Company News

Tofurky Raises $7 Million

Tofurky, based in Oregon USA, has announced this week that it has raised $7 million investment from an outside, undisclosed source. Since 1995 Tofurky has produced Vegan Society Approved turkey replacement foods, made from wheat protein and organic tofu. CEO Jaime Athos has stated that revenues at the company grew 20% in 2018 from 2017, and this should continue to grow due to the global explosion of plant-based food.

The company hasn’t revealed where this investment has come from, but Food-navigator USA reports that it is in the form of a debt rather than equity, which will allow the company to invest in new equipment to increase output. Tofurky CEO Jamie Athos said: “We have been cautious about investment previously, not wanting to compromise our purpose-driven culture, but are thankful to have found an entity that is aligned with our values and recognizes what we can achieve by pushing the plant-based category forward with affordable, delicious foods that are accessible to all.”

Vegconomist reported in September last year that the company had extended its range to include a ham roast and was about to launch the Moocho cheesecake line, as they moved into the vegan dessert sector. The desserts now available come in three flavours; Triple Berry Swirl, New York Style Vanilla, and Chocolate.

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