This week, Swedish plant-based cheese company Stockeld Dreamery announced that it has raised €16.5 million (~$20 million USD) in a Series A round, according to a release sent to The Spoon. Led by Astanor Ventures and Northzone, the funding round also saw participation from new investors, including Trellis Road, Eurazeo, Norrsken VC, Edastra, Gullspång Re:food, and several angel investors. This brings the company’s total funding to around $24 million USD.
Stockeld Dreamery, formerly known as Noquo Foods, launched its first product in May 2021, called Stockeld Chunk. The plant-based cheese is an alternative to feta and is made from a base of fermented peas and fava beans. Similar to feta’s nutritional composition, it contains 20 percent fat, 1.5 percent carbs, and 13 percent protein.
The company is currently hiring and is planning to use the new capital to grow its team from 22 people to about 50. In 2022, Stockeld will move into a pilot production plant and headquarters in Stockholm, Sweden.
Alternative milk and dairy are the largest categories in the plant-based space, with the alternative cheese category alone growing a total of 42.5 percent in 2020. Stockeld Dreamery is not the only plant-based cheese company to raise a hefty funding round this year; Miyoko’s Creamery raised a $52 million Series C round in August, and Nobel Foods closed a $75 million funding round in July.
For now, Stockeld Dreamery’s first alternative cheese product is only available in select retailers in Stockholm, Sweden. However, the press release mentioned that after moving into its new facility, the company will release new products and expand its distribution outside of the country.