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Today: May 28, 2024
January 11, 2024
1 min read

Funding Frenzy: Shinsegae’s Better Foods Seals the Deal with Cleveland Avenue

TLDR:

  • Shinsegae Food’s subsidiary, Better Foods, has secured funding from US venture capital firm Cleveland Avenue.
  • The exact amount of the investment has not been disclosed.
  • Cleveland Avenue will actively cooperate with Better Foods for its global market entry.

Shinsegae Food’s subsidiary Better Foods, which specializes in plant-based products, has announced that it has secured investment from US venture capital firm Cleveland Avenue. The exact amount of the investment has not been disclosed. Better Foods was established by Shinsegae Food in the US in 2022 to strengthen its global competitiveness in plant-based products. Cleveland Avenue, founded in 2015 by former McDonald’s president and CEO Don Thompson, focuses on venture capital investment in lifestyle and consumer brands and related technologies.

Better Foods has stated that Cleveland Avenue highly evaluated its research and development capacity for plant-based products, including milk, cheese, and meat substitutes. Cleveland Avenue will also actively cooperate with Better Foods for its global market entry as a strategic investor. This cooperation will allow Better Foods to develop its plant-based products, conduct consumer marketing campaigns, and expand its business in the US. The investment from Cleveland Avenue is seen as a sign of recognition for Better Foods’ growth potential in the US, the largest market for plant-based products.

Shinsegae Food aims to foster Better Foods as a world-leading company specializing in plant-based products through continued research and development on a variety of plant-based products.

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