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June 14, 2021

Meat-free bacon start-up Hooray Foods secures additional seed funds

Hooray Foods' new financing takes the US start-up's funding to date to US$4m.

Meat-free bacon start-up Hooray Foods in San Francisco has secured additional seed financing to scale up production.

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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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The US$2m investment was led by New York-based venture-capital fund Evolution VC Partners, whose founder and CEO Gregg Smith will join the Hooray Foods’ board of directors. It was joined in the round by Gaingels, an investor also located in New York, and Sand Hill Angels, a group of angel investors in Silicon Valley. The investment split was not disclosed.

Hooray Foods was founded by Sri Artham in 2019 and secured its first major retail listing last November, with its products now stocked in more than 300 Whole Foods Market stores in the US. The business won seed funding in 2020 from plant-based investor Stray Dog Capital, US venture fund that also contributed to the company’s pre-seed financing in 2019.

The Glasswall Syndicate, a group of venture capitalists, foundations, trusts, non-profit organisations and individual investors in Kansas City, also participated in that round. Glasswall is managed by Stray Dog Capital’s Macy Marriott.

Announcing the additional seed finance, Hooray Foods said it has now received about $4m in total funding.

It will use some of the latest cash round to “improve” its plant-based bacon, which is produced using “proprietary fat encapsulation techniques”. Ingredients include coconut oil, rice flour, tapioca starch, umami seasoning, maple syrup, salt and beet juice concentrate. The products are allergen-free and are free-from soy, nitrites and hormones.

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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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