Yogurt company Yofix, which is in Israel, was awarded the final €100,000 grant by PepsiCo’s European Nutrition Greenhouse Program in 2019, has just raised a $2.5 million Series A funding.
The funding, led by a team of new investors, including AG; the French Bel Group; Germany-based Muller Ventures, and the U.S.-based LionTree Partners, will provide Yofix with a significant leverage for getting a globe expansion of its current portfolio, with the consideration of helping it diversify into other dairy-free categories.
These categories include oat alternative cheeses, yogurt shakes, frozen desserts and milk alternatives, as stated by Yofix CEO Steve Grun.
“Receiving financial investment by such prominent multinational players of the dairy industry is an implication of faith and confidence in our product line and technology,” Grun said in a prepared statement.
“This fresh investment opens doors to new possibilities. Over the next few years, we will strategize our efforts in expanding our line of dairy technologies … into the global market,” he added. “The options are boundless.”
Yofix escalated its business under PepsiCo’s six-month-long mentorship program started in 2018, along with nine other selected food start-ups: it created a new factory and launched the products nationwide in Israel, and came up with a strategic plan to diversify the business on an international scale.
Anay Malhotra a qualified computer analyst turned freelancer who writes for Value News where his passion and hard work has earned him a Star Employee for 2 consecutive months. He has been working and exploring varied professionals like Modelling, Event Management and Writing.