The plant-based company Tofurky, based in Hood River, Oregon, has taken its first external investment in the brand’s history. Recently, Tofurky raised a substantial private investment of $7 million in an effort to scale the production of their many plant-based food products, such as sausages, ground “meats”, deli slices, tempeh and more.
As the consumer demand for meat alternatives continues to grow, Tofurky wants to answer the demand. Plant-based food sales are currently “increasing by double digits, and Tofurky is outpacing that overall category growth by about 4%,” according to the company CEO Jaime Athos.
With its new investment of $7 million, Tofurkey now has the ability to invest in new production equipment as well as any other necessities as they drive their plant-based meat endeavors forward and explore new opportunities. Considering this is the brand’s first external investment, brand leaders are pleased that they can grow Tofurkey “without any ownership or brand equity being disrupted.”
According to FoodNavigator-USA, CEO Maime 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 recognized what we could achieve by pushing the plant-based category forward with affordable, delicious foods that are accessible to all."
While revenues for the plant-based company have already increased by more than 20% in 2018 versus 2017, CEO Maime Athos says he anticipates that 2019 will be an even bigger year of growth, especially as the demand for plant-based meats and alternatives continues to grow.
Tofurky has already introduced an impressive line of plant-based offerings, including vegan cheesecakes, pocket wraps, and a wide array of sausages, crumbles, deli slices, roasts, and more.