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July 15, 2021

Wicked Foods on cusp of US entry with new funding in hand

The Series A round was led by New York-based Unovis Asset Management, an investor in alternative-protein businesses.

Wicked Foods, the plant-based snacks and ready-meals business in the UK created by the founders of Gathered Foods, has secured US$14m in funding ahead of a US launch.

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The Series A round was led by New York-based Unovis Asset Management, an investor in alternative-protein businesses, and NRF Nove Foods, a wholly-owned plant-based subsidiary of NR Instant Produce in Thailand.

Wicked Foods was founded in 2016 by chef brothers Derek and Chad Sarno, along with Chris Kerr, a founding partner of Unovis. The Wicked Kitchen brand was launched in 2018 in collaboration with Tesco in the UK and Ireland.

A statement announcing the funding read: “With this funding now secured, more announcements will be made in the coming weeks demonstrating the rapid rise of Wicked Kitchen in the US.”

Last year, the Minneapolis-based company said it planned to enter the US market this summer, a move that is about to come to fruition with a pending announcement due later in July, a spokesperson confirmed, adding that Wicked Foods is currently only available in the UK and the Series A is the first funding round to date.

Chief executive Pete Speranza said: “This funding supports the next giant leap in growth and adoption of the Wicked Kitchen product line – a journey that will span the globe. The breadth of offerings Wicked Kitchen brings to market allows motivated regional retail partners to commit to multi cross-category adoption.”

Wicked Kitchen’s portfolio features ready meals such as plant-based pizza, pasta and Asian-style dishes, dips, sauces and seasonings, vegetables, pesto, cakes, desserts and ice cream.

The Sarno brothers and Kerr are the same people behind the Gathered Foods plant-based seafood firm in New York, the owner of the Good Catch brand.

Kerr added: “Wicked Kitchen has an unparalleled range of exceptional products, a revered brand, and two founding chefs willing to stir the pot. Unovis is here to support this effort from every angle.”

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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