Tofurky Raises $7 Million to Keep Up with Vegan Meat Demand
Vegan brand Tofurky announced this week that it raised its first outside investment of $7 million from an undisclosed source. The company will use the funding to streamline and increase production and innovation. “We have been cautious about investment previously, not wanting to compromise our purpose-driven culture,” Tofurky CEO Jamie Athos said, “but are thankful to have found an entity that is aligned with our values and recognizes what we can achieve by pushing the plant-based category forward with affordable, delicious foods that are accessible to all.” In 2016, Tofurky built a 44,000-square-foot production facility and is looking to further expand its production capabilities with its first private investment. On the innovation front, Tofurky recently moved into the vegan dessert sector with the introduction of its Moocho cheesecake line in February—a product it decoupled from its holiday feast offering to create a stand-alone line in three flavors: Triple Berry Swirl, New York Style Vanilla, and Chocolate. During the holiday season last year, Tofurky, founded in 1980 by Seth Tibbott, celebrated the sale of its five-millionth signature roast since it began to commercially offer the quintessential vegan centerpiece in 1995.