OAKLAND, Calif., April 29, 2021 /PRNewswire/ — Something Better Foods, the plant-based protein maker that makes a suite of delicious-tasting meatless proteins for home chefs is joining the ICA portfolio! ICA has just closed a new $500,000 equity investment in the Vallejo-based company.
Something Better Foods has seen rapid growth across all sales channels – from Food Service to Direct-to-Consumer products, and it envisions further growth in the burgeoning plant-based protein market. The company, helmed by experienced food entrepreneur and restauranteur Chef GW Chew, makes a suite of plant-based proteins which it sells under the Better Chew brand name.
“I first met ICA more than 7 years ago and learning of their mission was truly impactful. I was provided the fundamental tools to be successful and build our company to a place where we are ready to receive this investment. ICA‘s initial influence helped me to create the Better Chew brand and also secure the seed funding for our business!” said Chef GW Chew, CEO of Something Better Foods. “With this investment, we will be able to expand our operations and provide meaningful employment opportunities for the local community,” he added.
As a nonprofit venture capital Community Development Financial Institution, ICA makes investments that support our mission to accelerate great businesses to close the racial and gender wealth gap.
“Something Better Foods is a perfect example of ICA‘s mission in action and we are thrilled to be investing in its growth,” said John Gough, Chief Investment Officer at ICA. “GW has built a business that seamlessly melds, innovation, industry-leading products, strong business fundamentals, and a real commitment to equity.”
Something Better Foods is leading the charge to build equity and representation as part of its business model, something not often found in the sustainable foods space. The company not only makes an impressive range of plant-based products, it is trailblazing in its commitment to racial equity across all levels of its operations and to bringing its food to marginalized communities that have been traditionally left out by the healthy foods industry.
Designed to be used in place of meat-based proteins, Something Better Foods‘ products help home chefs and restaurants “veganize” their menus and lower their carbon footprints by making it easy (and tasty!) to transition to plant-based proteins. Better Chew, Something Better Foods‘ most recent product line, has been created with the consumer in mind, and its products mimic the main ingredients in America‘s most popular comfort and ethnic foods including beef, chicken, and seafood.
“Our mission is to create plant-based food solutions that are affordable and accessible to ALL people,” added Chef Chew.
Since December, ICA has deployed more than $1.5MM in growth equity to Bay Area companies. Something Better Foods joins Don Bugito and Goal Five as the most recent recipients of ICA‘s capital, and is part of ICA‘s expanding Growth Fund.
The fund makes growth equity investments of $100,000 to $1,000,000 with a focus on serving entrepreneurs of color and women. Our investment strategy intentionally focuses on racial and gender equity, and supports companies that are committed to our shared mission of wealth creation and distribution to a diverse workforce.
Find more about Something Better Foods and its products at somethingbetterfoods.com and find its products in grocery stores across the West Coast. To read more about ICA, our investments, our programs, and our companies visit ica.fund.
Chief Investment Officer, ICA