The London-based oatmilk and ready-to-drink coffee brand is hoping to leverage the experience and funding of two new investors to improve its position in the plant-based milk market and popularise the brand in Asia
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The CEO of Minor Figures said the company would benefit from the global ‘vision, knowledge and experience’ of Danone Manifesto Ventures | Photo credit: Cristi Ursea
Minor Figures has received an undisclosed investment from Danone Manifesto Ventures, the corporate venture arm of global food and beverage giant Danone, and Hong Kong-based social venture model Green Monday Group.
Founded in 2015 and based in London, Minor Figures sells its plant-based beverages in both retail and coffee shops across 16 countries.
Stuart Forsyth, CEO of Minor Figures, said the company would benefit from the global ‘vision, knowledge and experience’ of Danone Manifesto Ventures, which acquired Belgian plant-based food and beverage brand Alpro in 2017 and Harmless Harvest in 2021, a US coconut-based beverage and yogurt brand.
“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 optimise and grow our multi-geo, multi-channel business,” said Forsyth.
With offices in the UK, US and Australia, Forsyth also said that the new relationship with Green Monday Group would strengthen Minor Figures’ distribution reach, with the plant-based milk company seeking to expand into Asia.
“We are inspired by the passion and vision of the Minor Figures team. 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,” said David Yeung, CEO of Green Monday Group.
The investment highlights the growing traction plant-based dairy alternatives have gained in coffee shop markets around the world as consumers opt for healthier menu items and become increasingly environmentally conscious.
In March, the company predicted 100% year-on-year growth as it launched its oatmilk into 700 Tesco supermarket outlets across the UK. The agreement took the brand’s UK retail footprint to 2,500 grocery stores and over 5,000 coffee shops and independent cafés.
World Coffee Portal research shows oat is now the UK’s preferred dairy alternative in UK coffee shops, overtaking the previous favourite, coconut.