Hodo Closes Series B Funding with Renewal Funds
Organic Plant-based Food Company Partners with Leading Mission-Driven Venture Capital Fund
Oakland, February 2020 – Hodo, a leading plant-based foods company producing organic, clean-ingredient, artisanally made products, announces Series B investment from Renewal Funds. This financing will expand production capacity to meet escalating demand for Hodo’s products from the retail marketplace.
“As an active investor in the plant-based category, we’ve tracked Hodo’s brand expansion and momentum closely. Hodo’s growth and popularity is rooted in organic ingredients and culinary innovation that sets it apart from the competition and resonates with top chefs and retail consumers alike,” says Kate Storey, Partner of Renewal Funds. “We share the values that have earned Hodo such a loyal following and are proud to support the team in this exciting stage of growth.”
“Renewal Funds’ eye for category-disrupting brands and its track-record of execution makes their team ideal to work with in expanding Hodo’s growth in North America,” says Minh Tsai, Founder of Hodo. “Renewal is one of the original impact funds, and we were pleased to find a partner with a social and environmental mission that aligns with our own. We are excited to have such a selective, high-integrity partner on board that gets our strategic goals and has the experience to help us achieve them.”
Hodo has achieved several significant milestones recently, including a highly successful launch with more than 1,200 Publix Supermarkets at the beginning of 2020. Hodo can now be found in more than 6,000 stores in North America, twice the size of its retail footprint of a year ago. With the closing of the transaction, Paul Richardson, Managing Partner of Renewal Funds, joins Hodo’s Board of Directors.
Hodo produces organic, clean-ingredient, and flavor-forward products such as Moroccan Cubes, Curry Nuggets, and Cajun Burgers. Obsessed with delicious plant-based foods that are also healthy, thoughtfully sourced, and minimally processed, Hodo is beloved by consumers and chefs seeking techniques rooted in culinary cultures and transparency in how food is made.
With globally-inspired flavors and innovative textures and formats, Hodo’s ready-to-eat line of nuggets, cubes, burgers and yuba products have quietly reached more than 6,000 stores over the last few years. Hodo is a leading brand in the plant-based sets of Whole Foods, Target, Publix, Walmart, and Natural Grocers.
Hodo supplies ingredient-driven foodservice partners such as Chipotle (the Sofritas), sweetgreen, Silicon Valley campus restaurants from Google to Facebook, and Michelin-starred restaurants such as Daniel and Single Thread.
Renewal Funds is a mission venture capital firm investing in early growth stage companies in Canada and the United States. We add value for entrepreneurs through capital, networks, and expertise. We deliver above market returns for our partners while catalyzing positive social and environmental change.