Hooray Foods is Raising $500,000 to Scale its Distribution
Colin Smith — January 24, 2023 — Eco
References: hoorayfoods & foodbusinessnews.net
Hooray Foods, a plant-based bacon maker, has launched an equity crowdfunding campaign with the goal of raising $500,000 to expand distribution and accelerate R&D for additional meat alternatives. The company's bacon is formulated with ingredients such as coconut oil, rice flour, maple syrup, beet juice and purple sweet potato, and is sold in more than 1,000 grocery stores, including Whole Foods Market.
The product is “quickly approaching price parity” with traditional meat products, according to the company. Hooray Foods also plans to expand its presence in restaurants and launch new variations of its plant-based bacon, such as a pre-cooked version for food service, as well as different flavors. Additionally, the company aims to lower the price of its product by reducing production costs.
Image Credit: Hooray Foods
The product is “quickly approaching price parity” with traditional meat products, according to the company. Hooray Foods also plans to expand its presence in restaurants and launch new variations of its plant-based bacon, such as a pre-cooked version for food service, as well as different flavors. Additionally, the company aims to lower the price of its product by reducing production costs.
Image Credit: Hooray Foods
Trend Themes
1. Plant-based Meat Alternatives - Opportunity for companies to invest in and expand the market for plant-based meat alternatives, particularly those that can achieve price parity with traditional meat products.
2. Equity Crowdfunding - Opportunity for companies to utilize equity crowdfunding to raise funds for R&D and expansion of distribution channels.
3. Alternative Ingredients - Opportunity for companies to innovate and find alternative ingredients to reduce production costs and appeal to a wide consumer base.
Industry Implications
1. Food Manufacturing - Companies in the food manufacturing industry can invest in plant-based meat alternatives and explore innovative ingredients to diversify their offerings and appeal to changing consumer preferences.
2. Grocery Retail - Grocery retail companies can provide a platform for alternative bacon brands to reach consumers who are interested in healthier and more environmentally-friendly food options.
3. Restaurant - Restaurants can incorporate plant-based meat alternatives into their menus to cater to consumers who are looking for meat substitutes and healthier food options.
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