[Funding alert] Foodtech startup Goodmylk raises $1M in seed round extension from angel investors
The Bengaluru-based foodtech startup will use the funds raised from this round to expand product portfolio and distribution for more accessibility across India.
Bengaluru-based foodtech startup GoodMylk has raised $1 million in a seed round extension from a clutch of domestic and international angel investors. Till date, the plant-based food startup has raised $1.8 million, according to a release from the company.
Investors Jinisha Sharma, Aditya Agarwal (AIprime Nutritions Pvt Ltd), Victoria and Abhishek Shroff, Sustainable Food Ventures, Ice Breakers Technologies Syndicate via Angellist, and Bento Box join existing investors Sid Kothari, and VegInvest Trust who also participated in this round.
Funds raised from this round will be used for expanding the product portfolio and distribution for more accessibility across India.
"Goodmylk has a fantastic founding team who are great executors, they are well-loved within the community, and their products are delicious. I am proud to be an investor in India's best emerging startup in the sunrise plant-based space," Sid Kothari of Delhi-based Om Kothari Group, said in the release.
Founded in 2016 in a home kitchen by mother-son duo Veena S and a then 19-year-old Abhay Rangan, GoodMylk makes plant-based milk from cashew and oats, with peanut dahi, vegan mayo, butter and paneer. The firm has also launched chocolate variant of their plant-based milk and nutrition drink.
"We are excited to welcome on board more mission aligned backers to help scale India's role in the massively transformational alternative proteins space. We aim to help increase food security, and help everyone access more sustainable and ethical products that are good for all," said Abhay, CEO, GoodMylk.
In recent times, the niche plant-based sector has seen a major growth with new and old brands rolling out multiple products. Drum Foods run Epigamia launched a plant-based yogurt made of coconut last year, while new brands including Wakao Foods and Better have been experimenting with Jackfruit-based meat substitutes.
"This fundraise signals the increasing acceptance of the plant-based space. Consumers can only make better choices when they are available and that's what we're here to do," said Radhika Datt, CFO at GoodMylk.
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Edited by Anju Narayanan