Irish frozen food startup Strong Roots has received USD18.3m in funding from the private equity firm, Goode Partners, as it looks to expand its U.S. presence, reports TechCrunch.
The firm’s past investments in the food industry include U.S. bakery business Dave’s Killer Bread, which was acquired by New York Stock Exchange-listed Flowers Foods in 2015 for an estimated USD275m.
Strong Roots – which specializes in healthy frozen vegetable products – launched in America earlier this year and looking forward the company is hoping to use the new capital injection to expand its research and development efforts to provide more functional foods and nutrients.
Advised by global mid-market investment bank, Alantra, Strong Roots has a presence in the U.S. at retailers such as Target, Wegmans, and Whole Foods. In the UK, the brand is available at Tesco, ASDA, Sainsbury’s and Marks & Spencer.
The company is on track to move USD50m worth of frozen vegan food items in the calendar year, and it expects its sales to more than quadruple over the next four years.
