Shinsegae’s Better Foods gets investment from Cleveland Avenue

Amongst its plant-based products cover meat, milk, and cheese substitutes.

Better Foods, a subsidiary of Shinsegae Food specialising in plant-based products, has secured investment from US-based venture capital Cleveland Avenue.

The latter firm has cited the R&D capacity, in-house technologies, and growth potential of Better Foods for its plant-based products, like meat, milk, and cheese substitutes, after heavy deliberation, Shinsegae said.

Cleveland Avenue also recognised the robust industry growth of Shinsegae through the development of their meat substitutes, encompassing food manufacturing, bakery, meal service, and restaurant business.

Aside from the monetary investment, Cleveland Avenue has arranged to collaborate with Better Food as a strategic investor for its global expansion. Better Foods will also initiate the development of plant-based products, from R&D to consumer marketing.

ALSO READ: Nearly half of Indian consumers want multifunctional benefits in food, drinks

“This investment holds great significance as it indicates that Better Foods has won recognition for its growth potential in the U.S. We will develop Better Foods as a company specializing in plant-based products that leads the global market through R&D on a variety of plant-based products including meat substitutes,” a Shinsegae Food official stated.

Shinsegae Food launched Better Foods in 2022, focused on the U.S. market in its expansion and sales. Cleveland Avenue, based in Chicago, was established in 2015 by former McDonld’s President & CEO Don Thompson and has been a key investor for robotics company Bear Robotics, fandom company Bemyfriends and meat substitute manufacturer Beyond Meat.