Better Foods, Subsidiary of Shinsegae Food for Plant-based Products, Attracts Investment from Cleveland Avenue

Cleveland Avenue highly evaluates Better Foods’ plant-based product R&D capacity and future growth potential

SEOUL, South Korea–(BUSINESS WIRE)–#AlternativeFood—Better Foods, Shinsegae Food’s (KRX: 031440) subsidiary specializing in plant-based products, announced investment attraction from Cleveland Avenue, a U.S. venture capital.

Shinsegae Food established Better Foods, in the U.S. in 2022 to strengthen the global competitiveness of plant-based products, which the company is fostering as a future growth engine, and to target the U.S. market. Since its establishment, Better Foods has set up a local operating organization for business expansion and discovered partners to increase production and online and offline sales.

Based in Chicago, U.S., Cleveland Avenue is a global venture capital established in 2015 by Don Thompson, the former President & CEO of McDonald’s. Cleveland Avenue is investing in lifestyle consumer brands and technologies that lead to growing markets in positive ways. The key investment targets are Bear Robotics, a self-driving serving robot company, and Bemyfriends, a global fandom business company, as well as Beyond Meat, a meat substitute startup in the U.S.

Cleveland Avenue decided on the investment after it highly evaluated Better Foods for its R&D capacity for plant-based products, such as not only meat substitutes, but also milk and cheese substitutes, using the company’s independent technologies, and future growth potential. In particular, Cleveland Avenue positively evaluated the steady business growth achieved by Shinsegae Food, the parent company of Better Foods, through the application of meat substitutes in various fields including food manufacturing, bakery, meal service, and restaurant business.

In addition to monetary investment, Cleveland Avenue also agreed to actively cooperate with Better Foods for its global market entry as a strategic investor. Based on the cooperation, Better Foods will develop plant-based products including milk and cheese substitutes for which it is conducting R&D, perform consumer marketing activities, and expand their business in the U.S. market.

“This investment holds great significance as it indicates that Better Foods has won recognition for its growth potential in the U.S., the largest market for plant-based products,” said a Shinsegae Food official. “We will develop Better Foods as a company specializing in plant-based products that leads the global market through R&D on a variety of plant-based products including meat substitutes.”

Better Foods

Better Foods is a global alternative food company established in the United States by Shinsegae Group, Korea’s leading distribution group, in 2022. Under the vision of “We Dream Big to Make a Better World with Better Foods”, various activities are being carried out to develop and promote various alternative foods and to continue innovation for a better future.

Contacts

BETTER FOODS INC.

Ahluem Lee

+82-2-3397-6956

rachel.lee@shinsegae.com

Woohyun Nam

+82-2-3397-6177

woohyunnam@shinsegae.com