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January 11, 2021

PigOut snack brand owner Outstanding Foods in new financing round

Outstanding Foods, a plant-based snacks business in California, has built on previous funding rounds with a new capital injection.

By Dean Best

Outstanding Foods, a plant-based snacks business in California, has secured US$10m in funding from both new and previous investors.

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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
Enter your details here to receive your free Report.

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.

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.”

Related Companies

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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