True invests £26M in F&B brand Soulfresh

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As the appetite for healthy food and drink choices expedites

Europe’s retail and consumer sector specialist True has invested £26 million in Soulfresh, a food and drinks brand that’s disrupting the market with alternative options for consumers focused on healthy and sustainable lifestyles, in Australia, New Zealand and the UK.

Soulfresh operates across three core categories, delivering 11 own-brands across fermented (living) beverages, plant-based foods and drinks. Brands within its portfolio include Lo Bros (kombucha range of drinks), Nutty Bruce (plant-based milk alternatives), Pico (organic vegan chocolate) and Eaty (plant-powered “meat”).

Soulfresh’s core markets are growing fast with living beverages delivering compound annual growth of nearly 30% set within a stagnating global soft drinks category worth a significant £278bn. Plant-based food, at £2.4bn of global sales, continues to deliver growth rates 8x that of the global meat category, a market worth £171bn. Soulfresh’s owned brand portfolio together grew more than 100% year-on-year. Working across predominantly grocery and health channels, Soulfresh has market leading distribution across six countries including: UK (Sainsbury, Ocado, Amazon), France and Spain (Mercadona, Dia), Australia (Coles, Woolworths) and New Zealand (Countdown, Pak N Save) and a growing presence in South Africa.


As part of its investment, True will also manage a new commitment from Soros Capital Management, Robert Soros’ Family Office, leveraging Soros’ unique network and asset base to help Soulfresh accelerate its ambitions.

Finally, Ben Clarke will join the board as the independent Chairman of the company. Clarke brings substantial global experience in growing food brands from more than 25 years’ working in the industry.


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