Aloha, a US plant-based snacks and drinks business, has attracted a minority investment from SemCap Food and Nutrition.
SemCap has bought out early-stage angel investors with a capital injection of $68m in return for a “significant” minority interest in Aloha, according to a statement.
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Aloha is an employee-owned, B-Corp-certified business producing organic protein bars and powders, along with coconut-based protein drinks. Its products are sold into major US retailers and also online.
Staff and management will retain a “significant” stake in Aloha, which is also a climate-neutral certified brand and non-GMO certified. It will continue to operate independently.
Brad Charron will remain chairman and CEO of Littleton, Colorado-based Aloha. SemCap managing partner John Haugen and Ryan Newcom, a partner at the investor, will join the plant-based company’s board.
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Aloha’s existing independent board members, Bart Adlam and Maura Mottolese, will also stay in place, as will Alexander Rittweger, described as the “largest angel investor” in the business.
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By GlobalData“SemCap completely aligns with our mission to make simple, nutritious food accessible to everyone, while using our business as a force for good,” Charron said. “We look forward to many more multiples of profitable growth with their inclusion.”
Aloha’s products are stocked at US retailers such as Whole Foods Market, Kroger, Walmart, Sprouts and Costco.
The company “remains focused on scaling its current success via acceleration of traditional retail channels and the continued enhancement of an already impressive digital presence”, according to the statement, which added that Aloha is expected to continue to grow sales at a double-digit pace.
Just Food has asked Aloha for details on its revenue and growth last year, the company’s geographical market focus and the previous angel investors.
Set up in 2020 by Buck Buckley and Cyrus Vandrevala, SemCap focuses on three investment areas: food, health and education. Its emphasis in food is on $25m-plus revenue companies that supply organic, natural, non-GMO and plant-based products.
New Aloha board member Newcom said: “With a proven track record of remarkable digital growth and tremendous retail expansion opportunities ahead, our team recognised Aloha’s incredible potential as a perfect addition to our portfolio.
“We’re seeing consumers fuel a massive food revolution. This seismic shift presents an incredible opportunity for our food and nutrition platform to identify and help scale the food and nutrition brands of the future.”
