Oakland's Hodo Foods Gains New Funding
The organic-plant-protein maker's retail profile has doubled in the last year.
Oakland-based Hodo Foods, renowned for its organic tofu, yuba noodles, and other plant-based products, has just announced Series B investment from Renewal Funds — a venture-capital firm that invests in growth-stage companies that focus on facilitating positive social and environmental change.
This round of financing is expected to help sixteen-year-old Hodo expand its capacity to meet rising demands.
"Renewal Funds' eye for category-disrupting brands and its track-record of execution makes their team ideal to work with in expanding Hodo's growth in North America," said Hodo's founder, Minh Tsai — who is depicted above.
"Renewal is one of the original impact funds, and we were pleased to find a partner with a social and environmental mission that aligns with our own. We are excited to have such a selective, high-integrity partner on board that gets our strategic goals and has the experience to help us achieve them," Tsai said in a press release.
Tapping into a wide range of global flavors and textures, Hodo produces a line of ready-to-eat nuggets, cubes, burgers, and other elements that are now sold in over 6,000 stores — including Whole Foods, Target, Publix, Walmart, and more.
The company's retail footprint has more than doubled over the last year.
Hodo also provides plant-based protein products to Chipotle, the sweetgreen fast-casual group, and the Google and Facebook campus restaurants, as well as to Michelin-starred restaurants Daniel and Single Thread.
"As an active investor in the plant-based category, we've tracked Hodo's brand expansion and momentum closely," said Renewal Funds partner Kate Storey.
"Hodo's growth and popularity is rooted in organic ingredients and culinary innovation that sets it apart from the competition and resonates with top chefs and retail consumers alike.
"We share the values that have earned Hodo such a loyal following and are proud to support the team in this exciting stage of growth," Storey said.