Alpha Foods raises $28m to expand plant-based portfolio

Plant-based food manufacturer Alpha Foods has secured $28 million in a Series A funding round led by venture capital fund AccelFoods.

California-based Alpha has a portfolio of more than 25 vegan products, including burritos, burgers, chik’n nuggets and tamales.

The brand was co-founded in 2018 by Loren Wallis, a former founder of the Good Karma Foods brand that was acquired by Dean Foods, and Cole Orobetz, a former venture capital investor.

Other participants in the round included New Crop Capital, Green Monday and Blue Horizon. Alpha Foods plans to put the latest funds towards new product launches, securing key talent, expanding its distribution channels both domestically and internationally, as well as boosting its marketing and sales support.

“As more and more people actively seek out plant-based options, whether for their health or the environment, we are looking to expand our innovations within the category and bring easy-to-prepare products to a wider audience,” said Cole Orobetz, co-founder and president of Alpha Foods.

Alpha’s products are on sale in more than 9,000 stores across the US.

“We are so fortunate to continue our incredible partnership with AccelFoods and take the brand to the next level through new products, distribution and talent.”

The funding comes less than a year after Alpha secured $7 million in a seed funding round that was also led by AccelFoods.

“We are in the early days of plant-based consumption. As a portable, functional food business geared towards the newly emergent flexitarian consumer, the Alpha platform meets all of its customers’ snack and mealtime needs,” said AccelFoods managing partner, Jordan Gaspar.

“We couldn’t be prouder to lead this strong nexus of collaborative investors, who had the opportunity to organically build trust this past year allowing for an incredibly successful outcome in this financing.”