04 March 2019 | News
Moringa Company receives strategic investment to grow new superfood category
Kuli Kuli, the superfood moringa announced that it closed its $5M Series B financing. Griffith Foods, the global product development company, led the round with eighteen94 capital, the Kellogg Company's venture capital fund.
Other institutional investors included InvestEco, S2G Ventures, Authentic Ventures, VilCap Investments and Rocana Venture Partners. Kuli Kuliis also received investment from women-focused groups including Portfolia, Astia Angels, Next Wave Impact and individuals from Golden Seeds.
The investment will help Kuli Kuli launch their new moringa ingredient business while continuing to scale their moringa powder, bars, and shots business. Similar in taste to matcha, moringa isingredient that adds a complete protein, an array of vitamins and health benefits in commercial applications from savory to sweet, producing nutritious and functional foods. Griffith Foods plans to include moringa in its range of ingredient offerings for the company's foodservice customers, processors, retailers and distributors across 30 countries.
Lisa Curtis, Kuli Kuli's Founder & CEO said,"After eighteen94 capital led Kuli Kuli's Series A financing in 2017, Kuli Kuli's retail business tripled. We're thrilled to continue to partner with Kellogg to grow our retail business while partnering with Griffith Foods to expand into the foodservice and ingredient space.”
Brian Griffith, executive chairman of Griffith Foods said, "Griffith Foods' purpose, that 'we blend care and creativity to nourish the world,' calls us to find innovative solutions to changing needs. We also know that Griffith Foods cannot do this alone. Our strategic partnership with Kuli Kuli will help both companies elevate moringa as an exciting new ingredient, and we look forward to bringing this sustainable and healthy offering to the food sector."
Simon Burton, Managing Director of eighteen94 Capital said, "Kuli Kuli was eighteen94's first investment and has served as a model for how large food companies can partner with startups to the benefit of both. We're thrilled to grow and strengthen our partnership with Kuli Kuli.”
Like turmeric, moringa is a staple of Ayurvedic medicine.