Swedish agri-food group Lantmännen has invested in local, plant-based, milk-alternatives business Sproud.
Lantmännen said it has acquired around 10% of Sproud. The financial terms of the deal have not been disclosed.
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Founded in 2018, Sproud produces a variety of plant-based milks using split yellow peas as the primary ingredient.
In a statement, Fredrik Krook, the MD of Lantmännen subsidiary Lantmännen Biorefineries, said: “We have great interest in plant-based proteins, not least considering our current efforts in Lidköping.”
In September, Lantmännen set out plans to build a new plant-based protein facility in the Swedish town of Lidköping.
The factory, set to be operational by mid-2027, is to primarily focus on producing proteins from peas, with faba beans also serving as a key raw material.
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By GlobalDataKrook added: “This investment [in Sproud] is an important step in strengthening our presence and knowledge in the entire pea protein value chain.”
Sproud CEO Sara Berger told Just Drinks Lantmännen had taken part in a SKr21.6m ($2.2m) round that included majority shareholder Findeln Holding and VGC Partners. Sproud co-founder Nicklas Jungberg is the majority shareholder of Findeln Holding. Sproud staff were also given the chance to buy shares.
The round means Sproud has raised SKr224m to date.
“This investment round will be used to further accelerate our growth and expansion, as well as to expand our product portfolio,” Berger said.
In 2024, Sproud generated a turnover of SKr58m, an increase of 38% compared to the previous year.
Berger declined to disclose the company’s profits. She said: “The goal for 2025 is to further build on this growth trajectory and we are right on track so far.”
The company’s products are available in more than 30 countries.
Berger added: “The largest market for Sproud is the UK. We have seen strong development in our foodservice partnerships, new café collaborations, and impressive growth across online platforms, supported by an increasingly loyal fan base. The UK market is well-positioned to continue its growth trajectory into 2025.”
