The ToFoo Co., a UK-based plant-based protein producer, has secured an undisclosed investment from Comitis Capital, a growth investment firm located in Germany. As trends in the food and beverage industry continue to shift toward plant-based alternatives, this partnership comes at a pivotal time.
Founded in 2016 in Malton, North Yorkshire, ToFoo manufactures a diverse range of tofu products, including natural, smoked, and teriyaki varieties. This growing brand also offers seitan and tempeh protein options, catering to diverse consumer preferences with various flavors and tofu-based burgers.
ToFoo not only serves retail markets across the UK but also partners with the foodservice sector, prominently supplying the popular Wagamama restaurant chain. Although the specific equity share acquired remains undisclosed, company founders David Knibbs and Lydia Smith will continue their roles and maintain ownership within the firm.
In an industry where tofu was previously regarded solely as a vegan option, ToFoo asserts that the perception has transformed. “Tofu, a product once seen as being just for vegans and shunned by so many for being bland, boring, and tasteless, has finally been accepted into consumers’ fridges as a staple natural alternative protein,” the company stated.
Knibbs expressed enthusiasm about the partnership, stating, “We chose Comitis as our partner to enter a new era of rapid expansion. Their deep understanding of our business model and entrepreneurial thinking has left us convinced that they are the right choice to bring The ToFoo Co. to the next level.”
Likewise, Felix Jauch, an investment associate at Comitis, emphasized their commitment to growth. “We are thrilled to collaborate with visionary entrepreneurs who are eager to foster growth, and the team at The ToFoo Co. perfectly embody this spirit. Together, we share a unified vision of propelling The ToFoo Co. into a leading position in the international plant-based meat-alternatives market. With our investment, expertise, and extensive network, we are committed to fueling the company’s dynamic expansion plan.”
Outside the realm of human foods, Comitis also holds an investment in PetCo, an Austria-based dog and cat food company, having acquired an undisclosed stake in 2021.
However, the plant-based landscape is not without its challenges. LoveSeitan, another UK-based company operating in a similar market, unfortunately ceased operations last year. Its primary product, a seitan-based offering called Facon Bacon, failed to gain traction despite backing from well-known vegan entrepreneur Heather Mills. Co-founder Stephen Swindon highlighted “tough market conditions and increasing costs” as significant obstacles contributing to their closure.
In conclusion, The ToFoo Co.’s partnership with Comitis Capital illustrates the evolving food and drink business landscape, fueled by a rising demand for plant-based options among consumers. As the food and drink consumer trends continue to shift, companies like ToFoo position themselves at the forefront of this burgeoning market, capitalizing on new opportunities for growth and innovation.
