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05/27/2020

Plant-based cheese producer raises $12M in funding

Dan Ochwat
Executive Editor
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Plant-based cheese company Good Planet Foods, Seattle, announced that it has raised $12 million in a Series A funding round that will go toward the company’s growth in the industry.

Good Planet Foods CEO David Israel was featured in Store Brands' recent report on how manufacturers have been managing the supply chain during the coronavirus crisis. The company has been producing for private brand partners for the last two years.

Israel said in the article that demand had grew tremendously high during the early part of the pandemic and they had to seek additional partners to keep up with demand.

The plant-based foods arena is one growing at a fast pace, too, as a new Spins and Plant-Based Foods Association study just revealed. Per the study, Year-over-year sales for plant-based foods were up by 90%, and during peak panic buying in March, the total category’s sales grew at a rate of 27% — roughly 35% faster than total retail food.

The funding raised for Good Planet was led by Cleveland Avenue, and joined by GreatPoint Ventures, Tasseo Consumer, Stray Dog Capital and Lever VC. 

The company manufactures cheeses that aim to bring more awareness and accessibility to the plant-based foods category and carry a selection of products that are free of common allergen, are non-GMO, vegan, kosher and halal certified. In addition to its store brand business, the company’s branded cheese products can be found at nationwide at Walmart, Costco, Wegmans, ShopRite, Safeway, Price Chopper, Whole Foods and Bristol Farms.

“We are gaining significant momentum and will continue to play a significant role in increasing awareness of the plant-based foods category,” Israel said. “By partnering with these strategic investors, we’ll be able to move forward more aggressively with additional focus on product development, sales and marketing."