Swedish pea-based milk producer, Sproud, which launched in 2018 and expanded to 15 markets in just two years, announces it has raised £4.8 million in funding. Sweden’s hottest pea protein drink successfully moved into the US and Canada last year, and now has eyes on further expansion into the UK market.
Having first moved into North America via Amazon and then Sprouts Farmers Market, the recent funding will be used to enable Sproud’s team to grow and further develop its plant-based product offering. The company also plans to accelerate distribution and brand building in its key markets, including the UK, where it is currently available via supermarkets and online retailers such as Waitrose and Ocado.
It differs from other plant-based milks in that it has developed its products to taste and match the nutritional profile of dairy, using yellow split peas, GMO-free ingredients and fortified with essential vitamins. In recent taste tests, the pea milk was rated as better or as good as the favourite brand by more than three-quarters of the participants, and when compared to almond milk, contains up to five times the amount of protein.
The £4.8M funding comes from VGC Partners, whose investment portfolio also includes phenomenally successful Eat Just in its portfolio, the creator of award-winning plant-based eggs products.
Nicklas Jungberg, co-founder and Chairman of the Board at Sproud said, “We are really pleased to have the backing of VGC on our mission to create the best tasting, and most sustainable plant-based offering on the market. We have reached a stage where most people are now aware of the positive impacts that swapping dairy for vegan substitutes would have on our planet and health.”