The Swedish peamilk manufacturer raised $6.6m in 2021 and has grown its export reach to 30 markets across Europe and North America
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Sproud achieved 37% year-on-year sales growth in 2023 to post turnover of SEK 43m ($4.1m) | Photo credit: Sproud
Malmö-based peamilk manufacturer Sproud is planning a new investment round to further develop its product range and scale distribution across Europe and North America.
Sproud, which currently exports to 30 countries, achieved 37% year-on-year sales growth in 2023 to post turnover of SEK 43m ($4.1m), is expected to close the new investment round in the third quarter of 2024.
The business signed its first major coffee chain deal last year to supply Joe & The Juice’s 250 European stores. In March 2023, Sproud also became the first food brand globally to receive an ISO 26000 verification for its sustainability work.
“We have had an extremely good development during 2023 and continue to follow the plan towards profitability. 2024 has started even stronger and we have a clear strategy, a strong team and a focus on delivering value to our consumers and customers,” said Sara Berger, CEO, Sproud.
According to Sproud, peamilk has the lowest carbon footprint of all dairy alternatives. High in protein and low in sugar, peamilk has gained favour among many operators for a neutral flavour that pairs well with coffee.
Nevertheless, peamilk has some way to go before it can challenge the dominance of oatmilk in the UK, a key growth market for Sproud. World Coffee Portal research shows almond is the leading non-dairy coffee pairing in the US and continental Europe, with soya and coconut both tracking above pea in these key markets.
Sproud previously raised $6.6m in January 2021 from London-based growth capital firm VGC Partners and also counts Swedish investment groups Findeln Holding and Dream Beverage among its backers.