Hooray Foods, a creator of plant-based bacon, announced it raised a strategic seed extension of more than $2.7 million.
New strategic investors include David Hoffmann, the former CEO of Dunkin’, Lyra Growth Partners, with participation from existing investors, including Evolution VC Partners, Gaingels and Sand Hill Angels.
“I look forward to guiding Hooray Foods as they continue to expand,” says Hoffmann. “After witnessing the national appeal of meat alternatives in my previous roles at high-profile fast food brands, I am confident Hooray’s plant-based bacon will become a must-have on the menus at thousands of quick-service restaurants and sit-down establishments.”
“It is exciting to see Hooray’s bacon be so embraced by consumers seeking healthier alternatives to animal products, as evidenced by the rapid growth since launch just a year ago to almost 1,000 stores in which the product is available,” says Gregg Smith, founder of Evolution VC Partners.
The seed extension will allow the company to scale production to keep up with growing sales. Since launching a year ago, Hooray Foods has sold more than 2 million strips of bacon, expanded nationwide at Whole Foods Market and recently entered Canada. Hooray Foods will also use the seed funds to launch an improved version of its plant-based bacon next year. The funds also will support further development in new products of Hooray’s proprietary emulsion-forming technology.
“Changing what we eat, specifically reducing consumption of animal proteins, is the easiest step anyone can take to help slow climate change. Hooray is here to make this transition joyful and delicious,” says Hooray Foods founder Sri Artham. “We’re so grateful to have investor support to ensure consumers have access to plant-based options that are just as good as the real thing.”
For more information, visit Hooray Foods.