©Hooray Foods
Food tech start-up Hooray Foods has secured the backing of venture capital firm Stray Dog Capital in a seed funding round.
Founded in 2019, Hooray Foods has created a plant-based bacon that aims to replicate the cooking experience, taste and texture of animal-based bacon.
The San Francisco-headquartered company claims to have developed a novel approach to encapsulating fat into a plant-based meat substrate. Its vegan offering is reportedly minimally processed and uses only ‘simple, clean’ ingredients. It is also free from gluten and soy.
Hooray Foods is led by Sri Artham, who previously worked as the VP of Consumer Packaged Goods at Fairtrade USA.
In a funding pitch video posted on the company’s LinkedIn page, Arthram said they were seeking capital to “ramp up” production and invest in R&D.
The company has already been market testing in two San Francisco restaurants and says that it has interest from two “leading grocers” in rolling out its bacon by the end of 2020.
Stray Dog Capital also led the brand’s pre-seed round last October. It was among several members of the GlassWall Syndicate, a group of investors focused on products and services that ‘positively impact animals, people, and the planet’, to participate in this latest round.
“Grubhub reported that vegan bacon spiked 113% last year – we know that consumers are hungry for options like this,” said Macy Marriott, GlassWall Syndicate manager at Stray Dog Capital.
“We’re thrilled to have led the round for this SDC portfolio company – Sri is a true visionary when it comes to creating plant-based bacon’s new reputation as a crisp, savoury, and guilt-free addition to any breakfast lover’s plate.”
Hooray Foods founder Artham added: “Stray Dog Capital is one of the most prolific investors in plant-based eating, and I’m beyond honoured that they believe in us so early on, and see that beyond bacon, we have a vision for plant-based meats that closely mimic their animal counterparts while using ingredients you can feel great about – Hooray!”
© FoodBev Media Ltd 2024
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry. Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial
Your privacy We use small files known as ‘cookies’ to enhance your experience of the FoodBev website and analyse site-traffic. Read about how we use cookies or how you may control them in our updated privacy policy and cookie policy. If you continue to use this site, you consent to our use of cookies. Click the ‘OKAY‘ button at the top right of this panel to accept or click here for more information.