Alpha Foods raises US$28m to meet the growing appetite for plant-based protein

USA – Alpha Foods, a New-York based maker of convenient plant-based foods, has raised US$28 million in a Series A funding round to support Alpha Foods’ continued growth as an emerging global leader in the plant-based meal category.

The funding round was led by AccelFoods with participation from Alpha Foods’ existing investment partners including New Crop Capital, Green Monday Ventures and Blue Horizon.

Alpha Foods was co-founded by Loren Wallis, former founder of Good Karma Foods acquired by Dean Foods in 2018, and Cole Orobetz, a former venture capital investor in the food and ag-tech sector.

Since its launch, Alpha Foods has grown its brand portfolio from four to more than 25 popular vegan and non-GMO products and is currently available in more than 9,000 stores across the United States.

Alpha Foods plans to put the latest funds toward new product launches, securing key talent, expanding its distribution channels, both domestically and internationally.

The company further plans to boosting its marketing and sales support to increase its touchpoint with consumers.

“As more and more people actively seek out plant-based options, whether for their health or the environment, we are looking to expand our innovations within the category and bring easy to prepare products to a wider audience,” said Cole Orobetz, Co-Founder and President of Alpha Foods.

“We are so fortunate to continue our incredible partnership with AccelFoods and take the brand to the next level through new products, distribution, and talent.”

As a co-lead in Alpha Foods’ previous fundraising round in Q1 of last year, AccelFoods served as a key strategic partner for the brand, which saw eight-figure revenue post initial investment.

“We are in the early days of plant-based consumption. As a portable, functional food business geared towards the newly emergent flexitarian consumer, the Alpha platform meets all of its customers snack and mealtime needs,” said AccelFoods Managing Partner, Jordan Gaspar.

“We couldn’t be prouder to lead this strong nexus of collaborative investors, who had the opportunity to organically build trust this past year allowing for an incredibly successful outcome in this financing.”