US food and beverage group Rich Products has invested in Doughlicious as part of a $5m funding round at the UK cookie-dough producer.
In a statement, Doughlicious said the investment, led by the US major’s in-house VC arm Rich Products Ventures, marks a “pivotal moment” as it “accelerates its expansion across the US and international markets”.
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Doughlicious confirmed to Just Food the funds will be used to set up production in the US. Currently, products are made at the company’s facility in London in the UK.
The funding round also saw participation from The Angel Group and unnamed existing investors.
According to Doughlicious, Rich Products Ventures brings “deep category expertise and global distribution support” and The Angel Group will offer access to “strategic counsel and access to influential networks”.
Kathryn Bricken, the founder and CEO of Doughlicious, said: “We are poised to grow faster, innovate smarter, and bring our crave-worthy creations to more consumers around the world.”
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By GlobalDataDoughlicious is a business centred on cookie dough, marketing what the UK company says is a better-for-you version of the baked treat.
Set up in 2017, the company’s product range also takes in “bites” made from cookie dough and dairy-free gelato.
Doughlicious’s products are available in the US, the UK, continental Europe and the Middle East.
In the US, the company has secured distribution in multiple retailers, including Target, Whole Foods, and Wegmans.
Dinsh Guzdar, managing partner of Rich Products Ventures, added: “We are excited to help Doughlicious expand its footprint throughout the US and shake up the freezer section with a new concept in permissible indulgence.”
Rich Products operates in categories such as pizzas, icing and sweet starters, drinks, desserts and bakery products.
Through the VC arm, the privately owned business has invested in companies including China-based alternative-chicken manufacturer Haofood and US cell-based seafood business BlueNalu.
Speaking to Just Food in October, Bricken said: “The US will be our first priority, along with the UK. The UK will always be our mothership. We do sell into other regions. We love sharing our dough and it’s really important for us to again be present everywhere but we also have to prioritise, so the UK and the US are our main markets.
“We also sell into Switzerland and the Netherlands. We sell foodservice in France. We are in Saudi Arabia. Those will be markets that will have a broker, they will maintain the relationships and we will just ship the product there.”
