• Maryland-based Everything Legendary, the plant-based burger co has announced the close of a $6M Series A led by CircleUp
  • Other investors included General Mills’ elevator/venture arm 301 Inc. and Mark Cuban, who first invested in the brand when it appeared on 'Shark Tank' last year
  • "Given that Black Americans are one of the fastest-growing vegan demographics in the country, we believe Everything Legendary is poised for substantial growth" - General Mills

US plant-based burger co and Maryland-based Everything Legendary has closed a $6 million Series A led by CircleUp, including investors General Mills via its elevator and venture arm 301 Inc. and Mark Cuban, who notably first backed the startup on the television programme ‘Shark Tank.’ The round closely follows Pitchbook's annual Foodtech Report which found venture capital investors poured more than $39 billion into foodtech companies in 2021.

Everything Legendary plans for the round to support the delivery of the brand's potential, reaching a target demographic where there is an unmet demand for plant-based meat among Black Americans. Everything Legendary's plant-based ground and burger patties are currently in 1,500 stores, and the company plans to launch in 5,600 grocery stores by this summer off the back of the latest round and expand its product range.

According to Everything Legendary, the Black community has been embracing plant-based diets more quickly than other demographics yet the industry has to date done little to reach them. Everything Legendary points to PEW via the BBC that 8% of Black Americans are vegan - almost three times as many as the 3% in the general population who follow the fully-animal-free diet.

Image credit: Food Dive

Similarly, Gallup in 2019 found 31% of non-white Americans had cut back on meat in the preceding 12 months, versus only 19% of people who identified as white. Everything Legendary also aims to redress health inequalities through its foods, pointing to support for Cheers' and Claytor's mothers to eat healthier plant-based products.

Duane “Myko” Cheers, Co-Founder of Everything Legendary:

“There are a lot of people trying to get into the $5 billion+ plant-based food market. What has our investors excited about us is they can see that we aren’t just another plant-based product. We are looking to disrupt the multi-billion dollar industry with unprecedented flavour, premium ingredients and high-energy marketing that sets our brand apart.”

Karen Howland, GP at CircleUp:

“The Everything Legendary team is taking a new, fresh approach to the plant-based meat category. Their bold packaging and unique brand messaging allows the product to stand out in a crowded space.”

Doug Martin, Chief Brand and Disruptive Growth Officer of General Mills:

"Given that Black Americans are one of the fastest-growing vegan demographics in the country, we believe Everything Legendary is poised for substantial growth."

Prominent members of the Black community, notably Serena Williams and Beyoncé favour plant-based food. According to Food Dive, there haven't been that many Black entrepreneurs in the plant-based meat space where Everything Legendary’s graffiti-inspired bright packaging and other consumer keys inspire confidence in the product within and beyond an underserved segment.

FYI/PitchBook's annual Foodtech Report found more than $39 billion of venture capital was invested into foodtech in 2021. More than half went to just two categories, 1) online grocers and 2) apps & marketplaces.

According to The Good Food Institute (GFI) since 2010 $11.1 billion has been invested in alternative proteins, yet 73 per cent of the total is attributable to the last two years alone. After a staggering 60 per cent year-on-year increase, investment in alternative proteins hit a record $5 billion in 2021.

Source, Source, Source

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