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Saturday, July 20, 2024

Delaware-Based Vegan Honey Company Bags $1.1 Million in Seed Funding

The Single Origin Food Co (Sofco), a US-based plant-based foods company, announced yesterday it has secured $1.1 million in seed funding. The investment round was led by A’Z Angels, a Silicon Valley-based venture capital firm.

Established in 2015 in Delaware, Sofco, which calls itself the world’s first single origin food company, has a focus on ethically sourced products. All its products are non-GMO, pesticide-free and plant-based. The company currently sell to over 3,500 supermarkets across the U.S. with their existing portfolio of rice, salt and sugars.

The company is now set to disrupt the market its innovative Vegan Un-Honey that is made with natural plant-based ingredients and fortified with organic flower pollen, and is an alternative to regular honey.

“Our mission is to fix the food chain,” said Belal Elbana, CEO of Sofco. “Our Single Origin model of working collaboratively with our farming partners actively reduces greenhouse gas emissions, increases biodiversity, removes animal use from the food chain and provides full product traceability to our customers to ensure we deliver the highest quality, best value food to market.”

“We are proud to say we are well on our way. Our seed round will support the Vegan Un-Honey rollout and accelerate product development. Our product road map includes the Vegan Un-Honey + (with added flower pollen), Nada (sugar free) and Gold (Maple). Longer term we see enormous potential of further “Un” plant-based natural products and + (plus) fortification using organic flower pollen and wild nutrition.”

Sofco’s Vegan Un-Honey was launched across the country in Sprouts Farmers Market and is now being rolled out in Whole Foods, Natural Grocers and Safeway Albertsons stores.

Amr Abdelaziz, Managing Partner, A’Z Angels, said, “Our focus is investing in disruptive innovation. Our portfolio is primarily technology companies. However, Sofco and Vegan Un-Honey are poised to disrupt the food industry with innovation at the heart of everything they do. We are a strong believer in sustainability which is a key driver of innovation.”

“The U.S. vegan food market is estimated to be worth $24.3 billion by 2026. We see innovative high growth potential for Sofco and we’re excited to partner with them on this journey,” he added.

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