Strong Roots Raises €16.5M In Investment
Strong Roots, has reportedly raised in the region of €16.5 million in funding from investors, including New York private equity firm Goode Partners.
The raised funds will finance the Irish frozen food company's US expansion, as the group forecasts sales of almost €271 million by 2023, reports the Irish Independent.
Speaking with the Irish Independent, Sam Dennigan, the founder of the company said: "Consumers globally are more educated than ever about harnessing the nutritional benefits and delicious taste of plant-based foods and are looking for high-quality options that are convenient to prepare."
"We're excited to bring our unique, plant-based products to people across the US." he added.
The Irish food brand, revealed in February this year that it expected to double the number of stores its goods are sold in globally after its initial launch in the US.
The company recently expanded its presence into more than 3,000 US stores, with chains including Target, Wegmans and Whole Food Markets now stocking its products.
The Irish food brand which was founded in 2015, made its US debut with eight of its top-selling items.
Products within its plant based range include items such as ripened avocado halves, beetroot and bean burgers, pumpkin and spinach burgers and mixed roots vegetable fries and cauliflower hash browns.
Strong Roots' products are sold by retailers in Ireland, as well as major chains including Tesco, Asda, Marks & Spencer and Sainsbury's in the UK.
Currently, the company has products available in approximately 4,000 stores globally, including stores in Singapore, Iceland, the United Arab Emirates, Bahrain and Qatar.
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.