Sweden: Alternative protein cheese start-up closes €16.5 million Series A

Stockeld Dreamery eyes geographical expansion and major recruitment drive following capital raise

Non-dairy cheese start-up Stockeld Dreamery has secured €16.5 million in its Series A round, led by VC firms Astanor Ventures and Northzone.

Inventure, Creandum, Kale United, Purple Orange Ventures and Martas Explorers also contributed to the round.

New investors included Gullspång Re:food, Eurazeo, Norrsken VC, Edastra and Trellis Road.

In a blog post detailing the capital raise, the company said the funds would help scale the team and its product portfolio. It also plans to expand its geographic reach outside of Sweden.

The company was founded in Stockholm in 2019 and launched its first product, Stockeld Chunk, last year.

According to TechCrunch, the company tested over 1000 iterations of its first product before deciding on the final formula.

Stockeld Dreamery has expanded its team from four to 22 members in the last year and is expecting to grow to 50 staffers by the end of 2022.

It is currently advertising for a number of roles including senior brand manager and process engineer.

Next year it will move into a new operational headquarters and production plant in Stockholm to grow its R&D arm and increase production.

“So, we’re excited! Our vision is to create the world’s most ambitious cheese, and this funding round takes us one step closer to that goal,” the company wrote on its Medium page.