Swedish agri-food group Lantmännen has made a strategic investment in Sproud, a local plant-based milk-alternatives business. This acquisition involves approximately 10% of Sproud, although the financial specifics of the deal remain undisclosed.
Founded in 2018, Sproud specializes in producing a diverse range of plant-based milks, primarily utilizing split yellow peas as the main ingredient. Fredrik Krook, Managing Director of Lantmännen subsidiary Lantmännen Biorefineries, stated, “We have great interest in plant-based proteins, not least considering our current efforts in Lidköping.”
In September, Lantmännen announced plans to establish a new plant-based protein facility in Lidköping, Sweden. This factory is set to become operational by mid-2027 and will focus on extracting proteins from peas, with faba beans also serving as a crucial raw material. Krook emphasized, “This investment [in Sproud] is an important step in strengthening our presence and knowledge in the entire pea protein value chain.”
Sproud CEO Sara Borger confirmed to Just Drinks that Lantmännen participated in a SKr21.6m ($2.2m) funding round, which included contributions from majority shareholder Findeln Holding and VGC Partners. Notably, Sproud co-founder Nicklas Jungberg is the majority shareholder of Findeln Holding, and employees were offered the opportunity to purchase shares. This funding round raises Sproud’s total capital to SKr224m.
Borger commented, “This investment round will be used to further accelerate our growth and expansion, as well as to expand our product portfolio.” In 2024, Sproud reported a turnover of SKr58m, marking a 38% increase compared to the previous year. While Borger did not disclose specific profits, she stated, “The goal for 2025 is to further build on this growth trajectory and we are right on track so far.” Sproud’s products are accessible in over 30 countries.
The UK represents the largest market for Sproud, where the company has experienced significant growth in the foodservice sector, formed new café partnerships, and observed impressive expansion across online platforms. Borger noted, “The UK market is well-positioned to continue its growth trajectory into 2025,” reflecting ongoing food and drink consumer trends.
