Drake Invests In Plant-Based Food Company
The rapper has reportedly purchased a stake in LA-based Daring Foods.
Drake is now investing in the faux meat industry. According to Bloomberg, he has participated in a $40 million series B funding round in Daring Foods, a Los Angeles-based company that specializes in plant-based “chicken.”
During a 2018 Twitch livestream, the rapper announced he had stopped eating meat, following rumors that he could be either a vegan or a vegetarian after he posted a photo on Instagram with the caption “If two vegans are angry at each other…is it beef?”
Although Daring declined to comment on its valuation, it raised $8 million in October, per Bloomberg. The new investments will reportedly help the company nearly triple its retail presence to over 4,500 U.S. stores in 2021, while its foodservice expression of about 400 locations could advance ten-fold in the same time frame.
Celebrating our Series B raise today with a team of truly visionary investors–including one you may have heard of 👀. Let's go daring!https://t.co/sh5bpRpz5E.
— Daring. (@DaringFoods) May 18, 2021
Chicken is the most popular meat in the U.S., so many faux-meat companies are turning their attention to possible protein substitutes of the food. According to projections made by Future Market Insights in 2020, the worldwide plant-based chicken market is expected to reach $8 billion by 2030.
“The first wave of plant-based was really focused on taste and texture, but then you had the sacrifice of other elements, like health,” Daring co-founder and CEO Ross Mackay told Bloomberg. The company emphasizes its products’ lower calories and short ingredient list.
Drake is set to receive the Artist of the Decade Award at the Billboard Music Awards this weekend. Earlier this year, he became the first artist ever to claim the top three spots on the Billboard Hot 100 at the same time.