Drake Invests in Daring Foods: “I Was Immediately Drawn” to Vegan Chicken
Superstar Drake joined Daring Foods for the plant-based protein company's massive Series B funding round. Following an extremely successful first year in the United States, Daring announced a $40 million investment round spearheaded by D1 Capital Partners. Currently, the leading chicken alternative company has found investments from Maveron and Palm Tree Crew, but now Drake has come out to vocalize his support of Daring Foods in the plant-based chicken industry.
“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,” Drake said.
Daring aims to propel itself forward in the plant-based market through this investment round. The company hopes to tripe its internal team by the end of 2021, ramping up its retail and foodservice distribution. This round of funding will help accelerate the company’s manufacturing potential, allowing for Daring products to become more available for rising consumer demand for plant-based chicken.
The brand raised $8 million during its Series A funding round in October 2020. Since then, Daring has increased its distribution by more than 1000 retail locations including Wegmans, Kroger, Costco, Imperfect Foods, and more nationwide. During the next year, Daring plans to add several other retailers to its list of partners, making accessibility for its products easier for consumers.
“This is so much more than an investment in Daring, it’s an investment in the future of food,” Daring’s CEO and Co-Founder Ross Mackay said. “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 fueling our company’s future and furthering our mission.”
Although plant-based beef has taken the spotlight in the last few years, plant-based chicken is gaining attention from consumers at a significant rate. A report from Future Market Insights projects that the plant-based chicken sector will grow to $8 billion by 2030. Daring has capitalized on this market spike leading the company distribution to reach more than 4,500 retailers and approximately 400 foodservice locations.
“Daring has demonstrated impressive product-market fit in a short period of time,” D1 Capital Partners Michael Tully said. “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.”