Less than a year after securing more than 1.4 million through its fourth equity crowdfunding campaign on Crowdcube, Cauli Rice, under the name Fullgreen, has returned the funding portal for a fifth initiative, seeking 500,000.
Fullgreen reported that it officially rebranded in October 2017 and expanded its offering to include other low-carb, veg-based rice alternatives. These are scheduled for launch by November 2017 in both the UK and USA in major retailers including Kroger stores, Wegmans and Walmart. The company addressed the name-change by stating the following:
“From December 2017, we’re saying goodbye to our old products and introducing exciting new ones. They’ll still be low carb and super convenient but they’ll be in spiffier Fullgreen-branded packs and what’s inside will be better than ever. Because it’s what’s inside that counts, all Fullgreen products contain Non-GMO veg; they’re Gluten-free, Additive-free and 100% Vegan. So you never have to worry about how good our good food actually is.”
The Fullgreen team noted the company is structured for global expansion. They stated that created two wholly-owned subsidiaries, Fullgreen USA and Fullgreen UK, which are local trading companies that will enable it to keep track of financial performance per country and also isolate risk if it is faced with any business challenges in individual markets. The company has formed two significant partnerships to support its US rollout, with Head of Terms being agreed with Ameriqual, one of the largest U.S. retorted manufacturers and Greenseed Group for sales and marketing representatives in the U.S.
Funds from the latest Crowdcube round will be used to fund the sales and marketing needed to launch in the USA. Since its launch, the initiative has successfully raised more than £430,000 from over 1,000 backers. It is set to close at the beginning of January.
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