LOS ANGELES--(BUSINESS WIRE)--Jun 21, 2023--
BetterBrand, the food tech company leading innovation in the $12 trillion refined carb space, announces the closing of $6 million in Series A funding, at a pre-money valuation of $170 million. This places BetterBrand's Series A valuation at more than double that of some of the largest names in tech including Facebook, Stripe, and Tesla. Per Crunchbase, only 150 sole female founders have ever raised a Series A over $5 million from institutional investors, with Yang setting a historical record in valuation.
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Aimee Yang, CEO and Founder, BetterBrand (Photo: Business Wire)
The round was led by VERSO Capital with participation from returning VCs such as Gaingels Fund, Alexis Ohanian’s Seven Seven Six, and Craft Lane and notable individuals including Cruise Founder and CEO Kyle Vogt, venture capitalist Chris Hollod, and investors Jeff and Glenne Azoff. BetterBrand is also backed by Sean Thomas of the Wendy’s family, and actors Patrick Schwarzenegger and Emmy Rossum, amongst others. The company has long attracted the attention of the investor community due to its high growth, innovative “grain-changing” technology and large-scale market potential.
"We are thrilled about this next chapter for BetterBrand to support our rapid global expansion and continued innovation," said BetterBrand Founder & CEO Aimee Yang. “This is yet another example of how our mission - proving that the impossible is possible - is demonstrated through practice, and touches not only our product innovation but the massive potential of Better's power and scale."
BetterBrand’s Series A comes on the heels of significant momentum for the company, which posted 800% year-over-year growth between 2021 and 2022, and is on track for the same from 2022 to 2023. The company’s hero product ‘The Better Bagel’ – which transforms the carb-heavy bagel into the net carb equivalent of two banana slices – was the number one new product entrant in the Natural retail channel in 2022. BetterBrand made its large-scale retail debut in a global launch with Whole Foods Market in Q3 2022, where it grossed over $1 million in sales in its first five months on shelves.
“Aimee Yang is an incredible entrepreneur and a solid operator,” said Cruise Founder & CEO Kyle Vogt. “Her company offers life-changing, clean, functional products for those who previously felt they had to give up some of their favorite foods to fit their nutritional needs. It's an exciting journey to be a part of.”
“Aimee's unique combination of determination, vision, and ability to innovate sets her apart as a founder,” said Gaingels Managing Director Lorenzo Thione. “At Gaingels, we are thoroughly convinced that under her leadership, BetterBrand is poised to redefine our very relationship with carbohydrates, by combining health and taste in one innovative package. BetterBrand's vision is not just about a product; it's about a revolution in how we perceive and consume starches, worldwide. We're excited to support Aimee's journey in transforming this giant market and look forward to the indelible impact BetterBrand will make.”
BetterBrand first introduced The Better Bagel via its website in 2021, which quickly caught the attention of consumers, tastemakers, and retailers. The high-protein, low-carb bagels are available online and on shelves in over 1,500 stores in the United States, including Whole Foods, Sprouts, Fresh Market, Gelson's, Bristol Farms, Giant, Harmon's, Lassen's, Plum Market, Wild by Nature, FoxTrot, and more.
As a rapidly growing business, the company has announced its plans to unveil 16 new SKUs in the coming months and will begin expanding to new markets across North America and Europe. Led by Michelin-starred baker Matthew McDonald, each new BetterBrand product will bring timeless flavors to the table with the unrivaled innovation of the company’s Grain-changing Technology™ and will be available by the end of 2023.
BetterBrand has raised close to $10 million in funding since its founding in 2021.
About BetterBrand™
BetterBrand™ is a consumer food tech company leading innovation in the $12 trillion refined carb space to design a Better future of food. BetterBrand™’s mission is to reinvent the bread aisle by transforming traditionally carb-laden foods into foods that are craveable and healthier for all. BetterBrand™’s proprietary Grain-changing Technology™ combines non-GMO, clean label ingredients to create a suite of better-for-you baked goods. Its hero product ‘The Better Bagel’ transforms the carb-heavy bagel into the net carb equivalent of two banana slices, and features 250% more protein, 90% fewer carbs, and no added sugar. For more information, visit eatbetter.com and follow the brand on social @eatbetter.
About Aimee Yang
Aimee C. Yang is the Founder and CEO of BetterBrand™, a consumer food tech company leading innovation in the $12 trillion refined carbohydrate space. Based between London and Los Angeles, Aimee launched BetterBrand™ in 2021 after securing a record-breaking $1.2 million pre-seed financing round – making her the first sole female founder to raise over $1 million in a venture-led pre-seed round across food tech, consumer, and food and beverage. She holds a Bachelor’s degree from the University of Illinois, and an MBA from the University of Pennsylvania's Wharton School, where she double majored in Entrepreneurship and Strategic Management. Aimee is also a CPA and CFE, with prior experiences spanning consulting, operations, and litigation.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FOOD TECH RETAIL TECHNOLOGY FINANCE FOOD/BEVERAGE
SOURCE: BetterBrand
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PUB: 06/21/2023 08:00 AM/DISC: 06/21/2023 08:00 AM
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