Wicked Kitchen Raises $20M to Ramp Up Global Awareness, Expand Retail Distribution

Plant-based food company Wicked Kitchen has raised $20 million to help it “further ramp up global brand awareness initiatives” and expand retail distribution into other channels, such as foodservice, the company announced in a press release today.

The new round brings the total capital raised to date to $34 million. This round included participation from new investors including actor and vegan advocate Woody Harrelson; Ahimsa VC, a fund that invests in startups focused on sustainability; and NRPT, a Thailand-based food producer and innovator. The capital has been closed on a rolling basis, Wicked told NOSH.

The company was founded in 2018 by chefs and siblings Chad and Derek Sarno alongside Chris Kerr, partner and chief investment officer in investment firm Unovis. Wicked Kitchen was first sold in Tesco stores in the United Kingdom. It made the jump across the pond in 2020, adding Pete Speranza as CEO along the way.

“I have known Chad and Derek for many years and have been impressed by their wicked creativity in the kitchen and that they are not afraid to push the boundaries,” said Harrelson in a press release. “What I love about this brand is that the products are actually created by chefs that always put flavor first, making it so easy to go plant-based.”

In today’s release, Wicked Kitchen also announced it has more than tripled its year-over-year global sales growth for its animal-free products. Since its U.S. launch, the company has entered more than 6,500 retail doors nationwide. Wicked also recently expanded its footprint abroad, launching 23 new products in Finland’s S-Market stores.

The capital raise comes amid an increase in U.S. consumers looking to reduce their meat consumption. According to Datassential’s 2022 “Plant-Forward Opportunity” report, one in five consumers are seeking to reduce their meat consumption, a 15% year-over-year increase.

“During this high growth phase, it is validating to have support from additional investors who believe in our mission and in the future of plant-based foods. The latest funding round will help us go faster to expand our offerings in the U.S. and abroad and it puts us in a well-poised position as we continue to lead plant-based innovations,” said Speranza in the press release.

Wicked Kitchen’s portfolio consists of a variety of 100% plant-based frozen and shelf-stable offerings, including noodle cups, sauces, frozen entrees, pizzas, meal kits and ice cream. First launched in April, the brand’s ice creams feature a proprietary blend of lupini bean designed to mimic the texture and mouthfeel of traditional ice cream. The company claims it offers the country’s “largest selection of plant-based foods under a single brand.”

Last year, the company further expanded its portfolio through its acquisition via an all-stock transaction of the North America rights to plant-based seafood brand Good Catch. Good Catch’s parent company, Gathered Foods, Good Catch’s parent company, is now a shareholder in Wicked.

“Looking over the plant-based landscape, Wicked Kitchen stands out from the crowd not only because of our tremendous growth but also because of our variety across various supermarket departments,” said Speranza in the release.

With the new capital, Wicked plans to continue its mission of improving the lives of humans and animals by “inspiring the world to eat more plants.” The brand is slated to introduce 17 new products into Thailand retailers Tops Market and Central Food Halls next month.

“The fact that retailers are picking up multiple SKUs and some are even dedicating entire frozen door sets to our for our products is a testimony that they want to present customers a variety of options under a single flavor-forward, plant-based brand that has broader appeal,” said Speranza.