Swedish startup Sproud which makes plant-based milk has recently raised fresh funding to take its business to the next level.
Investment from VGC Partners
Sproud, which can be easily found at Waitrose, Ocado, and Amazon has announced that it has raised £4.8M funding from VGC Partners, a leading UK growth capital investor in early-stage brands. Sproud will use the investment to grow its team, accelerate its distribution and brand building activities in core markets including the UK, US and Canada. Also, the company will focus on further development of its plant-based and 100% vegan product offering. With this, the overall investment raised by the company is £8.7M.
Nicklas Jungberg, co-founder and Chairman of the Board at Sproud said: “We are really pleased to have the backing of VGC on our mission to create the best tasting, and most sustainable plant-based offering on the market. 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.”
Parminder Basran, Founder and Managing Partner at VGC Partners said: “We believe Sproud has the potential to become a global leader in the huge and growing dairy alternative market, owing not only to its superior taste and nutrition profile, but also due to its positive environmental and sustainability credentials.”
Founded in 2018, Sproud has expanded to 15 markets in two years. Already, the company’s product is available across the UK via online retailers supermarkets, restaurants, cafés and independent shops.
This has been possible with its innovation in creating products with a taste, nutritional profile and texture that closely resembles dairy milk. Sproud has achieved this feat through a unique, proprietary blend of protein obtained from GMO-free oils and syrups, and yellow split peas.
Notably, all its products contain low essential amino acids and are free from lactose, gluten, and soy. As compared to oat milk, the Sproud variants have double the amount of protein and far less sugars. On the other, Sproud milk variants have as much as 5x the amount of protein in almond milk.
Combines sustainability and taste
Headquartered in Malmö, Sweden, where it employs a team of six, Sproud combines sustainability with taste, and nutrition. It caters to consumers ranging from vegans to flexitarians and intends to reduce their carbon footprint. The plant-based milk is supplied to the largest hospitality chains of the region including Espresso House and Clarion Hotel.