US alt-dairy company Lavva has received an investment from Australia’s Health and Plant Protein Group (HPP). HPP, formerly called Buderim Group, bought $300,000 of convertible promissory notes issued by Lavva’s holding company EVR.
Venture fund S2G Ventures also bought $300,000 of notes. HPP and S2G will be able to conduct due diligence in Lavva and further invest in the company, with the potential aim of eventually taking control of the brand.
The promissory notes have an interest rate of 7 percent. They will mature on February 28.
Lavva produces plant-based yogurts, milks, and creamers made with pili nuts and coconut. Its yogurts contain live probiotics and are sweetened with fruit, with no added sugar. The pili nuts are Fair Trade and require very little water to produce, unlike other types of nuts such as almonds.
Lavva’s products are sold at US supermarkets such as Wegman’s, Whole Foods Market, and Sprouts Farmers Market. In May of last year, Lavva launched an online store, allowing its yogurts to be delivered directly to customers’ doors in some states.
“The investment in LAVVA is consistent with our core strategy of building HPP, including through the high growth categories of plant-based milk and yoghurt,” said HPP Executive Director Dennis Lin. “We believe we can continue to grow LAVVA through our expertise in supply chain development and management, the strong potential of incorporating macadamia ingredients into LAVVA, and introducing the brand to Australia and Asia within a short timeframe.”