Less than a year after raising more than £700,000 through its recent Crowdcube round, UK-based food brand Fullgreen (formerly CauliRice) has launched an equity crowdfunding campaign on Seedrs, and has already surpassed its initial £600,000 funding target from nearly 500 Seedrs investors.
As previously reported, Cauli Rice rebranded to Fullgreen in October 2017 and expanded its offering to include other low-carb, veg-based rice alternatives, which were scheduled for launch by November 2017 in both the UK and USA in major retailers including Kroger stores, Wegmans and Walmart.
“In 2019 our $4.5 million US production line was switched on. Our US manufacturer is committed to continually grow production capacity to support our nationwide expansion; shoulder cost of goods (purchasing materials as far as 6 months ahead); and provide us with 45 day payment terms (allowing us to be paid before paying our suppliers) – minimizing working capital requirements for a big US launch.”
Fullgreen further revealed that it provides vegetable-based products that are healthy, low-carb alternatives to traditional rice & grains for people looking to eat less carbs, add more vegetables to their meals, or manage health issues such as obesity and diabetes. The company’s range includes Non-GMO Riced Veggies, Cauliflower Risottos, and a new kind of Grain & Oat Free Plant-based Breakfast.
“Fullgreen products have an 18 month shelf life without refrigeration making it ideal for broad retail distribution & direct to consumer delivery. Our largest channel at the moment are brick & mortar retailers. Price point is accessible and sells as well in ALDI as it does in any of our large retail supermarkets. In 2021, a key focus is to increase rate of sales in existing point of distribution to generate a ground swell of increased volume for the business.”
Fullgreen is now offering 2.93% in equity with a £22 million pre-money valuation through the funding round, which is set to close mid-May.
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