Today Alpha Foods, a plant-based meal company, announced that it has raised $7 million in funding, led by New Crop Capital and AccelFoods (h/t Fortune). The Glendale, CA-based companies makes frozen meat-free meals, like chik’n nuggets and vegan pot pies.
In a world where companies like Impossible Foods have raised over $387 million in funding and Beyond Meat is preparing to go public, a $7 million raise for a frozen plant-based meat company isn’t all that much. It just goes to show what we already know: investors are eager to get in on the exploding popularity of meatless proteins.
But Alpha Foods has an added draw — its products are frozen. Frozen foods are having a renaissance: consumers love the convenience of being able to stockpile frozen meals to heat and eat when they want, without being beholden to the expiry dates of fresh food. Frozen food offerings have also expanded, going way behind frozen pizza and microwaveable mac & cheese with higher-quality offerings and even meal kits (though I still love me some Stouffer’s).
Alpha Foods isn’t the only one in the frozen meat-free food space. Just last week mega frozen food company Bird’s Eye launched Green Cuisine, a new line of plant-based meats like sausages and meatballs. Freezer section standbys like Annie’s, Weight Watchers and Lean Cuisine also offer frozen vegetarian meals.
However, what sets Alpha Foods apart is the convenience factor. They make complete, ready-to-eat meals, most of which — like handheld pot pies or vegan burritos — are meant to be eaten on the go. No extra preparation or ingredients needed.
For consumers convenience is king, and Alpha Foods seems like it’s in a good place to capitalize on that as well as the plant-based eating trend.