301 INC, General Mills Venture Capital Arm, Leads Multimillion Dollar Investment in London-Based Pots & Co, to Expand Brand’s US Presence

Rhea-AI Summary

301 INC, the venture capital arm of General Mills, is investing up to $20 million in Pots & Co, a London-based food company known for its hand-crafted desserts. This investment aims to enhance Pots & Co's growth strategy, expanding its product range and distribution in the US, particularly on the West Coast and Rocky Mountain region. With significant past growth, from $2.8 million in 2014 to $19.5 million in 2020, this partnership is set to accelerate its US market presence.

Positive

• 301 INC's investment of up to $20 million indicates strong financial backing for Pots & Co's expansion in the US market.
• Pots & Co has shown impressive sales growth of 700% from $2.8 million in 2014 to $19.5 million in 2020.
• The investment supports the introduction of both dessert and savory products in the US.

Negative

• None.

301 INC, the venture capital arm of General Mills, is leading a multistage investment of up to $20 million in Pots & Co, in partnership with other investors. Pots & Co, the London-based food company best known for its range of hand-crafted potted desserts available in UK supermarkets, will leverage the investment to propel its growth strategy, expanding its product range and distribution in the US.

301 INC, General Mills venture capital arm, leads multimillion dollar investment in London-based Pots & Co, to expand brand’s US presence. (Photo: Business Wire)

The investment into Pots & Co is supported by increased retail distribution in the US focused on the West Coast and Rocky Mountain region. Pots & Co will initially supply both its range of unique potted desserts and has longer-term plans to also offer its new savory, Mezze style dips range.

The expanded retail distribution of select Pots & Co products marks a major expansion effort in the US. All products distributed in the US are currently handmade in Pots & Co’s London-based factory. This investment will also enable the business to explore manufacturing capabilities in the US as well as invest further into marketing and distributing the brand.

Julian Dyer, Founder of Pots & Co, 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. We continue to focus on exceptional quality and taste, using only the finest natural ingredients to deliver top quality desserts and savory food to supermarket aisles in both the UK and the US.”

John Haugen, Founder and Managing Director of 301 INC, the venture capital arm of General Mills, said, “Our mission is to discover new and emerging food brands with a remarkable offering. Pots & Co fulfils that mission with its focus on natural ingredients to create desserts of restaurant quality. 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 desserts and with its move into savory products. We’re excited to partner as the brand expands its presence in the US market.”

General Mills is a leading global manufacturer and marketer of branded consumer foods sold through retail stores. Its largest brands include Haagen Dazs, Old El Paso and Nature Valley. Its 301 INC investment arm seeks emerging food brands with compelling products for direct investment, leveraging the skill and capability of General Mills.

Pots & Co has generated rapid growth since it was founded in London in 2012. It produced sales of nearly $2.8 million in 2014 which increased to $19.5 million in 2020, a 700% increase over six years. Pots & Co currently produces 16 million handmade desserts a year and is also famous for its signature ceramic pots spun by a family business in Valencia, Spain.

About Pots & Co

Pots & Co is obsessed with food. Every pot is hand-crafted in small batches with uncompromising care, with only the best ingredients, with absolutely nothing artificial and presented in beautiful reusable ceramic pots. The company, established in 2012, is on a mission to rescue people from bland, uninspiring mass-market foods one product at a time.

The UK-based culinary team is raising the bar in the prepared foods segment by completely reinventing it for discerning foodies who crave more memorable, restaurant-quality food experience in the comfort of their own home.

For more information on 301 INC, visit www.301inc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210413005126/en/

FAQ

What is the purpose of the $20 million investment in Pots & Co?

The investment aims to support Pots & Co's growth strategy, expanding its product range and distribution in the US.

How much did Pots & Co grow its sales from 2014 to 2020?

Pots & Co's sales increased from $2.8 million in 2014 to $19.5 million in 2020, a growth of 700%.

Where will Pots & Co products primarily be distributed in the US?

Pots & Co will focus on retail distribution in the West Coast and Rocky Mountain region.

What types of products will Pots & Co offer in the US?

Pots & Co plans to offer a range of unique potted desserts and new savory, Mezze style dips.

Is this the first investment of General Mills in a UK company?

Yes, this is General Mills' first overseas investment and its first in a UK company.