Plant-based frozen food manufacturer Strong Roots has received an $18.3 million investment from private equity firm Goode Partners, as the company seeks to expand its position in the US.
Ireland-based Strong Roots produces a range of frozen plant-based products including plant-based burgers and sides, and the company recently entered the US market.
Strong Roots products can be found in 3,000 stores in the US including major retailers such as Target, Wegmans and Whole Foods Market, and the company expects its total retail sales to reach $50 million by the end of this year, and reach $300 million by 2023.
As well as using the funding to support its expansion efforts in the US, Strong roots claims that the funding will help to strengthen its presence in both the Irish market and in the UK.
Global demand for healthy and nutritious products is increasing amongst increasingly health-conscious consumers, and Strong Roots believes that its product portfolio can capitalise on this demand.
Strong Roots CEO, Sam Dennigan, said: “Consumers globally are more educated than ever about harnessing the nutritional benefits and delicious taste of plant-based foods and are looking for high-quality options that are convenient to prepare.
“We’re excited to bring our unique, plant-based products to people across the US.”