SAN FRANCISCO — Plant-based meat alternative startup Hooray Foods has closed a $2 million seed round led by Evolution VC Partners, with participation from Gaingels and Sand Hill Angels. Gregg Smith, founder of Evolution VC Partners, will join the Hooray Foods board of directors.
This past November Hooray Foods launched its first product, a plant-based bacon alternative, in more than 300 Whole Foods Market stores nationwide. Developed to sizzle, smell and taste like bacon, the product is formulated with ingredients including coconut oil, rice flour, maple syrup, beet juice and a shiitake mushroom seasoning. The funding will enable the startup to scale production capacity to meet demand from additional retail and grocery chains. Additionally, the company said it will invest in improving its plant-based bacon and other products using proprietary fat encapsulation techniques. To date, Hooray Foods has raised close to $4 million.
Following a decade of experience working in the sustainable food industry, founder Sri Artham created the product in his home kitchen and partnered with food scientists and chefs to perfect the recipe. Compared to traditional bacon, the product has a significantly lower carbon footprint, reducing emissions of more than 80%, according to the company.