Stockeld Dreamery, a plant-based cheese start-up in Sweden, has added to last year’s funding with a Series A round to scale-up the business.
Stockholm-based Stockeld Dreamery, founded in 2019 as Noquo Foods before rebranding, has secured EUR16.5m (US$19.5m) from a group of new and existing investors. It won almost EUR3.3m early last year from its original backers, which included Henry Soesanto, the CEO of Philippines food and beverage firm Monde Nissin, the owner of UK meat-free business Quorn Foods.
“Our recent funding will accelerate the scaling of our team, product portfolio, and geographic footprint,” Stockeld Dreamery said in a statement following the launch of its first plant-based cheese product in May, Stockeld Chunk.
The Series A was led by a pair of the start-up’s original backers, Astanor Ventures in Belgium and London-based venture capital tech investor Northzone.
Joining the round as new investors were Sweden-based VC firm Gullspång Re:food, Eurazeo, an investment company in France, and Norrsken VC in Stockholm.
Another VC firm in Sweden Edastra, and Trellis Road, a food-tech investor also based in Stockeld Dreamery’s home country, also took part, alongside David Frenkiel, a co-founder of vegan food firm Green Kitchen Stories, and Alexander Ljung.
Founded by entrepreneur Sorosh Tavakoli and food scientist Anja Leissner, Stockeld Dreamery plans to move to a new headquarters complete with a pilot production plant in Stockholm next year. Having expanded the team from four to 22, it also intends to grow to 50 staff by the end of 2022.