Alpha Foods, a Glendale, California-based producer of frozen plant-based convenience food products ranging from pizza and burritos to pot pies, faux meat burgers and more, has raised $28 million in a funding round led by AccelFoods (AF), a venture capital fund and first institutional investor in prominent food and beverage companies such as Four Sigmatic and Koia. With this latest round of funding, AccelFoods, with mostly existing investment partners, including New Crop Capital and Green Monday Ventures, in addition to the newly established venture capital fund Blue Horizon Ventures, will support Alpha Foods’ continued growth in the plant-based meal category.
Since its launch, Alpha Foods has expanded its brand portfolio from four to more than 25 popular vegan and non-GMO products currently available in more than 9,000 stores across the United States, including Walmart, Kroger, Albertsons/Safeway, and Wegmans supermarkets.
The company was co-founded by Loren Wallis, former founder of Good Karma Foods acquired by Dean Foods in 2018, and Cole Orobetz, a former venture capital investor in the food and ag-tech sector. They have taken the plant-based protein brand to new heights since launch.
Alpha Foods plans to put the latest funds toward new product introductions, securing key talent, expanding distribution channels both domestically and internationally, and boosting 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 Orobetz.
As a co-lead in Alpha Foods’ previous fundraising round in Q1 of last year, AccelFoods served as a key strategic partner for the brand, which saw eight-figure revenue post initial investment.
“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.
