Cauli Rice, under its new name Fullgreen, has successfully secured its initial £500,000 funding target through its fifth equity crowdfunding campaign on Crowdcube. The initiative was launched at the end of November.
As previously reported, Fullgreen officially rebranded in October 2017 and expanded its offering to include other low-carb, veg-based rice alternatives. These are scheduled for launch by November 2017 in both the UK and USA in major retailers including Kroger stores, Wegmans and Walmart. The company addressed the name-change by stating the following:
“From December 2017, we’re saying goodbye to our old products and introducing exciting new ones. They’ll still be low carb and super convenient but they’ll be in spiffier Fullgreen-branded packs and what’s inside will be better than ever. Because it’s what’s inside that counts, all Fullgreen products contain Non-GMO veg; they’re Gluten-free, Additive-free and 100% Vegan. So you never have to worry about how good our good food actually is.”
Fullgreen has created two wholly-owned subsidiaries, Fullgreen USA and Fullgreen UK, which are local trading companies that will enable it to keep track of financial performance per country and also isolate risk if it is faced with any business challenges in individual markets.
Since its rebranding, the company has formed two significant partnerships to support its U.S. rollout, with Head of Terms being agreed with Ameriqual, one of the largest U.S. retorted manufacturers and Greenseed Group for sales and marketing representatives in the U.S.
Funds from the latest Crowdcube round will be used to fund the sales and marketing needed to launch in the U.S. The campaign is currently set to close at the beginning of January.
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