Oddlygood Global, a spinoff of Valio, one of Finland's premiere food companies, closed its first round of funding with an investment of $28 million from the private equity division of Helsinki-based Mandatum Asset Management.
Oddlygood develops and markets plant-based products, including oat drinks for coffee, oat yogurts, cheeses and dairy alternatives used in cooking and baking.
Known for its Finlandia brand of cheeses and butter in the U.S., Valio spun off the plant-based division's business earlier this year and will continue as Oddlygood's majority shareholder. Currently, Oddlygood products are sold in Finland and Sweden, as well as in the U.K., Russia and the Baltic countries. U.S. sales are slated to begin in early 2022 as production begins of Oddlygood Oat Yogurt in Northern California.
Mandatum's investment will fuel Oddlygood's goal of becoming a global leader in plant-based products
"Interest in plant-based products is growing exponentially worldwide, which we 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," says Oddlygood Global's CEO Niko Vuorenmaa. "Consumer taste tests and sales results confirm we're on the right path."
The company's U.S. headquarters are in Parsippany, N.J. Earlier this year, Oddlygood started marketing its cheeses to the U.S. foodservice sector with a focus on pizza operators. Oddlygood Global plans to grow sales and distribution in existing markets and enter new ones.
Oddlygood is a spinoff of Valio, one of Finland's premier food companies. We want to change the world with excellent flavors and appealing plant-based products. We have the benefit of Valio's 100 years of expertise in food products that our committed team makes use of to continuously develop delicious plant-based products. Valio, known in the U.S. for its Finlandia brand of cheeses and butter, incorporated its Oddlygood business in spring 2021. This enables us to have the resources and expertise to respond to the growing global demand for quality plant-based products. Oddlygood's growing line of plant-based products are currently available at retailers in Finland, Sweden, Estonia, Russia and soon in the U.S.