Oat milk and coffee maker Minor Figures has secured minority investments from Danone Manifesto Ventures and Green Monday Group, the company announced on Friday. Terms of the deal were not disclosed.
Launched in 2016 as a packaged and RTD coffee brand, U.K.-based Minor Figures is one of a number of international plant-based, dairy-free milk companies — including Oatly, NotCo and Sproud — that have entered the U.S. market in recent years. Having launched in the U.S. through independent coffee shops with its two barista edition oat milks (one organic, one non-organic) in 2020, it has since secured partnerships with retailers including Whole Foods. Minor Figures has offices in the United Kingdom, Australia and United States, and sells its products in 16 countries.
“We are excited to partner with Danone Manifesto Ventures and Green Monday Group,” said Stuart Forsyth, Chief Executive Officer and Co-Founder of Minor Figures, in a press release. “The team at Danone Manifesto Ventures – the first corporate venture unit to be independently certified as a B Corp – shares our core vision to create a sustainable future for humanity. We are confident they are the perfect partner to help us optimize and grow our multi-geo, multi-channel business. Their vision, knowledge and deep experience across the globe cannot be matched.”
Danone Manifesto Ventures, the corporate venture arm of French CPG conglomerate Danone, has backed a range of food and beverage companies since launching in 2016, including Harmless Harvest, Forager Project, Mitte, Laird Superfoods, Farmer’s Fridge and Nature’s Fynd.
Danone currently markets a range of plant-based milks and other dairy products under the So Delicious banner.
“We believe Minor Figures is a unique brand that strongly resonates with consumers in the fast-growing plant-based space,” said Clemence Delcourt, Chief Investment Officer of Danone Manifesto Ventures. “Minor Figures is fully aligned with our goal to partner with mission-driven food and beverage companies that are creating a healthy and sustainable future. Stuart and the whole Minor Figures team have done a tremendous job producing high quality, innovative products for customers and consumers around the world and we look forward to working with them to help accelerate their growth and impact.”
Hong Kong-based Green Monday Group, which launched its meatless OmniPork brand in the U.S. last year, is aimed at supporting companies that “provide solutions to increase supply of sustainable choices by ways of food retail & distribution, food tech innovations, corporate consulting, and impact investing,” according to a press release. Portfolio brands include plant-based milk maker Califia Farms, as well as Perfect Day and Beyond Meat.
“With Green Monday Group, we have a like-minded partner who is focused on constructing a multi-faceted global ecosystem of future food that combats climate change, food insecurity, public health crisis, planetary devastation and animal suffering,” said Forsyth. “We look forward to building on our distribution relationship across Asia as Minor Figures works to meet the increasing needs of plant-based consumers globally.”
“We are inspired by the passion and vision of the Minor Figures team,” said David Yeung, Co-Founder and Chief Executive Officer of Green Monday Group. “Their positioning and brand identity really resonate with many new-generation consumers. Our strategic partnership will certainly catalyse further impact and change both in Asia and globally.”
Plant-based milk sales grew 4% to $2.6 billion last year, according to a report from The Good Food Institute.