Plant-Based Dairy Company Oddlygood Global Raises $28 Million

PARSIPPANY, N.J., Dec. 16, 2021 /PRNewswire/ -- Oddlygood Global, a spinoff of Valio, one of Finland's premiere food companies, closes its first round of funding with an investment of $28 million from the private equity division of Helsinki-based Mandatum Asset Management.

Oddlygood develops and markets plant-based products, including oat drinks for coffee, oat yogurts, cheeses and dairy alternatives used in cooking and baking. Known for its Finlandia brand of cheeses and butter in the U.S., Valio spun off the plant-based division's business earlier this year and will continue as Oddlygood's majority shareholder.

Mandatum's investment will fuel Oddlygood's goal of becoming a global leader in plant-based products.

"Interest in plant-based products is growing exponentially worldwide, which we see in a significant increase in our sales. However, consumers will only change their day-to-day consumption habits if they find dairy alternatives that both taste good and fit their lifestyle," says Oddlygood Global's CEO Niko Vuorenmaa.      "Consumer taste tests and sales results confirm we're on the right path."

The sales of Oddlygood products have doubled every year since the brand's debut in 2018. In Sweden, Oddlygood has grown 131 percent, while the market share of oat-based dairy alternatives has only grown by 12 percent. In October this year, the company had the second largest market share in oat-based beverages in Sweden, according to NielsenIQ ScanTrack.

Currently, Oddlygood products are sold in Finland and Sweden, as well as in the U.K., Russia and the Baltic countries. U.S. sales are slated to begin in early 2022 as production begins of Oddlygood Oat Yogurt in Northern California.

The company's U.S. headquarters are in Parsippany, N.J.  Earlier this year, Oddlygood started marketing its cheeses to the U.S. foodservice sector with a focus on pizza operators. Oddlygood Global plans to grow sales and distribution in existing markets and enter new ones.

"We will use Mandatum's financing to accelerate the implementation of our growth strategy and to deepen our business development expertise," says Vuorenmaa.

Mandatum Asset Management Private Equity (MAM PE) targets Nordic growth companies with a scalable business model and with aspirations for international growth. MAM PE seeks a significant minority interest in its target companies and closely partners with management, working actively to further the companies' business. As an active owner with an experienced investment team, MAM PE will become a minority shareholder as well as provide Oddlygood with more strategic expertise in global consumer products and further support its growth in international markets.

"Oddlygood has developed an excellent platform of delicious plant-based products. With our investment, Oddlygood Global will be able to accelerate the implementation of its growth strategy by developing its means of production, expanding its marketing efforts and hiring new professionals with global growth in mind. We will also be joining the company's Board of Directors and working actively with Oddlygood's management team. We are thrilled to be involved in making the company an even bigger international success story than it is today," says Alexander Antas, head of Private Equity at Mandatum Asset Management.  Assets for this investment come from Mandatum's Finnish clients.

"Valio's strategy is geared towards strong growth through plant-based products. Having the right partner for Oddlygood will help us develop the business faster and more efficiently. Oddlygood's success will also help Valio to develop other interesting and innovative commercial ventures," says Valio Executive Vice President, Growth Businesses and R&D Tuomas Salusjärvi.

About Oddlygood

Oddlygood is a spinoff of Valio, one of Finland's premier food companies. We want to change the world with excellent flavors and appealing plant-based products. We have the benefit of Valio's 100 years of expertise in food products that our committed team makes use of to continuously develop delicious plant-based products. Valio, known in the U.S. for its Finlandia brand of cheeses and butter, incorporated its Oddlygood business in spring 2021. This enables us to have the resources and expertise to respond to the growing global demand for quality plant-based products. Oddlygood's growing line of plant-based products are currently available at retailers in Finland, Sweden, Estonia, Russia and soon in the U.S. Learn more at oddlygood.net.  

About Mandatum Asset Management Private Equity

Mandatum Asset Management Private Equity ("MAM PE") is a Finnish private equity investor focusing on significant minority investments in Nordic growth companies with proven business models. During its ownership MAM PE functions as an active partner to the management, board and owners of its portfolio companies. MAM PE team currently manages ca. EUR 350 million in direct investments into unlisted companies. MAM PE is a part of Mandatum Asset Management (MAM), which offers discretionary and consultative asset management for institutional and other professional investors and manages a variety of investment products within its core areas of credit, alternatives and equity selection. MAM manages around EUR 24 billion in assets and employs more than 120 investment professionals. Mandatum Asset Management belongs to the Sampo Group and is a sister company of Mandatum Life Insurance Company Limited. Mandatum Asset Management also manages MAM PE's investment activities.  Learn more at mandatum.com.

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SOURCE Oddlygood