Daring Foods Expands to Walmart: Plant-Based Chicken Bites

Daring Foods Secures $65 Million in Series C Funding

Daring Foods successfully completed a $65 million Series C funding round on Wednesday. This financial boost coincides with the nationwide rollout of the company’s plant-based chicken alternatives into 3,000 Walmart locations.

Plant-Based Chicken Offerings

Daring currently provides a range of four distinct plant-based chicken products. These include Original, Lemon & Herb, Cajun, and Breaded varieties, all designed to replicate the appearance, cooking characteristics, and flavor of traditional chicken.

Focus on Health and Simplicity

According to CEO Ross Mackay, the primary objective of Daring Foods is to deliver a product that functions as a genuine substitute for chicken while also prioritizing health benefits. The company’s formulations utilize only five ingredients, a significantly lower count compared to competitors who often employ blends of 30 to 40 ingredients.

Furthermore, Daring’s products offer a higher protein content and a reduced calorie count when contrasted with conventional chicken, as Mackay explained.

Consumer Motivations

“A substantial 80% of individuals adopting a plant-based diet are motivated by health considerations,” Mackay stated. “They seek assurance regarding the ingredient composition, and Daring can confidently affirm the healthfulness of its offerings.”

Company Evolution

TechCrunch previously profiled Mackay in 2019, approximately one year after the company’s inception and following a $10 million investment from Rastelli Foods Group. At that time, Daring was a nascent enterprise, featuring a single product and a team of fewer than 10 employees.

Recent Investment Rounds

Mackay revealed to TechCrunch that the current funding, spearheaded by Founders Fund, represents the third investment the company has secured within the last 12 months. Founders Fund was joined by existing investor D1 Capital Group, alongside new investments from prominent athletes and celebrities, including Naomi Osaka, Cameron Newton, Steve Aoki, and Chase Coleman.

With this latest round, the total funding raised by the company now exceeds $120 million. The Series A round, led by Maveron, was completed last September, and the Series B round, led by D1 Capital, was announced in May.

Expanding Distribution Network

Daring Foods’ products are currently available at Whole Foods, Sprouts, and Kroger, with plans for imminent expansion into Wegmans and Albertsons. The addition of Walmart effectively doubles the company’s distribution reach to 6,000 stores.

Distribution also encompasses online marketplaces such as Gopuff and Imperfect Foods, and the products are featured on the menus of select restaurants nationwide.

Significant Growth and Future Plans

The company has experienced a remarkable 900% growth rate over the past year. The newly acquired funding will be allocated to sustain this growth and facilitate ongoing innovation.

The Daring Foods team has also expanded, now comprising 60 employees. Mackay emphasized the company’s continued focus on plant-based chicken, with plans for forthcoming product launches in the coming months and throughout the next year.

Market Outlook

Daring’s trajectory aligns with the broader growth of the global plant-based foods market, which is projected to reach a value of $162 billion by 2030.

Vision for the Future

“We believe this represents not merely a fleeting trend, but the future of food itself, and we are enthusiastic about leading the way in the chicken category,” Mackay asserted. “The influx of capital into the industry underscores its growth potential, and ultimately, consumers stand to benefit from the resulting innovation.”