SAN FRANCISCO — Plant-based meat alternative startup Hooray Foods has raised a strategic seed extension of more than $2.7 million. New investors including former Dunkin’ chief executive David Hoffmann and Lyra Growth Partners, joined existing investors Evolution VC Partners, Gaingels and Sand Hill Angels.
Hooray Foods launched its first product, a plant-based bacon alternative, in Whole Foods Market stores nationwide last year. The brand has since expanded to Canada. Developed to sizzle, smell and taste like bacon, the product is formulated with ingredients including coconut oil, rice flour, maple syrup, beet juice and a shiitake mushroom seasoning. Following a decade of experience working in the sustainable food industry, founder Sri Artham created the product in his home kitchen and partnered with food scientists and chefs to perfect the recipe. Compared to traditional bacon, the product has a significantly lower carbon footprint, reducing emissions of more than 80%, according to the company.
“Changing what we eat, specifically reducing consumption of animal proteins, is the easiest step anyone can take to help slow climate change,” Mr. Artham said. “Hooray is here to make this transition joyful and delicious. We’re so grateful to have investor support to ensure consumers have access to plant-based options that are just as good as the real thing.”
Hooray Foods closed a $2 million seed round this past June. The additional funding will enable Hooray Foods to scale production capacity to meet demand. Additionally, the company said it will invest in improving its plant-based bacon and developing other products using its proprietary emulsion-forming technology.
“I look forward to guiding Hooray Foods as they continue to expand,” Mr. Hoffmann said. “After witnessing the national appeal of meat alternatives in my previous roles at high-profile fast-food brands, I am confident Hooray’s plant-based bacon will become a must-have on the menus at thousands of quick-service restaurants and sit-down establishments.”