Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Vegan cheese company to crowdfund international expansion

Auckland-based vegan cheesemaker Angel Food will launch their second equity crowdfunding campaign on 15 July to fund their next phase of growth in a rapidly-evolving market for plant-based and vegan products.

Started in 2006, Angel Food is one of the leading plant-based cheesemakers in New Zealand. Since their first equity crowdfunding raise in 2015, they have rapidly grown their production and distribution.

“When we did our first raise in 2015, we were supplying about 70 shops and 70 eateries. Today we supply 400 shops and 300 eateries — and our turnover has increased tenfold,” says Angel Food founder Alice Shopland.

Angel Food is seeking to raise between $200,000 and $385,000 which represents 4.3%–7.95% of the company. Shares are $35 each with a minimum investment of $350.

“We are concerned about the climate crisis and the suffering of animals being farmed for food — which is why we aim to make delicious products that are widely available so it’s easier for people to choose plant-based,” says Shopland.

“Our customers love what we do. For many, it’s the first time they could eat cheese. We had one woman in her thirties with a severe dairy allergy try her first cheese toastie because of our products, and decided it was the best meal of her life.”

Last year Angel Food expanded their team to meet growing demand and saw its best-ever sales year of $1.7 million in revenue.

“I’m thrilled to be going out to our crowd again with this new raise. It’s a chance to share our plans for the future, and grow our team. I’ve learned through rapid growth that sustainable progress only happens when you have a strong team. And we’d love for more people to be part of that team,” says Shopland.

PledgeMe founder Anna Guenther is excited that Angel Food is going back out their crowd.

“Last time, Angel Food met their goal in less than two weeks. I can’t wait to see what happens this time!”

One of PledgeMe’s first successful equity campaigns, Angel Food raised $151,125 in two weeks in 2015.

Angel Food’s campaign is launching privately at 2pm on 11 July, and then launch publicly on 15 July. You can read their full Investment Memorandum here and subscribe to their newsletter to be kept updated here.

© Scoop Media

Business Headlines | Sci-Tech Headlines


$7.5 Billion Surplus: Government Accounts "Show Strong Economy"

“The surplus and low levels of debt show the economy is in good shape. This allows the Government to spend more on infrastructure and make record investments in health and education,” Grant Robertson says. More>>


New OIO Application Trumps Judicial Review: OceanaGold Cleared To Buy Land For Waihi Tailings Expansion

In a surprise turnaround, the government has given OceanaGold a greenlight to buy land to expand its Waihi mine after the application was previously turned down by Land Information Minister Eugenie Sage. More>>


Christchurch Rebuild: Fletcher Sued For $7.5m Over Justice Precinct

Fletcher Building is being sued for $7.5 million by utilities contractor Electrix, one of the subcontractors on the Christchurch Justice and Emergency Services Precinct. More>>

Three New Drugs: PHARMAC Signs Bundle Deal For More Cancer Medicines

420 New Zealanders with lung cancer, breast cancer, multiple sclerosis and respiratory disease will benefit each year from a bundle deal PHARMAC has finalised with a medicine supplier. More>>


"Levels Playing Field": Government Responds To Electricity Price Review

The changes announced today include: • Supporting new and independent retailers by requiring the big power companies to sell into the wholesale market at affordable rates. • Extending discount rates to all customers • A pilot scheme to help customers who have not switched power providers before to shop around for better deals... More>>