Bachan’s, a company producing Japanese-style barbecue sauce, has announced a funding round with contributions from a range of high-profile investors.
The round was led by private equity firm Prelude Growth Partners, with participation from various celebrities including Ryan Tedder, Aaron Paul, Benny Blanco, Whitney Port, Max Thieriot, Chase Utley, and Abe Burns. Walter Robb, the former co-CEO of Whole Foods Market, and Brian Requarth, Latitud co-founder, also contributed.
Bachan’s says the funding will go towards expanding its team, distribution, and creating new products. Bachan’s is already the bestselling barbecue sauce on Amazon and is available at over 2,500 retailers across the US. All Bachan’s products are vegan and non-GMO.
The market for plant-based sauces and condiments is expanding rapidly, with companies launching everything from vegan mayo to plant-based pesto and cheese sauces. The market is now estimated to be worth $70 million.
“The commitment I made to developing our sauce and our cold-filled manufacturing process in a way that honored my family, and also made it completely unique in the marketplace, is paying off,” said Justin Gill, Bachan’s founder and CEO. “The growth we’re experiencing in all channels is exhilarating and every day is a new challenge, which I love. As we continue to grow, we’re so grateful to have investors on board who are as passionate about our mission as we are.”
