Angel Food, a New Zealand plant-based food brand, has announced its latest crowdfunding raise, which will launch on PledgeMe on the 19th of June.
Angel Food is looking to raise a minimum of $200,000 (for a share of 4.17 percent of the company) with a maximum raise of $500,000 (for a share of 9.8 percent). The minimum investment is $331.00 (for ten shares at $33.10 per share). The share offer will close on 3 July (or when fully subscribed, if earlier).
The capital raised will be used for investment in marketing, innovation (including the continued improvement of existing products and new product development), and talent resources (including the procurement of an experienced GM). It will also help the brand prepare for its launch in Australia in 2024.
Angel Food is Aotearoa’s largest and most experienced plant-based cheese company, going strong for 17 years. Founder and CEO of Angel Food, Alice Shopland (an entrepreneurial vegan activist), and her team have been championing the benefit of embracing plant-based foods long before plant-based and vegan diets were mainstream.
The brand and products resonate with ‘flexitarians’, a newer and much larger market, who are discovering that Angel Food’s products make plant-based eating easy. The company shared its philosophy that the positive impact of choosing to go plant-based was beneficial for both the environment and animals.
Plant-based cheese has half the environmental impact of dairy cheese.
Angel Food’s core product focus is dairy-free cheese alternatives, with a production of more than 130 tonnes of cheese per year. Angel Food decided to focus its product range on dairy-free cheese, given that it’s a key ingredient in a wide variety of recipes and meals, and it launched its first plant-based cheese commercially made in Aotearoa in 2015.
Angel Food has impressive distribution across all grocery chains plus cafes, restaurants, and quick-service restaurants across New Zealand, as well as companies that supply vegan pies and vegan sausage rolls to petrol stations, so fans can access Angel Food in more than 350 retail stores and an estimated 1000+ food service outlets across New Zealand.
Angel Food is looking to export its products, starting with Australia, and hopes to become Australia's leading plant-based food brand within the next few years. Angel Food anticipates that its Australian launch will require a one million NZD investment, and this raise will be the first stage of a stepped approach to ensure that it can maximise value for its shareholders at each investment stage.
Angel Food has a current valuation of NZD 4.6 million. Angel Food’s crowdfunding rounds in 2015 and 2019 have enabled the company to grow fast and establish its leadership position within the plant-based foods sector while the category was in its infancy. To be consistently profitable, Angel Food aims for its revenue to exceed five million NZD, which the company believes it will achieve.
Founder and CEO of Angel Food, Alice Shopland, said Angel Food was excited to offer potential investors the opportunity to support our purpose-led brand.
“Despite a few tough years, we’re still number one in retail and remain New Zealand’s leading plant food brand. Our investors will help us to continue our positive trajectory while giving us the resources we need to grow and evolve the business to deliver the greatest impact,” said Shopland.
“Now more than ever, we remain committed to making it easier for more people to choose plant-based meals more often. Where other plant-based categories, like milk, yoghurt, and ice cream, are mature and crowded, plant-based cheese is still in its infancy. There is still lots of room for growth. We have great distribution in Aotearoa and want to share our range of delicious plant-based products with the world, starting with Australia.”
