British dairy-free desserts producer The Collaborative has raised a $7 million investment from PowerPlant Ventures.
The brand, previously known as The Coconut Collaborative, will use the funds to expand on the US market.
The investment comes after the company had appointed Meiky Tollman as a new CEO.
The Collaborative was founded by twin brothers Edward and James Averdieck in the UK in 2014. The company produces healthier and more environmentally-friendly alternatives to dairy yogurts.
The brand debuted in the United States two years ago. And today, its range includes coconut-based yogurt in four flavours: Plain, Vanilla, Alphonso Mango & Passionfruit and Blueberry & Rosemary.
The Collaborative is also planning to launch new vegan desserts, including Vanilla Rice Pudding, Double Chocolate Mousse, and Chocolate Pudding.
Meiky Tollmann who was the COO of the hummus giant Sabra for 15 years said he was impressed by the company’s values, vision, and purpose upon their first meeting in London.
“For me, coming to The Collaborative is motivating and inspiring to work with one of the fastest-growing category growth drivers of plant-based brands on the market that is also purpose driven,” he said.
“I’m excited to join the brand as we are committed to having and spreading a collaborative essence and good intentions, something that is very much needed today and will be needed tomorrow. It is a very difficult and challenging time for everyone around the world right now during this unprecedented crisis and we as a small startup team are challenging ourselves to help as much as we can.”
During the coronavirus pandemic, the company decided to donate products worth $15,000 to healthcare workers in San Francisco.