301, the strategic investment subsidiary of packaged food producer General Mills, led a $17m series B round on Wednesday for Urban Remedy, a US-based developer of plant-based food products.
The other participants in the round were not disclosed, but John Foraker, previously chief executive of organic food brand Annie’s, will join Urban Remedy’s board of directors.
Founded in 2009, Urban Remedy provides organic, gluten free and low glycemic ready meals, snacks and cold pressed juices made from plants.
Urban Remedy’s products are available across 13 retail outlets and 30 branded kiosks in Californian branches of grocery chain Whole Foods, as well as directly from the company online.
Paul Coletta, Urban Remedy’s chief executive, said: “We are on a mission to reimagine our industrialised food system and empower consumers to seek unprocessed, nutrient-dense healing food. Two consecutive years of over 100% revenue growth indicate that we are on the right path.
“Scaling a high quality fresh food business is very challenging. Our new partnership with 301 and John Foraker brings significant strategic resources and experience to our effort.”
The company had raised $1m in seed capital from startup studio Science and assorted angel investors in 2012. Science returned for the company’s $5m series A round in 2014, which was led by micro venture capital firm Venture51.
– Image courtesy of Urban Remedy Inc.