April 2, 2024

By Lynda Kiernan-Stone, Global AgInvesting Media

Award-winning B Corp and Climate Neutral Certified plant-based protein brand ALOHA announced it has raised $68 million in secondary capital from SEMCAP Food & Nutrition (SEMCAP), a growth equity investment firm focused on identifying and building purpose-driven food and nutrition brands of the future.

SEMCAP was launched in 2020 by founders Buck Buckley and Cyrus Vandrevala who set out to invest in companies at the crest of seminal trends in food, health, and education  – sectors that the founders believe have the greatest impact on humanity. 

SEMCAP’s Food & Nutrition platform is led by John Haugen and Ryan Newcom – two business veterans that have run several General Mills brands, large business units, and General Mills’ investment arm 301, Inc. – along with Kate Story, who invest in environmentally stable, high-growth businesses with more than $25 million in revenue and have category-leading products that have achieved proof of concept and display evidence of scale. 

“We’re seeing consumers fuel a massive food revolution; this seismic shift presents an incredible opportunity for our Food & Nutrition platform to identify and help scale the food and nutrition brands of the future,” said Newcom.

The Deal

Employee-owned and operated, ALOHA’s line of plant-based, high-protein, low-sugar products are aligned with the company’s mission to use its business as a force for taking care of its people, customers, communities, and the planet. It has proven to be a successful business model. From 2020-2023, ALOHA achieved nearly 500 percent growth while also posting significant profitability and positive cash flow. Expectations are that the company will continue to maintain double-digit topline growth throughout this year and beyond. 

Through this investment, ALOHA is gaining the funds needed to buy out its angel investors; gains access to SEMCAP’s operating experience and network; and will join SEMCAP’s portfolio of consumer-first, mission-driven brands. Its employees and management will retain a significant stake in the company, maintaining its status as an independently operated entity. 

Also written into the deal, Brad Charron, ALOHA’s “re-founder” since late 2017, will retain his role as chairman and CEO, and SEMCAP’s Haugen and Newcom will join the company’s Board of Directors, as will Paul Kenny, a sales executive with more than 30 years of experience, known for delivering notable commercial growth at KIND Snacks and Yasso. 

Along with the support of its Board, which also includes existing independent members Bart Adlam and Maura Mottolese, and ALOHA’s largest angel investor Alexander Rittweger, the company will have an experienced governance team managing the trajectory of its growth strategy. 

“SEMCAP Food & Nutrition is an ideal partner. Their recognition and buy-in to what we have built thus far at ALOHA comes at a key inflection point,” said Brad Charron, chairman & CEO, ALOHA. 

“With an impact-driven investment strategy, exemplified by successful partnerships with like-minded entrepreneurial brands such as Purely Elizabeth and Good Culture, SEMCAP completely aligns with our mission to make simple, nutritious food accessible to everyone, while using our business as a force for good. We look forward to many more multiples of profitable growth with their inclusion.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and Agtech Intel News. She can be reached at lkiernan-stone@globalaginvesting.com.

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