Health and Plant Protein Group (HPP) has announced a $385,000 (US$300,000) investment in EVR Foods, Inc, the holding entity of the LAVVA brand. HPP is co-investing with S2G Ventures via a purchase of convertible, unsecured promissory notes that attract 7 per cent interest per annum, maturing on 28 February 2021.
US-based company LAVVA was founded in 2014 and produces clean label, nutrient rich plant-based yoghurts as well as non-dairy milk and creamers. It is currently distributed through Whole Foods, Sprouts Farmers Market, Good Eggs and Wegman’s.
LAVVA uses pili nuts, which are similar to macadamias.
HPP executive director Dennis Lin said the investment was consistent with HPP’s core strategy to build through high growth categories of plant-based milk and yoghurt. "We believe we can continue to grow LAVVA through our expertise in supply chain development and management, the strong potential of incorporating macadamia ingredients into LAVVA and introducing the brand to Australia and Asia within a short timeframe,” Lin said.
S2G Ventures is a venture capital fund with more than 50 portfolio investments focused on a more sustainable food system.
HPP was formally the Buderim Group. It sold its ginger business to the Himstedt family for $13 million in September 2020, saying it wanted to refocus on internationally expanding its nut business.