NEW YORK — Plant-based frozen comfort foods brand Alpha Foods secured $28 million in a Series A funding round led by AccelFoods.
Funds will be used to support new product launches, secure key talent, boost marketing and expand domestic and international distribution channels, the company said.
Alpha Foods’ portfolio includes more than two dozen vegan and non-G.M.O. frozen meals, including burritos, tamales, pizza and pot pies, along with a variety of meat-free beef and chicken products. The company was cofounded by Loren Wallis, former founder of Good Karma Foods, which was acquired by Dean Foods in 2018, and Cole Orobetz, a former venture capital investor in the food and ag-tech sector.
“As more and more people actively seek out plant-based options, whether for their health or the environment, we are looking to expand our innovations within the category and bring easy to prepare products to a wider audience,” Mr. Orobetz said. “We are so fortunate to continue our incredible partnership with AccelFoods and take the brand to the next level through new products, distribution and talent.”
AccelFoods co-led Alpha Foods’ $7 million seed funding round in March 2019. New Crop Capital, Green Monday and Blue Horizon also invested in the brand, which saw eight-figure revenue in its first full year in market post initial investment.
“We are in the early days of plant-based consumption,” said Jordan Gaspar, managing partner at AccelFoods. “As a portable, functional food business geared toward the newly emergent flexitarian consumer, the Alpha platform meets all of its customers snack and mealtime needs. We couldn’t be prouder to lead this strong nexus of collaborative investors, who had the opportunity to organically build trust this past year allowing for an incredibly successful outcome in this financing.”