BetterBrand – a food tech company leading innovation in the $12 trillion refined carb space – announced the closing of $6 million in Series A funding, at a pre-money valuation of $170 million. According to Crunchbase, only 150 sole female founders have ever raised a Series A over $5 million from institutional investors with Yang setting a historical record in valuation.
This funding round was led by VERSO Capital with participation from returning VCs like Gaingels Fund, Alexis Ohanian’s Seven Seven Six, and Craft Lane and notable individuals including Cruise Founder and CEO Kyle Vogt, venture capitalist Chris Hollod, and investors Jeff and Glenne Azoff. And BetterBrand is also backed by Sean Thomas of the Wendy’s family, and actors Patrick Schwarzenegger and Emmy Rossum among others. Plus the company has long attracted the attention of the investor community due to its high growth and innovative “grain-changing” technology and large-scale market potential.
BetterBrand’s Series A funding round comes on the heels of significant momentum for the company, which posted 800% year-over-year growth between 2021 and 2022, and is on track for the same from 2022 to 2023. And the company’s hero product ‘The Better Bagel’ – which transforms the carb-heavy bagel into the net carb equivalent of two banana slices was the number one new product entrant in the Natural retail channel in 2022. Plus BetterBrand made its large-scale retail debut in a global launch with Whole Foods Market in Q3 2022 where it grossed over $1 million in sales in its first five months on shelves.
BetterBrand first introduced The Better Bagel through its website in 2021, which quickly caught the attention of consumers, tastemakers, and retailers. And the high-protein, low-carb bagels are available online and on shelves in over 1,000 stores in the United States, including Whole Foods, Sprouts, Fresh Market, Gelson’s, Bristol Farms, Giant, Harmon’s, Lassen’s, Plum Market, Wild by Nature, FoxTrot, and more.
The company also announced its plans to unveil 16 new SKUs in the coming months and will begin expanding to new markets across North America and Europe. Led by Michelin-starred baker Matthew McDonald, each new BetterBrand product is going to bring timeless flavors to the table with the unrivaled innovation of the company’s Grain-changing Technology and will be available by the end of 2023.
BetterBrand has raised close to $10 million in funding since its founding in 2021.
KEY QUOTES:
“We are absolutely thrilled about this next chapter for BetterBrand to support our rapid global expansion and continued innovation. This is yet another example of how our mission – proving that the impossible is possible – is demonstrated through practice, and touches not only our product innovation but the massive potential of Better’s power and scale.”
— BetterBrand Founder & CEO Aimee Yang
“Aimee Yang is an incredible entrepreneur and a solid operator. Her company offers life-changing, clean, functional products for those who previously felt they had to give up some of their favorite foods to fit their nutritional needs. It’s an exciting journey to be a part of.”
— Cruise Founder & CEO Kyle Vogt
“Aimee’s unique combination of determination, vision, and ability to innovate sets her apart as a founder. At Gaingels, we are thoroughly convinced that under her leadership, BetterBrand is poised to redefine our very relationship with carbohydrates, by combining health and taste in one innovative package. BetterBrand’s vision is not just about a product; it’s about a revolution in how we perceive and consume starches, worldwide. We’re excited to support Aimee’s journey in transforming this giant market and look forward to the indelible impact BetterBrand will make.”
— Gaingels Managing Director Lorenzo Thione
