Plant-based bubble bursts
OPINION: Talking about plant-based food: “Chicken-free chicken” start-up Sunfed has had its valuation slashed to zero by major investor Blackbird Ventures, and its products are no longer available in supermarkets.
Malmö-based Oatly is riding high as global demand for plant-based milk alternatives soars. The flotation follows last summer's sale of a minority stake to a starry group of investors that included US private equity firm Blackstone, Oprah Winfrey and Jay-Z. The deal valued the company at US$2bn.
Oatly has enjoyed stratospheric growth thanks to the combination of guerrilla marketing and good timing, as more people embrace a vegan or vegetarian diet. Its sales nearly doubled to US$200m in 2019 and were predicted to do the same in 2020.
