London-based Pots & Co, a food company known for its range of hand-crafted potted desserts available in UK supermarkets, has raised $20M (approx €16.7M) in a fresh round of funding led by the venture capital arm of General Mills, 301 INC. The round also saw participation from other investors.
Pots & Co story
It was back in 2013 when Pot & Co’s founder Julian Dyer escaped the restaurant business. He says, “I was standing in a lemon dessert factory, and there wasn’t a fresh lemon in sight. I’m a chef – this didn’t make sense. So I started making potted desserts using top ingredients.”
And Pots & Co was born. Julian began hand-making exceptional pots from exceptional ingredients with an aim to bring proper desserts to the people at home. “A proper dessert should steal the meal,” he says. “So we hand-make and steam-bake ours in their individual ceramic pots, from our kitchen in London. That way, we know you’ll get a perfect pot every time.”
According to the company’s website, its recipes are written and perfected by Michelin-trained restaurant chefs, using only the finest ingredients – like Cornish sea salt, Alphonso mangoes, and sustainable Colombian cocoa.
Julian Dyer, Founder of Pots & Co, says, “We want to create one of the world’s leading food brands, and we are thrilled that General Mills has invested in Pots & Co, enabling us to speed up the growth of our business and creating fabulous products for the American consumer. We continue to focus on exceptional quality and taste, using only the finest natural ingredients to deliver top-quality desserts and savoury food to supermarket aisles in both the UK and the US.”
Funds for expansion in the US
The raised capital will enable Pots & Co to further accelerate its growth strategy and expand its product range and distribution in the US. The company looks to increase its retail distribution in the US focused on the West Coast and Rocky Mountain region.
Initially, it will supply both its range of unique potted desserts and, in the longer term, plans to offer its new savoury, Mezze style dips range.
The company claims that all its products distributed in the US are currently handmade in Pots & Co’s London-based factory. In addition to that, the company will also explore manufacturing capabilities in the US as well as invest further into marketing and distributing the brand.
John Haugen, founder and Managing Director of 301 INC, says, “Our mission is to discover new and emerging food brands with a remarkable offering. Pots & Co fulfil that mission with its focus on natural ingredients to create desserts of restaurant quality. As our first overseas investment and first investment in a UK company, we believe Pots & Co will deliver substantial growth with an increasing range of desserts and with its move into savoury products.”
About Pots & Co and its recent growth
Founded in 2021, Pots & Co is a food company that is on a mission to rescue people from bland, uninspiring mass-market foods one product at a time. It currently produces 16 million handmade desserts a year and is also known for its signature ceramic pots spun by a family business in Valencia, Spain.
Since its inception, Pots & Co has generated rapid growth. Back in 2014, the company produced sales of nearly $2.8M (approx 2.33€M), which in 2020 increased to $19.5M (approx €16.28M) – a 700 per cent increase over six years.
According to the company, its puddings are available in supermarkets in the UK, Europe and the United States, including Waitrose, Tesco and Selfridges, as well as Carrefour in France, Albert Heijn in the Netherlands and Globus in Switzerland.
About General Mills
General Mills is a global food company whose purpose is to make food the world loves. Its brands include Cheerios, Annie’s, Yoplait, Nature Valley, Häagen-Dazs, Betty Crocker, Pillsbury, Old El Paso, Wanchai Ferry, Yoki, and BLUE, among others.
The company is headquartered in Minnesota, USA. In the last fiscal year, it generated net sales of $17.6B (approx €14.69M). In addition, General Mills’ share of non-consolidated joint-venture net sales totalled $1B (approx €834.9M).