The pioneering plant-based solutions brand is poised for its next exciting chapter of growth in 2023 and beyond with new leadership and a fresh infusion of capital led by current investors
BOULDER, Colo., Dec. 19, 2022 /PRNewswire-PRWeb/ -- Good Karma Foods, a leading producer of nourishing plant-based milk and dairy alternatives, today announced that Mike Murray, a values-driven CPG food and beverage industry veteran known for leading high-growth brands, has joined the company as Chief Executive Officer (CEO). The addition of Murray to the Good Karma team coincides with a new round of funding that will accelerate growth for the innovative plant-based brand.
Murray joins the Good Karma team with more than 25 years of CPG experience, consistently leading brands that do real good for people, animals and the planet. Most recently, Murray served as CEO at Teton Waters Ranch, a grass-fed and finished, regeneratively-raised beef solutions company. Under Murray's leadership, Teton Waters Ranch became the fastest-growing brand in the naturally-positioned dinner sausages category. Prior to Teton Waters Ranch, Murray held executive and leadership roles at other values-focused organizations including free2b Foods, So Delicious Dairy Free, WhiteWave Foods Company and LARABAR. Adept at growing purpose-driven organizations, Murray will support Good Karma as the company aims to realize its full potential by gaining strategic distribution in new and existing channels, as well as increasing targeted household penetration and awareness. Additionally, the company will also pursue exciting innovation to solve growing modern consumer needs across dayparts.
"I am looking forward to leveraging my experience and passion for galvanizing food system change to help the team bring Good Karma's portfolio of delicious and sustainable plant-based solutions to more households," said Murray. "Our team has a compelling opportunity to build upon the strong equity of Good Karma to deliver a variety of solutions that help people do good every single day with their consumption choices."
Consumers continue to seek out plant-based products for a variety of reasons, including environmental and animal welfare concerns, health needs and lifestyle preferences, and the trend shows little sign of slowing amidst economic challenges facing the food industry. According to the latest retail sales data from the Plant Based Foods Association, The Good Food Institute and SPINS, U.S. retail sales of plant-based foods grew more than 6% in 2021, with the total plant-based market reaching $7.4 billion. Specific to plant-based dairy, the category saw 4% YoY dollar sales growth as animal-based milk sales declined 2%.
In addition to Murray's hire, the brand will also close on a new fund raise in the near future. Existing investors and partners Valor Siren Ventures(VSV), a fund established to act as an innovation engine and market maker in early-stage food, food technology and retail technology, and Loft Growth Partners, a growth investor for emerging consumer products businesses, will lead the round. The raise will enable the company to expand distribution, drive velocities and actively engage consumers.
"Even in light of inflationary pressures, families continue to flock to plant-based categories and segments, and Good Karma's unique value proposition - combining the best of plants to provide unparalleled nourishment like no other - continues to show exciting promise," said Brian King, chairman of the board, Good Karma Foods. "As our investors renew their partnership with Good Karma, and Mike joins the team, we are all looking forward to the brand realizing its leadership position in a variety of growing plant-based categories."
Since VSV's initial investment in Good Karma in mid-2020, the brand has refocused on core plant-based beverages and beverage innovation, and successfully launched ecommerce and a portfolio-wide strategic brand and packaging redesign. Recent product launches include Barista Blends, plant-based creamers formulated from oats and nutrient-packed flax and peas to recreate coffee shop favorites from the comfort of home, and Kids Oatmilk+, a whole new kind of plant-based milk blended with nutrients for growing kids.
Good Karma will continue to operate as a Boulder-based independent company. Specific terms of the new round of investment were not disclosed.
More about Good Karma and its portfolio of uniquely nourishing plant-based dairy alternative solutions can be found at https://goodkarmafoods.com/.
ABOUT GOOD KARMA FOODS
Our plant based products blend the best of the best plant based ingredients for superior taste and nutrition. We believe little acts of good add up to happy hearts and warm smiles. That good food fuels good people, creating better communities and a brighter tomorrow. And, we believe in food that is nutritious and delicious and lets plants shine. Join our Good Karma movement by connecting with us online at goodkarmafoods.com, and on Instagram, Facebook and Pinterest.
ABOUT VALOR SIREN VENTURES
The Valor Siren Ventures (VSV) mission is to be the leading innovation engine and market maker in early-stage food, food technology, and retail technology investing. Rooted in Valor's history of food and retail technology, Valor and its Strategic Investors believe there is an opportunity to develop a new model for venture investing with VSV. Our team aspires to create value by generating differentiated investment opportunities, applying our intellectual capital, and accelerating the growth of portfolio companies through VSV operations assistance in scaling. Learn more at http://www.valorep.com/valor-siren-ventures-vsv.
ABOUT LOFT GROWTH PARTNERS
Loft Growth Partners is a leading growth investor for emerging consumer products businesses. Our purpose is to elevate partner brands to new heights. Our team brings more than 400 years of collective operational experience leading emerging and established brands to help purpose-driven entrepreneurs and teams to grow their companies into the iconic brands of tomorrow. Loft Growth Partners invests in brands and categories where the team's experience, knowledge and relationships will help the brand partners grow. This includes the food, beverage, personal care, vitamins and supplements, home care and pet care categories. The firm targets emerging brands that are typically $2-25 million in revenue with a strong sense of "proven-ness" with consumers and retailers. The Loft Growth Partners team values brands that are transforming their categories, grounded in strong purpose and values, and deliver product experiences that consumers love.
Elexis Schroder, Good Karma Foods, 1 720-352-3961, [email protected]
SOURCE Good Karma Foods