An Irish plant food company that emerged from a small business rescue scheme earlier this year has secured an investment from a food-focused venture capital fund.
John Conroy’s Redesdale Food and Beverage Fund said it was investing in Shane Ryan’s Fiid, which specialises in ambient plant-based meals.
Redesdale said Fiid was a “leader among a new generation of food companies in Ireland supplying plant-based convenience meals for the health-conscious consumer”. Mr Conroy said it had emerged from the Small Company Administrative Rescue Process (Scarp) “as a leaner, fitter company and with optimism that it can build on its solid market position and prosper into the future”.
The Redesdale investment comes less than two months after Mr Ryan’s company had its rescue deal approved, having sought protection under the scheme late in March.
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Using a traditional French low-temperature cooking process, called sous vide, where vacuum-packed food in plastic or glass is cooked slowly in a water bath, Mr Ryan said he has found a way of delivering what he says are nutritious microwaveable plant-based meals with a long shelf life.
He has said that his target is to have healthy and convenient meals that can sit on a shelf for up to a year without spoiling.
Fiid, which was founded in 2018, already works with a number of leading retailers across Ireland including SuperValu, Dunnes Stores and Tesco, and also with Holland & Barrett in the UK and online retailer Ocado.
Redesdale partner John Stapleton said the focus for the business over the next year or more would be on breaking into the UK market.
“Fiid has built a good brand based on strong consumer insight,” he said. “We are attracted by the product quality and strong market positioning of the business in the Irish market combined with the real potential for growth in the UK.”
[ A healthy lunch in a bag that’s hot and tasty and contains only 149 caloriesOpens in new window ]
He said Redesdale had been following Fiid for some time and was impressed by its product.
“Wastage can be a big issue when you are breaking into a new market in ambient food. The longer shelf life of the Fiid range will help that. But ultimately, quality needs to be there and we think that stands up [at Fiid].”
The company was one of the first to tap into the Scarp scheme, a stripped-down version of examinership that allows small and micro companies to restructure their debts without being forced into liquidation. The scheme is limited to companies with no more than 50 staff, turnover of less than €12 million and a balance sheet of no more than €6 million.
Redesdale’s fund – investors in which include Enterprise Ireland, Coca-Cola, Monaghan Mushrooms, Tate & Lyle and US investment management company Lord Abbett – targets investments in the food, drink and nutrition sectors.
