16 December 2021
Manufacturer to grow product base
A FOOD manufacturer which advocates the use of potatoes in its plant-based products has secured a EUR 25 million investment to grow its international food and drinks brand.
Oddlygood Global has closed its first round of financing, with Mandatum Asset Management (“MAM”) making the investment. The company develops and markets plant-based products under the Oddlygood™ brand.
Oddlygood’s Chief Operating Officer Reetta Tikanmäki said potato-sourced protein is used in Oddlygood cheese alternative products.
"In general, we do research on many plant based ingredients, and we see interesting potential in potato," she said.
Its CEO Niko Vuorenmaa added: “Interest in plant-based products is growing exponentially worldwide, which we also see in a significant increase in our sales. However, consumers will only change their day-to-day consumption habits if they find dairy alternatives that both taste good and fit their lifestyle.”
The sales of Oddlygood ™ products have doubled each year. In Sweden, it has grown 131% and its products are sold in the UK, USA, Finland and Sweden, as well as Russia and the Baltic countries. The goal is to grow in these markets and, at the same time, expand into new areas.
“Together with Mandatum, we will take the next step in our growth plan across our current markets as well as in new ones. We can use the financing to accelerate the implementation of our growth strategy and to deepen our business development expertise,” said Niko.
Head of Private Equity at Mandatum Asset Management, Alexander Antas, said Oddlygood had developed "an excellent platform of delicious plant-based products".