The Collaborative secures investment from PowerPlant Ventures

British plant-based desserts and yoghurt provider The Collaborative (previously The Coconut Collaborative) has secured an investment from PowerPlant Ventures in a Series A funding round.

The $7m investment will be used by the company for brand transformation, as well as expanding its presence across the US market.

PowerPlant Ventures co-founder and partner Mark Rampolla said: “At PowerPlant, we are constantly on the lookout for plant-based food brands that are providing an answer to consumer demands and challenging the status quo – The Collaborative is doing that as a remarkable brand with a premium breadth of products that combine wholesome goodness, great taste, which is equivalent to or better than dairy alternatives, low sugar, and better-for-you ingredients.”

The dessert company has also unveiled its plans to expand its offering portfolio with the addition of new plant-based products that are said to be gluten-free, non-GMO and low in sugar.

Plant-based desserts will see the addition of vanilla rice pudding, double chocolate mousse, and chocolate pudding varieties.

The yoghurt alternatives will be updated with new size launches, including 4.2oz, 7oz, and 12.3oz multi-serve, which will be available in plain, vanilla, alphonso mango and passionfruit, and blueberry and rosemary varieties.

The Collaborative has also appointed Meiky Tollman as its new CEO.

Before joining The Collaborative, Tollman served as the general manager, executive vice-president international and COO for 15 years at Sabra Dipping Company.

Tollman said: “For me, coming to The Collaborative is motivating and inspiring to work with one of the fastest-growing category growth drivers of plant-based products on the market that is also purpose-driven.

“Not only will this investment and partnership allow us to leverage the momentum of our growth, but also further expedite our expansion into more conventional and natural grocery channels.”