Wicked Kitchen Raises $20M in Transition Funding, Triples Year-Over-Year Sales
The cash infusion will help Wicked Kitchen, which has tripled sales year-over-year, to increase brand awareness globally and expand into additional retail, foodservice and other channels.
“I’ve known Chad and Derek for many years and have been impressed with their wicked creativity in the kitchen and the fact that they’re not afraid to push the boundaries.”– said Woody Harrelson.
“What I love about this brand is that the products are actually created by chefs who always put taste first, making it easy to switch to plant-based.”
Wicked Kitchen, founded in the UK by brothers and chefs Derek Sarno and Chad Sarno, launched with Tesco in 2018 and will be available in US retailers including Kroger and Sprouts in summer 2021. Its portfolio is extensive with a wide selection of frozen and shelf-stable plant-based products, including bowls of noodles, sauces, frozen entrees, pizzas, meal kits and ice cream (the largest selection of plant-based products under one brand, it claims).
A year of high growth
The news about the funding comes right after Wicked Kitchen acquires plant-based seafood brand Good Catch (also founded by the Sarno brothers), expanding the company’s reach into the frozen and atmospheric seafood categories.
“During this phase of high growth, this confirms the support of additional investors who believe in our mission and the future of plant-based products.” commented Pete Speranza, CEO of Wicked Kitchen.
“This latest round of funding will help us rapidly expand our offerings in the US and internationally, and it positions us well as we continue to lead plant-based innovation with advanced-tasting products that appeal to vegans and omnivores. the same.”
Wicked Kitchen and its variety of plant-based product offerings are appealing to several types of retailers, Speranza noted. Last year, the brand gained distribution with 2,000 7-Eleven stores, 1,250 Walmart stores and 1,200 Publix stores, bringing the total number of stores in the U.S. to 6,500.
In addition to expanding its presence and offerings in the US, the brand launched 23 products in Finland’s leading grocer S-Market, and next month it will introduce 17 products in Thailand’s largest retailers Tops Market and Central Food Halls.
“Looking at the plant landscape, Wicked Kitchen stands out from the crowd, not only because of our huge growth, but also because of the diversity in different supermarket departments.” Speranza added.
“The fact that retailers are choosing multiple SKUs, and some are even dedicating entire frozen door sets to our products, shows that they want to offer customers multiple options under a single plant-based brand that is flavor-focused and has a broader appeal. .”
https://www.foodnavigator-usa.com/Article/2022/09/29/wicked-kitchen-raises-20m-in-bridge-funding-triples-year-over-year-sales?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS Wicked Kitchen Raises $20M in Transition Funding, Triples Year-Over-Year Sales
