Plant-based buttermilk and salad dressing Mill It attracts interest and backing from investors as it gets ready to expand from retail into foodservice.
Aaron Allen Capital Partners (AACP), the investment group focused on Funding the Future of Foodservice, today announced an investment and partnership with Mill It, the first plant-based buttermilk in the market. According to the think-tank Aaron Allen & Associates (AA&A), the demand for alternative sources of protein will follow a similar growth path to organic products. In the U.S., the plant-based food market has been growing at a 16% CAGR (2018–2021) — more than twice the growth of foodservice (6% CAGR). Additionally, recent estimates[1] indicate the global cultured buttermilk TAM could reach more than $2 billion by 2031.
“We are partnering with Mill It because we believe in the category, company, and co-founders,” said Aaron Allen, AACP Managing Partner and AA&A Chief Strategist. AACP is investing in the seed round together with other prestigious VCs like Kern Venture Group, terms of the deal were not disclosed.
Mill It’s first ever plant-based buttermilk is one of the most significant technological advancements in the plant-based market because of its diverse applications. For years, plant-based, dairy-free and lactose-intolerant consumers have had to go without a wide array of foods because they could only be made with dairy-based buttermilk. With Mill It’s plant-based buttermilk, several staple products will become available to plant-based consumers for the first time including: plant-based buttermilk biscuits, waffles, pancakes, and breads. Other applications include: dressings, marinades, sauces, curries and more. With so many untapped markets, Mill It is excited about the opportunity to make dairy-free and plant-based options available to consumers who have previously been forced to go without.
Mill It was founded by Scott and Bill Myers, a father-and-son team. Scott Myers is an accomplished food scientist who enjoys applying his skills in product development, innovation and problem-solving in the food industry. Prior to co-founding Mill It, Scott’s accomplishments include making delicious plant-based products, putting Snapple Iced Tea into a K-cup, and solving ingredient issues for McDonald’s, Starbucks, and Coke. Bill saw this opportunity to create something together, and is taking that to the next level. “As a third-generation restauranteur, I know what father-and-son teams can do. Bill and Scott’s work has enabled Mill It to be the first plant-based buttermilk in the market, develop a patent that builds a moat around the product, and have tapped into a significant market for retail and foodservice.” — said Aaron Allen
Mill It will get support on the foodservice expansion strategy from AACP and sister entity AA&A, as well as an augmentation of teams across functional areas and capacities. “AACP contributing beyond capital and connections alone. Aaron’s deep understanding of the dynamics driving the foodservice industry and the strategic assets he brings to support growth and expansion, performance optimization, helping us with key hirings, go-to market strategy, and insights into the mind of the buyer, give us full confidence they can help us accelerate our business plans and grow value for all involved”, said Bill Myers, CEO of Mill It.
Mill It is raising its Series Seed round to fund its market expansion and continue its R&D efforts. The company currently has two lines of products in the market, plant-based buttermilk and a line of dressings, being sold in major grocery stores nationwide such as Walmart, Kroger, and Whole Foods. With its recently granted patent and seed investment, the company is in a position to expand its product line, accelerate commercial launches, and expand into licensing.
Aaron Allen Capital Partners (AACP) is an investment group focused on funding the future of foodservice. A consortium of esteemed restaurant industry executives, investors, and family offices, the company combines resources to solve some of the biggest pain-points for the foodservice industry globally. AACP backs high-growth-potential restaurant companies and foodservice technology enterprises and finds a home where smart money can realize top-quartile returns while helping the industry advance. To learn more, visit https://www.aaronallencp.com and follow Aaron Allen Capital Partners and Aaron Allen on LinkedIn.
Aaron Allen & Associates (AA&A) is a management consulting firm working alongside senior executives of the world’s leading foodservice and hospitality companies to help them solve their most complex challenges and achieve their most ambitious aims, specializing in growth and expansion, performance optimization, and industry intelligence, as well as a burgeoning practice in mergers and acquisitions advisory services. AA&A clients span six continents and 100+ countries, collectively posting more than $300b in revenue. Across 2,000+ engagements, the company has worked in nearly every geography, category, cuisine, segment, operating model, ownership type, and phase of the business life cycle. To learn more, visit https://aaronallen.com and follow Aaron Allen & Associates and Aaron Allen on LinkedIn.
Mill It Inc. is the first of its kind plant-based company that makes dairy alternative products by using ancient grains. Through a proprietary fermentation method, Mill It has developed the first plant-based buttermilk which it plans to use to create several new plant-based products and offerings including its salad dressings. Mill It is a consumer-centric brand and markets its products with its trademarked slogan ‘The Best Taste is Plant Based.’. To learn more, visit https://www.millitfarms.com.
