Oddlygood Global is to receive significant growth funding for its international plant-based business, as it closes its first round of financing. Aiming to be a leader in plant-based products, the Finnish brand is part of the Valio Group – a dairy producer and one of Finland’s biggest food companies.
Oddlygood develops and markets plant-based products, with its range currently including oat drinks, vegan cheese, and yogurt, as well as plant-based products for cooking and baking. Having only launched in Spring 2021, Oddlygood is showing some impressive sales figures in Scandinavian markets. In Sweden, Oddlygood has grown 131%, giving it the second-largest market share in oat-based beverages in Sweden, according to the brand.
The financing round saw Mandatum Asset Management invest €25 million in the company becoming a minority shareholder. Valio will continue as the company’s majority shareholder as it looks to expand its alt protein footprint, with the company also recently moving into cellular agriculture.
Currently, Oddlygood products are sold in Finland and Sweden, as well as the UK, USA, Russia, and the Baltic countries. The latest investment boost will be used toward international growth into new markets.
“Interest in plant-based products is growing exponentially worldwide, which we also 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,” commented Oddlygood Global’s CEO Niko Vuorenmaa.
“Together with Mandatum, we will take the next step in our growth plan across our current markets as well as in new ones. We can use the financing to accelerate the implementation of our growth strategy and to deepen our business development expertise,” he added.