There is an increasing need for dairy alternatives for environmental and sustainable reasons. This is where a Swedish startup Sproud comes to play with its dairy-free alternatives that are touted to have the closest taste to regular milk. The Malmö-based maker of plant-based milk announced that it has raised £4.8M (nearly €5.4M) funding from a London-based growth capital investor, VGC Partners.
Investment from VGC Partners
Well, the investment from VGC Partners will be used to grow the team at Sproud, accelerate its distribution and activities to build its brand in the core markets where it operates including the UK, US and Canada. Also, the Swedish company will be able to focus on the further development of its 100 per cent vegan, plant-based product range.
Talking about the investor, London-based VGC Partners is a growth capital investor specialising in innovative early-stage consumer, media and tech companies. The firm is known for investments in the next-generation food and beverages space in recent years. Its portfolio companies include JUST, a plant-based alternative to eggs, and Ugly Drinks, a producer of zero-sugar sparkling water and energy drinks. Parminder Basran is the founder and managing partner at VGC Partners.
Nicklas Jungberg, co-founder and Chairman of the Board at Sproud comments: “We have reached a stage where most people are now aware of the positive impacts that swapping dairy for vegan substitutes would have on our planet and health.”