Hooray Foods, producer of the hotly tipped vegan bacon which arrived on the US market on World Vegan Day last November, launching into over 300 Whole Foods stores across the country, announces today it has closed a $2 million seed financing to scale production capacity to meet immediate demand from leading national retail and grocery chains.
“We have already prototyped our next product and some early reviews say it’s even better than our bacon”
Hooray Foods was founded in 2019 by Sri Artham, who created and presented early iterations of his plant-based bacon to highly regarded restaurants in the Bay Area such as The Plant Cafe and WesBurger, which served the bacon in popular dishes like BLT Sandwiches and bacon cheeseburgers.
Speaking in interview with vegconomist just after the market launch, Artham said of his mission: “The problem of climate change is both massive and looming, so the most important thing is for us to create products that people love and get them widely distributed. First bacon, and then other products.
“I believe companies have a responsibility not only to their shareholders but to the society in which they operate, and Hooray plans to embody that responsibility.”
The fresh funds, which mark a total of around $4 million in funding to date, will also be used to develop improved versions of the plant-based bacon as well as other products using their proprietary fat encapsulation techniques.
The round was led by Evolution VC Partners, with participation from Gaingels and Sand Hill Angels. Gregg Smith, Founder of Evolution VC Partners and investor in other notable plant-based and related-food companies, including Beyond Meat, New Wave Foods, Sweetgreen, and more, will join the Hooray Foods Board of Directors.
When asked by vegconomist as to what innovation will follow the bacon product, the founder replied intriguingly: “Oh, I wish I could tell you! We have already prototyped our next product and some early reviews say it’s even better than our bacon. That’s all I can say for now.”
Watch this space…