Daring Foods bites into third round in 12 months as plant-based chicken product enters Walmart – TechCrunch

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Daring Foods closed on $65 million in Series C funding Wednesday as the plant-based chicken startup launches its merchandise into 3,000 Walmart shops nationally.

Daring affords 4 plant-based chicken merchandise, together with Original, Lemon & Herb, Cajun and Breaded, that appears, cooks and tastes like its chicken counterpart.

CEO Ross Mackay instructed W3Techy that the objective of the corporate is to supply a product that may be “a true one-to-one substitute for chicken” that can be wholesome. Daring’s product comprises simply 5 elements in comparison with a few of its rivals which have a mix of 30 to 40 elements, and it is also excessive in protein and decrease in energy than conventional chicken, he stated.

“Eighty percent of people changing to a plant-based diet do it for health reasons,” Mackay added. “They want to be able to trust the ingredient profile, and at Daring, we can say absolutely it is healthy.”

W3Techy final visited with Mackay in 2019, a few yr after the corporate was based and it had received a $10 million investment from Rastelli Foods Group. Back then, the corporate was younger, with only one product and fewer than 10 staff.

Today, the corporate’s new funding, led by Founders Fund, is the third funding into the corporate through the previous 12 months, Mackay instructed W3Techy. Joining Founders Fund is current investor D1 Capital Group and new athlete and superstar buyers together with Naomi Osaka, Cameron Newton, Steve Aoki and Chase Coleman.

Following this newest round, the corporate has now raised over $120 million. Its Series A, led by Maveron, was raised final September, and its B round, led by D1 Capital, was introduced in May.

Daring Foods’ merchandise may be discovered in Whole Foods, Sprouts and Kroger, with Wegmans and Albertsons coming quickly, Mackay stated. With the addition of Walmart, its distribution has doubled to six,000, together with on-line markets like Gopuff and Imperfect Foods, and can be being served in some eating places throughout the nation.

The firm noticed 900% progress over the previous 12 months and will probably be utilizing the brand new funding to help that progress and new innovation. In addition, the corporate grew to 60 staff. Mackay says Daring stays centered on plant-based chicken and has plans for brand spanking new product launches, some in the approaching months and others in the subsequent yr.

Daring’s progress is in line with what’s going on in the global plant-based foods market, which is poised to be a $162 billion market by 2030.

(*12*) Mackay stated. “More brands can step into the category, and the innovation going on in the space is super exciting. Capital plowing into the industry is showing the growth trajectory, and at the end of the day, the consumers win.”

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Source: techcrunch.com