Vegan food company Good Planet Foods announced that they had raised $12 million in a Series A funding led by capital firm Cleveland Avenue. Good Planet Foods produce plant-based cheese in shred and slice form from typical cheddar to hot pepper. Their products are also non-GMO, free from allergens including soy, peanuts and shellfish, gluten and free from dairy and eggs. They are also certified non-GMO, vegan, kosher, and halal.
David Israel, founder and CEO of Good Planet Foods said: ‘We are gaining significant momentum and will continue to play a significant role in increasing awareness of the plant-based foods category. By partnering with these strategic investors, we’ll be able to move forward more aggressively with additional focus on product development, sales and marketing.’
According to SPINS statistics analysed by the Plant Based Foods Association, the plant-based cheese sales were up 95% compared to last year and have been rising ever since. This rise has allowed Good Planet to expand their range with a Plant-Based Frozen Pizza that is topped with their vegan cheese and vegan sausage made by Beyond Meat.
The demand for plant-based alternatives have certainly been on the rise with many companies receiving investments and celebrity endorsements, with many vegan foods markets increasing and expanding their revenue, making their market value higher than ever.