Alpha Foods, makers of convenient plant-based foods, announced it raised $28 million in a funding round led by AccelFoods (AF), a venture capital fund and first institutional investor in prominent food and beverage companies such as Four Sigmatic and Koia. With this latest round of funding, AccelFoods, with mostly existing investment partners, including New Crop Capital, Green Monday and Blue Horizon, will support Alpha Foods’ continued growth as an emerging global leader in the plant-based meal category.
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 US, including Walmart, Kroger, Albertsons/Safeway, and Wegmans supermarkets. Alpha Foods is 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. Wallis and Orobetz have taken the plant-based protein brand to new heights since launch setting themselves apart from the field with deep sector knowledge having been early visionaries and market creators in plant protein.
Alpha Foods plans to put the latest funds toward new product launches, securing key talent, expanding its distribution channels, both domestically and internationally, as well as boosting its marketing and sales support to increase its touchpoint with consumers.
As a co-lead in Alpha Foods’ previous fundraising round in Q1 of last year, AccelFoods has served as a key strategic partner for the brand, which saw eight-figure revenue in its first full year in market post initial investment.