US: General Mills makes its first corporate VC investment in the UK

  • 29 January 2021
  • Food corporation
301 Inc. is leading an eight-figure investment round for pudding brand Pots & Co
Julian Dyer, founder of Pots & Co

Pots & Co, the London-based food company best known for its range of handcrafted potted puddings, has revealed that 301 Inc., the corporate venture capital arm of General Mills, is leading a multistage investment of up to £15 million ($20 million) into the business. The cash injection is part of a growth strategy to expand its product range and distribution in the US. The investment is General Mills’ first foray into backing UK companies.

The investment into Pots & Co is supported by increased retail distribution in the US. Pots & Co will initially supply both its range of potted puddings, but the plan is to add the new savoury range, Mezze style dips, to a select number of stores on the West Coast and in the Rocky Mountain region.

The Mezze range hit the UK last year and the company secured shelf space at Selfridges.

John Haugen, founder and managing director of 301 Inc., said: “Our mission is to discover new and emerging food brands with a remarkable offering. Pots & Co fulfils that mission with its focus on natural ingredients to create puddings of restaurant quality.

“As our first overseas investment and first investment in a UK company, we believe Pots & Co will deliver substantial growth with an increasing range of puddings and with its move into savoury products. We’re excited to partner as the brand expands its presence in the US market.”

Pots & Co products are currently distributed in the US, but products are hand-made at the company’s factory in London.

This investment will enable the business to explore manufacturing capabilities in the US as well as invest further in marketing and distributing the brand across the country.

Julian Dyer, founder of Pots & Co, said: “We want to create one of the world’s leading food brands and we are thrilled that General Mills has invested in Pots & Co, enabling us to speed up the growth of our business and creating fabulous products for the American consumer. We continue to focus on exceptional quality and taste, using only the finest natural ingredients to deliver top-quality puddings and savoury food to supermarket aisles in both the UK and the US.”

Pots & Co has generated rapid growth since it was founded in London in 2013. It registered sales of £2 million in 2014, and in six years it increased to £14 million.

Pots & Co currently produces 16 million handmade puddings a year and is also famous for its signature ceramic pots spun by a family business in Valencia, Spain.