Minnesota-based food giant General Mills has announced plans to invest in Urban Remedy, a California-based company specializing in plant-based ready-to-eat meals and cold-pressed juices and drinks.
The $17 million round of Series B funding comes via 301 Inc., the General mill investment group.
“Through retail stores, branded kiosks, and direct-to-consumer delivery, Urban Remedy excels at providing convenient access to organic products,” John Haugen, vice president and general manager of 301 Inc., said in a statement.
General Mills, isn’t new to the natural marketplace. The maker of Cheerios owns several natural channel brands including Annie’s Homegrown, Cascadian Farms, Lärabar, and Muir Glen.
Urban Remedy said the partnership works because of a synergy between the companies.
“Having a partner that’s aligned with us not just on the values of the company but also in the vision of how we want to grow it, [was] huge for us,” said Urban Remedy CEO Paul Coletta. “Money is cheap today, there’s a lot of options out there for great businesses.”
Growth in the plant-based sector is being propelled by mainstream brands like General Mills, Nestlé, and Tyson Food recognizing the opportunities to expand categories and reach a market open to new options better for their health, the planet, and the animals.
Tyson made headlines after it announced in 2016 that it would be investing in Beyond Meat, the Southern California startup making meat products from plants. Beyond Meat is best known for its Beyond Burger that looks, cooks, and tastes like meat.
Nestlé made headlines late last year when it acquired another California company, Sweet Earth Foods, which makes vegan and vegetarian frozen burritos, entrees, seitan, and more.
Urban Remedy is making a name for itself in the Bay Area with refrigerated kiosks located inside select Whole Foods Markets. The branded kiosks sell prepared meals and drinks.
“We’re going to grow really responsibly from here,” Coletta said.
“As long as the consumer is telling us they want, we’re up for the challenge.”
