Just a little over two years after raising £1.4 million through its fourth equity crowdfunding campaign on Crowdcube, Cauli Rice, under its brand name Fullgreen, has returned to the funding portal to raise a minimum of £600,000. The company is offering 2.78% equity, with a £21 million pre-valuation.
As previously reported, Fullgreen 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 company also revealed:
“In 2019 our $4.5 million US production line was switched on. Our US manufacturer is committed to continually grow production capacity to support our nationwide expansion; shoulder cost of goods (purchasing materials as far as 6 months ahead); and provide us with 45 day payment terms (allowing us to be paid before paying our suppliers) – minimizing working capital requirements for a big US launch.”
Fullgreen then stated its relaunching in a new pack design that shows its “joyful and vibrant” personality. The company will be introducing two new innovations using its patented technology and machinery:
- Riced&Co are rich, creamy, and 100% vegan cauli risottos. The packs are ready to eat, full meal products that offer increased convenience and taste versus the basic riced cauliflower range.
- A plant-based breakfast innovation to break into the high-carb high-sugar £10 billion breakfast category. Nutritious, 100% plant-based, dairy-free and grain-free with less than half the calories and carbs of other breakfast products, and also count as 2 of 5 a day.
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