UK– General Mills’ venture capital arm 301 Inc is leading a multistage investment of up to £15 million ($20 million) into the business of leading UK producer of potted puddings Pots &Co.
The investment according to a statement from Pots & Co will be used to support the company’s growth strategy to expand its product range and distribution in the US.
The investment into Pots & Co is supported by increased retail distribution in the US by the UK producer of potted puddings.
Pots & Co will initially supply both its range of unique potted puddings and longer term its new savoury; Mezze style dips range to a select number of stores on the West Coast and in the Rocky Mountain region.
The expanded retail distribution of select Pots & Co products marks a major expansion in the distribution of its products in the US.
All products distributed in the US are currently hand made in Pots & Co’s London-based factory. This investment will also enable the business to explore manufacturing capabilities in the US as well as invest further into marketing and distributing the brand.
“We want to create one of the world’s leading food brands and we are thrilled that General Mills has invested in Pots & Co, enabling us to speed up the growth of our business and creating fabulous products for the American consumer,” said Julian Dyer, founder of Pots & Co.
The investment in Pot & Co is 301 Inc’s first overseas investment and first investment in a UK company.
John Haugen, founder and managing director of General Mills’ venture capital arm, said; “Our mission is to discover new and emerging food brands with a remarkable offering. Pots & Co fulfils that mission with its focus on natural ingredients to create puddings of restaurant quality.”
“We believe Pots & Co will deliver substantial growth with an increasing range of puddings and with its move into savoury products.”
Pots & Co has generated rapid growth since it was founded in London in 2013. It produced sales of £2m (about US$2.4 million) in 2014 which increased to £14m (about US$17 million) in 2020, a 700% increase over six years.
Pots & Co currently produces 16 million handmade puddings a year and is also famous for its signature ceramic pots spun by a family business in Valencia, Spain.
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