Frys owner The Livekindly Collective attracts funding from TPG

Fry's owner The Livekindly Collective attracts funding from TPG

The Livekindly Collective, the owner of meat-alternative brands including Oumph and Fry's, has attracted more investment.

The Rise Fund, part of private-equity firm TPG, led the funding round, with existing investors including the investment arm of Rabobank also taking part.

In a statement, The Livekindly Collective said the investment was "a growth funding round" of US$335m, a pot that includes $135m converted from a prior tranche of funding.

In all, the US-based firm said it has raised $535m in its first year. Known until early 2020 as Foods United, The Livekindly Collective is, through a series of acquisitions, also home to Germany-based meat-free business LikeMeat and UK-based brand No Meat.

"With the close of this funding round, we are ideally positioned to rapidly scale our model and lead the global consumer shift toward healthy, delicious and sustainable plant-based alternatives," CFO David Knopf said.

Since its formation, The Livekindly Collective has had Blue Horizon Ventures as a principal shareholder.

Roger Lienhard, the founder and executive chairman of Blue Horizon Group and founder of The Livekindly Collective, said: "In just one year, we have raised a significant amount of capital, which testifies to the urgency of our mission and the enormous investment opportunity it represents. We believe the momentum behind plant-based living will continue to grow in both the private and public markets."

Last month, The Livekindly Collective announced former Unilever CEO Paul Polman as one of a number of new board directors.