Plant-based meat company Hooray Foods announced today that it has raised $2 million for its seed round, bringing the company’s total funding to date around $4 million. This round was led by Evolution VC Partners, and also saw participation from Gaingels and Sand Hill Angels.
Hooray Foods’ only product at the moment is plant-based bacon, which is made from a combination of coconut oil, rice flour, tapioca starch, liquid smoke, umami seasoning, maple syrup, salt, and beet juice concentrate. The fat content of the bacon is 20 percent due to Hooray Foods’ encapsulation process, which can help provide a juicer texture to alternative meat products by emulating the richness and fatty texture of real bacon and other meats.
This new capital will be put towards developing additional alternative meat products, as well as improving its existing alternative bacon. The company will also scale its production capacity to expand its products into retail and grocery chains throughout the country.
Ethics, environmental concerns, or health risks are a few reasons someone might have the desire to drop bacon and replace it with a plant-based alternative. Bacon is a processed meat that contains nitrates which have been shown to increase one’s risk of certain cancers and diabetes. Pork has higher carbon emissions compared to plant-based ingredients, and pigs may live in unsanitary and unethical conditions.
Prime Roots is another startup that makes plant-based bacon, but uses mycelium as its main ingredient. I recently tried Prime Root’s new bacon flavors (maple, black pepper, and sriracha) and can attest that it is delicious. THIS, based in the UK, makes plant-based bacon (as well as other meat alternatives) from pea protein and soy.
Last year in November, Hooray Foods launched in 300 Whole Foods across the U.S., and continues to expand to more locations. In addition to Whole Foods, the company’s plant-based bacon can be found in some independent retailers, vegan markets, and small cafes in San Francisco.