True has invested £26m in Soulfresh, a food and drinks brand that’s disrupting the market with alternative options for consumers focused on healthy and sustainable lifestyles.
Soulfresh operates across three core categories, delivering 11 own-brands across fermented (living) beverages, plant-based foods and drinks. Brands within its portfolio include Lo Bros (kombucha range of drinks), Nutty Bruce (plant-based milk alternatives), Pico (organic vegan chocolate) and Eaty (plant-powered “meat”).
Soulfresh’s core markets are growing fast with living beverages delivering compound annual growth of nearly 30% set within a stagnating global soft drinks category worth a significant £278bn. Plant-based food, at £2.4bn of global sales, continues to deliver growth rates 8x that of the global meat category, a market worth £171bn. Soulfresh’s owned brand portfolio together grew more than 100% year-on-year. Working across predominantly grocery and health channels, Soulfresh has market leading distribution across six countries including: UK (Sainsbury, Ocado, Amazon), France and Spain (Mercadona, Dia), Australia (Coles, Woolworths) and New Zealand (Countdown, Pak N Save) and a growing presence in South Africa.
Matt Truman, Co-Founder and CEO, True: “At True we invest in business models that are at the forefront of consumer behavioural shift. Soulfresh is at the epicentre of the global health, wellness and sustainability mega-trends with a focus on R&D and innovation that is market-leading. Our unique business model will allow us to genuinely add value for Didi and his team who have built a fantastic platform of brands with potential for rapid growth.”
Didi Lo, CEO and Founder, Soulfresh: “In the past 15 years Soulfresh has experienced a great deal of growth off the back of disrupting mainstream categories like juices, soft drinks and dairy milk. We have been looking for the right partner to take our fast growing, innovative global business to the next level and have found that in True. At Soulfresh, we are passionate about innovation, growth and championing healthy food and drinks for the mainstream, and in True we have found a partner who believes in the scale of the opportunity these market shifts provide.”
As part of its investment, True will also manage a new commitment from Soros Capital Management, Robert Soros’ Family Office, leveraging Soros’ unique network and asset base to help Soulfresh accelerate its ambitions.
Finally, Ben Clarke will join the board as the independent Chairman of the company. Clarke brings substantial global experience in growing food brands from more than 25 years’ working in the industry.