US: Plant-based chicken start-up raises $40m in Series B
Round was led by D1 Capital Partners, with participation by Canadian rapper Drake, as well as Maveron and Palm Tree Crew
Los Angeles-headquartered plant-based chicken start-up Daring Foods has raised $40 million in a Series B funding round led by investment firm D1 Capital Partners, with participation by Canadian rapper Aubrey Drake Graham (Drake), along with existing investors Maveron and Palm Tree Crew.
Daring stated it will use the funding to triple headcount by the end of the year, scale its retail and foodservice growth, and fund future innovation and product development.
Michael Tully of D1 Capital Partners said: “Daring has demonstrated impressive product-market fit in a short period of time. The brand has a significant growth runway ahead of it as the chicken market remains underpenetrated by plant-based products. Ross and his team are best-in-class leaders, and we are excited to be a part of Daring’s continued success.”
Drake said: “I was immediately drawn to the Daring team’s mission to transform how we eat and I am excited to invest in and support a product I enjoy.”
Daring said that since its $8 million Series A raise last October it has added more than 1,000 retail locations, including Costco, Wegmans, Kroger and Imperfect Foods, and will add several nationwide retailers in the coming months.
Ross Mackay, Daring’s co-founder and chief executive, said: “This is so much more than an investment in Daring, it’s an investment in the future of food. This past year has been transformative for us – from launching new products and growing our presence in retail and foodservice, to expanding our market share. We are so fortunate to have such visionary investors fuelling our company’s future and furthering our mission.”