Funding for Oddlygood Global plant-based business

Funding-for-Oddlygood-Global-plant-based-business.jpg
Oddlygood products are currently sold in Finland, Sweden, the UK, US, Russia and the Baltic countries. Pic: Valio

Oddlygood Global, which aims to be a leader in plant-based products, has closed its first round of financing, with Mandatum Asset Management investing €25m ($28m) in the company, which was spun off from Valio earlier this year.

Oddlygood Global develops and markets plant-based products under the Oddlygood brand, including oat drinks for coffee and products used in cooking and baking. Oddlygood Global’s product portfolio and ability to develop new products are based on its origins as a part of Valio, one of Finland’s premier food companies with more than a century of product development experience.

Valio will continue as the company’s majority shareholder.

“Interest in plant-based products is growing exponentially worldwide, which we also see in a significant increase in our sales. However, consumers will only change their day-to-day consumption habits if they find dairy alternatives that both taste good and fit their lifestyle,” said Oddlygood Global’s CEO Niko Vuorenmaa.

The sales of Oddlygood products have doubled each year. In Sweden, Oddlygood has grown 131%, while the market share of oat-based dairy alternatives has only grown by 12%. Oddlygood has the second largest market share in oat-based beverages in Sweden. 

Currently, Oddlygood products are sold in Finland and Sweden, as well as the UK, US, Russia and the Baltic countries. The goal is to grow in these markets and, at the same time, expand into new areas.

“Together with Mandatum, we will take the next step in our growth plan across our current markets as well as in new ones. We can use the financing to accelerate the implementation of our growth strategy and to deepen our business development expertise,” Vuorenmaa said.

Oddlygood Global’s new investor, Mandatum Asset Management Private Equity (MAM PE), targets Nordic growth companies with a scalable business model and with aspirations for international growth. MAM PE seeks a significant minority interest in its target companies and closely partners with management, working actively to further the companies’ business. As an active owner with an experienced investment team, MAM PE can provide Oddlygood with more strategic expertise in global consumer products and further support its growth in international markets.

“Oddlygood has developed an excellent platform of delicious plant-based products. With the investment, Oddlygood Global will be able to accelerate the implementation of its growth strategy by developing its means of production, expanding its marketing efforts and hiring new professionals with global growth in mind. We will also be joining the company’s Board of Directors and working actively with Oddlygood’s management team. We are thrilled to be involved in making the company an even bigger international success story than it is today,” said Alexander Antas, head of private equity at MAM.

Through its investment, MAM PE will become a minority shareholder in the company. Assets for this investment come from Mandatum Asset Management’s Finnish clients.

“Valio’s strategy is geared towards strong growth through plant-based products. Having a good partner for Oddlygood will help us develop the business faster and more efficiently, to achieve our ambitious targets for international growth. Oddlygood’s success will also help Valio to develop interesting and innovative commercial ventures,” said Valio executive vice president, growth businesses and R&D Tuomas Salusjärvi.