LOS ANGELES — Daring, a maker of plant-based chicken alternatives, has raised $40 million in a Series B funding round led by D1 Capital Partners. Also participating in the round were recording artist Drake and existing investors Maveron and Palm Tree Crew.
The company, which launched last year, plans to use the proceeds to expand its team, scale its rapid retail and foodservice growth and support new product development. Daring raised $8 million in a Series A round this past October. Its products are sold in more than 1,000 retail locations, including Sprouts Farmers Market, Costco, Wegmans, Kroger, Imperfect Foods and more.
“This is so much more than an investment in Daring, it’s an investment in the future of food,” said Ross Mackay, co-founder and chief executive officer of Daring. “This past year has been transformative for us —from launching new products and growing our presence in retail and foodservice to expanding our market share. We are so fortunate to have such visionary investors fueling our company’s future and furthering our mission.”
Formulated with soy protein, Daring products include original pieces, lemon and herb pieces, Cajun pieces and original breaded pieces. The products provide 14 grams of protein per serving.
“Daring has demonstrated impressive product-market fit in a short period of time,” said Michael Tully of D1 Capital Partners. “The brand has a significant growth runway ahead of it as the chicken market remains underpenetrated by plant-based products. Ross and his team are best-in-class leaders, and we are excited to be a part of Daring’s continued success.”