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June 13, 2022

UK oat-milk firm Minor Figures attracts Danone, Green Monday investment

Danone takes minority interest via its venture arm in conjunction with impact investor Green Monday

By Simon Harvey

UK oat-milk business Minor Figures has received a minority investment from Danone and plant-based food business Green Monday Group.

Minor Figures produces barista oat milks for retail and coffee shops under its own brand name, with Oat M*lk refill stations in select stores. Founded in 2015, the business also makes ready-to-drink coffees and teas distributed in 16 countries, including the UK. It also has offices in the US and Australia.

Neither Danone Manifesto Ventures (DMV), the investment arm of the France-based Alpro brand owner, nor Hong Kong-based Green Monday disclosed the size of the interest in London-headquartered Minor Figures.

Co-founder and CEO Stuart Forsyth said: “We are excited to partner with Danone Manifesto Ventures and Green Monday Group. We are confident they are the perfect partner to help us optimise and grow our multi-geo, multi-channel business.”

He added: “With Green Monday Group, we have a like-minded partner who is focused on constructing a multi-faceted global ecosystem of future food that combats climate change, food insecurity, public health crisis, planetary devastation and animal suffering. We look forward to building on our distribution relationship across Asia as Minor Figures works to meet the increasing needs of plant-based consumers globally.”

Minor Figures joins a family of investments made by DMV, including a majority stake last year in Harmless Harvest, a US business offering coconut-based drinks and yogurt. Other recipients include Forager Project, another US firm producing dairy-free milk and yogurt, and Farmer’s Fridge, a nutritious meals provider in Chicago which operates ‘smart’ fridge vending machines.

Alternative-meat and dairy company Nature’s Fynd and India-based dairy-free business Epigamia have also received investment from DMV.

Clemence Delcourt, DMV’s chief investment officer, said: “We believe Minor Figures is a unique brand that strongly resonates with consumers in the fast-growing plant-based space. Minor Figures is fully aligned with our goal to partner with mission-driven food and beverage companies that are creating a healthy and sustainable future.”

Green Monday produces the OmniPork line of meat alternatives, along with fish fillets, burgers and tuna, and also operates three venture arms “to provide solutions to increase supply of sustainable choices by ways of food retail and distribution, food-tech innovations, corporate consulting, and impact investing”.

Co-founder and CEO said David Yeung added: “We are inspired by the passion and vision of the Minor Figures team. Their positioning and brand identity really resonate with many new-generation consumers. Our strategic partnership will certainly catalyse further impact and change both in Asia and globally.”

Just Food guide: Big Food’s stake in the future – in-house venture-capital funds

Just Food archive, December 2021: “We see much more explosive growth next year” – Green Monday Group CEO David Yeung talks Asia plant-based meat firm’s prospects

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