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Alternative food producer Angel Food crowdfunds for Aussie push

Alternative food company Angel Food has launched a crowdfunding campaign as it looks to expand into the Australian market with a new dairy-free product.

Dairy Free Sour Cream has been a hit in the Idealog office, where we have been lucky enough to try it as dip for the snacks on our snack table.

With this new product, Angel Food is set to finally bring its products to Australia after 17 after 17 years in business, but it needs to raise capital to order to do so.

Looking to raise a minimum of $200,000, Alice Shopland, Founder and CEO of Angel Food, is hoping to take this opportunity to champion the idea of “flexitarianism” across the ocean.

At a time when the market is facing environmental pressures, Angel Food wants to give people accessible options.

“We’re excited to offer potential investors the opportunity to support our purpose-led brand,” says Shopland.

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“Our investors will help us to continue our positive trajectory, while giving us the resources we need to grow and evolve the business to deliver the greatest impact. Now more than ever, we remain committed to our mission of making it easier for more people to choose plant-based meals more often.”

Shopland says that for Angel Food to launch in the Australian market, Angel Food will require a $1 million investment to get to the first stage of a stepped approach to “maximise value”.

Across New Zealand, Angel Food has a reach across 350 retail stores and over 1000 food service outlets, resulting in a current valuation of $4.6 million undertaken by the company directors with internal and external advice, who came to the figure by multiplying by two their current year’s forecast revenue.

But to stay a profitable, purpose-led company, Angel Food must exceed a revenue of $5 million per year.

“We have great distribution in Aotearoa, and we want to share our range of delicious plant-based products with the world, starting with Australia,” she adds. Angel Food is looking to raise a minimum of $200,000 (for a share of 4.17% of the company) with a maximum raise of $500,000 (for a share of 9.8% of the company). The minimum investment is $331.00 (for 10 shares at $33.10 per share).

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