Outstanding Foods, a plant-based snacks business in California, has secured US$10m in funding from both new and previous investors.
The Series A round was led by existing investor New York-based private-equity firm SternAegis Ventures, which contributed to the $5m Outstanding Foods received last year with participation from L.A. Lakers basketball player JaVale McGee.
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The company was founded in 2015 by former Hampton Creek co-founder and Beyond Meat product developer Dave Anderson, who is also a chef, and CEO Bill Glaser initially as PigOut. In 2019, it also got an undisclosed investment amount from Katjesgreenfood, the venture fund of German confectionery group Katjes, followed in April last year by US rapper and celebrity Snoop Dogg.
Its snacks are free from gluten, soy, GMOs, trans fats, and cholesterol and include the brands PigOut Pigless Pork Rinds and TakeOut Meal-In-A-Bag Puffs. Products from the Los Angeles-based business are available in US retailers Walmart, Kroger and Whole Foods Market, as well as via Outstanding Foods’ direct-to-consumer channel.
Glaser said: “This Series A financing will enable us to accelerate our mission of making it easier for anyone to eat healthier plant-based foods. We’ve experienced explosive growth in 2020 in both our DTC and retailer channels, and feedback on our Addictively Delicious and nutritious products has been outstandingly positive.”
Other investors in the Series A round included Kenneth Harris, the former chairman of US allergen-free snacks firm Enjoy Life Foods, and Javier Valéz-Bautista, the ex-CEO of Mission Foods, a unit of Mexico’s Gruma. He is currently chief executive of El Dorado Foods, a business formed last year with Boston-based investment company Berkshire Partners and described as a “multi-category platform to acquire and develop innovative Latin-inspired food and beverage brands”.
Outstanding Foods said it will use the latest funds to expand its retail distribution and for R&D inputs.
Cassel Shapiro, a partner at SternAegis Ventures, added: “We are committed to supporting the Outstanding Foods team in its mission to develop a plant-based snack products global brand.”
