The Coconut Collab Nov Brief-202-Edit

Source: The Coconut Collab

The brand will use the funds to accelerate growth, primarily focusing on the UK and Europe, and establish a more mainstream presence

The Coconut Collab has closed its Series B funding round with a £1.5m investment.

The coconut-based desserts and dairy alternative brand attracted investment from existing shareholders, including Ground Force Capital, a leading venture capital group in the US.

The brand will use the funds to accelerate growth, primarily focusing on the UK and Europe, and to establish a more mainstream presence.

Speaking to The Grocer, founder James Averdieck said that while there had been a slow down in the plant based category due to the cost of living crisis, the brand had “come through this period very well, last year was a good year for growth for us”. 

“There has been a bit of a plant-based boom and then a bit of a correction especially with a lot of the meat brands, but I think the same trends are still there,” he said.

“People want to be healthier, people want to eat more natural products, and I think people are over time people are going to eat less dairy and more good dairy alternatives.”

“Our range delivers across all these requirements, with this investment allowing us to continue expanding the business, reaching more customers and realising our ambition to bring the category more mainstream,” he added.

Averdieck explained the brand wanted to introduce more innovative products, gain more supermarket listings and create brand awareness, and “that takes investment”.

In 2020, The Coconut Collab secured $7m in a Series A investment round from Ground Force Capital, formerly known as PowerPlant Ventures.

The funding enabled the business to grow in the UK and internationally while accelerating brand marketing efforts.

The business is entering its tenth year in 2024 and it has claimed to continue to drive double digit year on year value sales growth, up 15% in 2023.

It had also continually improved distribution and rates of sale on its core product lines and had diversified its product portfolio to address new consumer needs and occasions, Averdieck said.