Posh pudding brand Pots & Co is set to expand its US offering after receiving an investment by General Mills-owned 301 Inc of up to £15m.
The venture capital arm of General Mills is leading a multistage investment in Pots & Co as part of a growth strategy to expand its product range and distribution in the US. The move marks General Mills’ first investment in a UK company, it said.
London-based Pots & Co will initially supply its range of potted puddings to a select number of stores on the West Coast and Rocky Mountain region. Its recently launched savoury Mezze style dips will follow.
The investment is supported by increased retail distribution in the US. It will also enable the business to explore manufacturing capabilities across the pond as well as invest further into marketing and distributing the brand, it said.
“We want to create one of the world’s leading food brands and we are thrilled that General Mills has invested in Pots & Co, enabling us to speed up the growth of our business and creating fabulous products for the American consumer,” said Julian Dyer, founder of Pots & Co.
“We continue to focus on exceptional quality and taste, using only the finest natural ingredients to deliver top quality puddings and savoury food to supermarket aisles in both the UK and the US.”
All products distributed in the US are currently hand made in Pots & Co’s London-based factory.
Its UK-line up comprises a vanilla creme brulee pudding and baked lemon cheesecake, as well as a hot chocolate & salted caramel lava cake and hot maple & pecan lava cake.
The pudding brand, which was founded in 2013, has grown rapidly. In 2014, it achieved sales of £2m, which increased to £14m in 2020, a 700% increase over six years.
“As our first overseas investment and first investment in a UK company, we believe Pots & Co will deliver substantial growth with an increasing range of puddings and with its move into savoury products. We’re excited to partner as the brand expands its presence in the US market,” added John Haugen, founder and managing director of 301 Inc.