Plant-based bakery brand Oggs has surpassed its £450k crowdfunding target with three weeks to spare.
The London-based supplier, which produces a range of ‘cruelty-free’ cakes and cupcakes made with its patented Oggs Aquafaba egg alternative, kicked off the campaign on crowdfunding platform Seedrs last month.
At time of publication, the campaign has raised more than £486k from 203 investors, with Oggs encouraging more pledges over the remaining 21 days.
Having secured £5m in funding over the past 2.5 years and achieved an average reported growth of 41% year-on-year since its launch in 2018, funds from this round are to be used to unlock new manufacturing opportunities and bolster the bakery business at Oggs.
“Our Seedrs campaign exceeding target is such an encouraging sign that investors are aligned with our mission to remove unnecessary egg from the food system, creating significant CO2e reduction,” commented Oggs CEO Hannah Carter, who founded the business with fellow food scientist Polly Trollope.
“This investment will enable us to support manufacturers to reduce their customer scope 3 emissions, which is becoming an ever-increasing demand,” she noted, adding that it also gave the company the “opportunity to grow even faster”.
Oggs has revealed a target of £11m in sales by 2026, with the investment summary on the Seedrs crowdfunding pitch page quoting its pre-money valuation at £16.7m, with 2.83% equity offered and a share price of £7.59.
Its plant-based liquid egg products include Aquafaba (made from chickpea extract) and Whole Egg Alternative, which are said to offer CO2 emissions reduction of up to 72% compared to standard eggs. The Oggs ingredients can be used for a variety of bakery recipes such as cakes, cookies, pancakes, tartlets, and quiches.
The company achieved B Corp status in October 2022, with an overall score of 86.2 in its B Impact assessment – 80 is the qualification mark and 50.9 is the median score for an ordinary business.
Other bakery brands achieving crowdfunding success over the past year include Cheran’s Bakery, Srsly Low Carb, and Project D.
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