PARSIPPANY, NJ. – Oddlygood Global, a processor of oat-based milks and yogurts as well as plant-based cheese and other dairy alternatives, has raised $28 million in funding from the private equity division of Mandatum Asset Management, Helsinki, Finland.
“Interest in plant-based products is growing exponentially worldwide, which we see in a significant increase in our sales,” said Niko Vuorenmaa, chief executive officer. “However, consumers will only change their day-to-day consumption habits if they find dairy alternatives that both taste good and fit their lifestyle. Consumer taste tests and sales results confirm we’re on the right path.”
Oddlygood’s products are currently sold in Europe, but US sales are scheduled to start in 2022.
“Oddlygood has developed an excellent platform of delicious plant-based products,” said Alexander Antas, head of private equity for Mandatum Asset Management. “With our investment, Oddlygood Global will be able to accelerate the implementation of its growth strategy by developing its means of production, expanding its marketing efforts and hiring new professionals with global growth in mind. We will also be joining the company’s board of directors and working actively with Oddlygood’s management team.”
Oddlygood Global was a part of the Valio Group, Helsinki. Earlier this year Valio spun off the business but remains the majority shareholder.
“Valio’s strategy is geared toward strong growth through plant-based products,” said Tuomas Salusjärvi, vice president of growth businesses and R&D. “Having the right partner for Oddlygood will help us develop the business faster and more efficiently. Oddlygood’s success will also help Valio to develop other interesting and innovative commercial ventures.”