US plant-based cheese producer, Good Planet Foods, has secured $12 million in a Series A funding round.
The investment round was led by venture capital firm Cleveland Avenue and joined by GreatPoint Ventures, Tasseo Consumer, Stray Dog Capital and Lever VC.
The Washington based company aims to use the funding on product development, sales, marketing and accessibility to the plant-based foods category.
Good Planet Foods produces a wide range of non-GMO vegan cheese that is free from allergens such as dairy, nuts, soy and wheat.
The brand’s cheese is made from coconut oil and plant starches that help to mimic the texture of dairy cheese. The products are available in both shredded and sliced varieties.
David Israel, founder and CEO of Good Planet Foods, said: “Our mission continues to be developing great tasting cheeses that are ‘Good for you and good for the planet.”
He continued: “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.”
“Consumers are expecting great-tasting foods that also support environmental sustainability. Good Planet Foods delivers on those expectations,” said Don Thompson, CEO and founder of Cleveland Avenue.
Thompson added: “We’re excited to partner with Good Planet Foods and this impressive group of investors to continue to build on this growth opportunity in the plant-based category.”
Ray Lane, the managing partner of GreatPoint Ventures, said: “It’s exciting to be able to help fuel a brand’s success. Based on our experience with consumer trends in other segments of the plant-based category, Good Planet certainly has the potential to become a leading influential brand. We’re looking forward to encouraging big things from this company.”