Just days after launching its latest equity crowdfunding round on Crowdcube, Cauli Rice, under its brand name Fullgreen, has successfully secured its initial £600,000 from more than 275 investors. The company is now offering 2.83% equity with a pre-valuation of £21 million.
As previously reported, Cauli Rice rebranded to Fullgreen in October 2017 and expanded its offering to include other low-carb, veg-based rice alternatives, which were scheduled for launch by November 2017 in both the UK and USA in major retailers including Kroger stores, Wegmans and Walmart. Speaking about its growth since then, the Fullgreen team stated:
“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 is currently planning to introduce 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.
Funds from the latest Crowdcube round will be used to continue the growth and development of the Fullgreen’s products. The campaign is set to close mid-July.
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