New Zealand plant-based food brand Angel Food has announced its latest crowdfunding raise in order to boost marketing, innovation and talent resource.
The capital raised will be used for investment in marketing, innovation (including the continued improvement of existing products and new product development), and talent resource (including the procurement of an experienced GM), while also helping the brand prepare for its launch into Australia in 2024.
Angel Food is looking to raise a minimum of $200,000 (for a share of 4.17 percent of the company) with a maximum raise of $500,000 (for a share of 9.8 percent of the company). The minimum investment is $331.00 (for 10 shares at $33.10 per share) and the share offer will close on 3 July (or when fully subscribed if earlier).
Angel Food, Aotearoa’s largest and most experienced plant-based cheese company, has been going strong for 17 years. Founder and CEO, Alice Shopland (pictured) and her team were championing the benefit of embracing plant-based foods long before plant-based and vegan diets were mainstream.
The brand and products resonate with ‘flexitarians’, a newer and much larger market, who are discovering that Angel Food’s products make plant-based eating easy. By choosing to go plant-based, the positive impact is beneficial for both the environment and animals.
Angel Food’s core product focus is dairy-free cheese alternatives, with a production of more than 130 tonnes of cheese per year. Angel Food decided to focus its product range on dairy-free cheese given that it’s a key ingredient in a wide variety of recipes and meals, and they launched their first plant-based cheese commercially made in Aotearoa in 2015.
Angel Food has impressive distribution across all grocery chains plus cafes, restaurants, and quick-service restaurants across New Zealand, as well as companies that supply vegan pies and vegan sausage rolls into petrol stations.
The company is looking to export its products, starting with Australia, and hopes to become the leading plant-based food brand in Australia within the next few years. Angel Food anticipates that its Australian launch will require NZD$1m investment, and this raise will be the first stage of a stepped approach to ensure that they can maximise value for their shareholders at each stage of investment.
Angel Food has a current valuation of NZD$4.6m.* Angel Food’s crowdfunding rounds in 2015 and 2019 have enabled the company to grow fast and establish its leadership position within the plant-based foods sector while the category was in its infancy.
To be consistently profitable, Angel Food is aiming for its revenue to exceed NZD$5m, which they believe they will achieve.
“We’re excited to offer potential investors the opportunity to support our purpose-led brand,” says Shopland. “Despite a few tough years, we’re still number one in retail and remain New Zealand’s leading plant food brand. Our investors will help us to continue our positive trajectory, while giving us the resources we need to grow and evolve the business to deliver the greatest impact.
“Now more than ever, we remain committed to our mission of making it easier for more people to choose plant-based meals more often. Where other plant-based categories – like milks, yoghurt, and ice cream are mature and crowded, plant-based cheese is still in its infancy – there is still lots of room for growth.
“We have great distribution in Aotearoa, and we want to share our range of delicious plant-based products with the world, starting with Australia,” says Shopland.
*The company valuation was undertaken by the company directors with internal and external advice. The figure they arrived at $4.6million, is their current year’s forecast revenue multiplied by 2.
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