Plant-Based Brand Hooray Foods Completes Seed Financing

SAN FRANCISCO, June 16, 2021 /PRNewswire/ -- Hooray Foods, the new San Francisco based, mission-driven, and award winning plant-based meat company that recently introduced its first product - innovative, plant-based bacon - announced today that it closed a $2 million Seed financing round led by Evolution VC Partners, with participation from Gaingels and Sand Hill Angels. Gregg Smith, Founder of Evolution VC Partners and investor in other notable plant-based and related-food companies, including Beyond Meat, New Wave Foods, Sweetgreen, and more, will join the Hooray Foods Board of Directors.

Hooray Foods was founded by Sri Artham in 2019; after noticing the ever-increasing environmental tragedies such as forest fires in California, he wanted to create a product that combined his decade of experience working in the sustainable food industry, and his passion for bettering the environment. Following rounds of R&D in his home kitchen and consultations with food scientists and chefs, Sri created his dream product and presented the plant-based bacon to highly regarded restaurants in the Bay Area including The Plant Cafe and WesBurger who ultimately ended up serving Hooray Foods in dishes like BLT Sandwiches and bacon cheeseburgers.

In November 2020, Hooray Foods launched in more than 300 Whole Foods stores across the country, and is expanding weekly. This $2 million seed financing enables Hooray Foods to scale production capacity to meet immediate demand from leading national retail and grocery chains, and brings total funding to close to $4 million.  The funds are also being used to develop improved versions of their plant-based bacon as well as other products using their proprietary fat encapsulation techniques. Hooray Foods is entering the market at a time when plant-based alternatives are enjoying unprecedented popularity with an estimated growth projection of $140 billion by 2029, according to Barclays analysts.

Hooray Foods' bacon encapsulates 20% fat by using coconut oil, allowing it to sizzle, smell, and taste like bacon. The brand puts health, environment and animal welfare at the forefront of its business, resulting in a reduction of carbon emissions by over 80%. Hooray Foods' plant-based bacon is made with simple and recognizable ingredients, including coconut oil, rice flour, tapioca starch, liquid smoke, umami seasoning, maple syrup, salt and beet juice concentrate. The product is allergen friendly [gluten free, soy free, nitrite and hormone free.]

Hooray Foods is currently available at Whole Foods Market and various independent retailers. For more information, visit www.hoorayfoods.com and follow on Instagram @hoorayfoods.

Media Contact:
Nicole Scharf
[email protected]

SOURCE Hooray Foods

Related Links

https://www.hoorayfoods.com

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