Venture Capital: Plant-Based Investing Specialist Stray Dog Capital Leads $2M Round in Barvecue
Barvecue is a meat alternative startup based in North Carolina.
Stray Dog Capital, which invests in innovative, early-stage companies across the food, beverage, and biotechnology sectors, announced it is leading the latest investment round of $2 million dollars in Barvecue. (VegWorld Magazine)
Barvecue is a meat alternative startup that is 100% plant-origin. Its vegetarian barbecue products use no artificial preservatives, colors, flavors, or sweetener, nor any hydrogenated oils.
Stray Dog Capital strives in its investments to promote healthy food alternatives made with humane practices with no animal suffering involved.
Barvecue’s use of funds
Barvecue will use the money from the latest round to build out its manufacturing infrastructure and to expand its workforce.
It will address a rapidly-growing market. Retail sales of plant-based foods in the U.S. are currently about $5 billion. Sales grew 31 percent in the past two years. Apparently, a growing number of Americans are getting off meat for various reasons including health. However, new meat alternatives are not lacking in taste, another reason for their attraction.
Other investors such as Siddhi Capital, Clear Current Capital took part in the funding. Select investors from the GlassWall Syndicate also participated.
Stray Dog Capital
“Demand in the plant-based food category is surging, and Barvecue products bring a short ingredient list, solid nutritional profile, and a taste that rivals traditional barbecue,” said Johnny Ream, Principal, Stray Dog Capital. “We’re really excited to partner with the company and help bring Barvecue’s products to thousands of locations in the U.S. and beyond.”
Ream will join Barvecue’s Board of Directors.
Earlier this month, Stray Dog Capital invested in Hooray Foods. The startup has created plant-based bacon that mimics the cooking experience, taste, and texture of animal-based bacon. Sales of vegan bacon reportedly surged 113% last year.
On July 13, Los Angeles-based vegan cheesemaker Grounded Foods announced its raising of US$1.74 million in a seed funding round led by Stray Dog Capital with participation from consumer packaged goods investor Rocana Ventures, Veg Invest Trust, and GlassWall Syndicate members. The Grounded Foods’ line of plant-based cheeses is made from those non-GMO hemp seeds and cauliflowers that are considered not good enough for supermarket retail.
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