Oddlygood Global, a spinoff of Valio, maker of Finlandia cheeses, on Thursday said it closed its first round of funding with an investment of $28 million from the private equity division of Helsinki-based Mandatum Asset Management.
Oddlygood develops and markets plant-based products, including oat drinks for coffee, oat yogurts, cheeses and dairy alternatives used in cooking and baking. The company’s U.S. headquarters are in Parsippany. Earlier this year, Oddlygood started marketing its cheeses to the U.S. foodservice sector with a focus on pizza operators.
Oddlygood Global plans to grow sales and distribution in existing markets and enter new ones with Mandatum’s investment.
“Interest in plant-based products is growing exponentially worldwide, which we see in a significant increase in our sales. However, consumers will only change their day-to-day consumption habits if they find dairy alternatives that both taste good and fit their lifestyle,” Oddlygood Global CEO Niko Vuorenmaa said. “Consumer taste tests and sales results confirm we’re on the right path.”
Currently, Oddlygood products are sold in Finland and Sweden, as well as in the U.K., Russia and the Baltic countries. U.S. sales are slated to begin in early 2022 as production begins of Oddlygood Oat Yogurt in Northern California.