas is the other founder.

Founders Fund, a venture-capital firm in San Francisco, led the tranche as a new investor, with existing investor D1 Capital Group joining the round after participating in a Series B round earlier this year.

Tennis player Naomi Osaka, American soccer player Cameron Newton, DJ Steve Aoki and celebrity Chase Coleman also contributed.

Previous investors in Daring Foods include Washington-based VC firm Maveron, Palm Tree Crew (the DJ and producer Kygo) and rapper Drake.

Daring Foods produces plant-based spiced chicken pieces that are non-GMO, including Original, Lemon & Herb, Cajun and Breaded.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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