Plant-based bacon startup Hooray Foods announced today it has secured an additional $2.7 million in extension seed funding to grow its operations. The fast-growing startup, launched just a year ago, has already landed its bacon in 1,000 store locations across the US, including Whole Foods Market, and recently entered 180 Canadian grocery stores.
Founded by Sri Artham, Hooray Foods creates plant-based bacon that closely replicates the taste and texture of pork-based bacon. Using a proprietary emulsification process, the company combines rice flour, coconut oil, tapioca starch and spices and seasonings to make marbled strips that look, crisp up and taste like conventional bacon.
In addition to scaling, the company says it will also channel the funds into improving its existing product for 2022, and creating brand new products with its emulsification technology.
Support From a Fast-Food Executive
The latest investment round included new investor David Hoffman, former CEO of Dunkin’, who commented: “I look forward to guiding Hooray Foods as they continue to expand…After witnessing the national appeal of meat alternatives in my previous roles at high-profile fast food brands, I am confident Hooray’s plant-based bacon will become a must-have on the menus at thousands of quick-service restaurants and sit-down establishments.”
Previous investors who participated in the current round include VC Evolution Partners, Gaingels and Sand Hill Angels.
Says Gregg Smith, founder of Evolution VC Partners: “It is exciting to see Hooray’s bacon be so embraced by consumers seeking healthier alternatives to animal products, as evidenced by the rapid growth since launch just a year ago to almost 1,000 stores in which the product is available.”
As of today, Hooray Foods says it has sold 2 million strips of bacon, and even with increasing plant-based competition from brands like La Vie and Beleaf Foods, the animal-free bacon field remains wide open.
“Changing what we eat, specifically reducing consumption of animal proteins, is the easiest step anyone can take to help slow climate change. Hooray is here to make this transition joyful and delicious,” said Hooray Foods founder Sri Artham. “We’re so grateful to have investor support to ensure consumers have access to plant-based options that are just as good as the real thing.”
To locate stores carrying the product, visit www.HoorayFoods.com