Co-Manufacturing Startup GrowinCo Lands $1 Million in funding to accelerate US expansion

GrowinCo, a co-manufacturing startup focused on streamlining the co-manufacturing and sourcing processes of leading CPG companies in Latin America and the United States, has raised additional funding from MANDI Ventures, a global venture capital firm focused on accelerating disruptive technologies in the food and agriculture industries.

The funds will be used to help GrowinCo expand further into the US market, where demand for its services has increased dramatically in recent years and is expected to grow over 10% yoy for the next five years. The US CPG market, for the categories GrowinCo attends, is US$ 5.3 trillion and roughly 22% of this market is produced through contract manufacturers. The company will also use the additional funding to create new AI-powered tools aimed at speeding up the matching process between the many global CPG companies and suppliers who already use its platform.

“We are thrilled to be partnering with MANDI Ventures; their unique combination of sector expertise and commercial connections will be invaluable in helping us grow even faster,” said Raphael Traticoski, GrowinCo’s co-founder and CEO. “This funding will not only allow us to expand our client base, but also develop new products and services alongside hiring top talent in both Brazil and the US.”

GrowinCo is the go-to platform for any CPG product development. Imagine them as the “Uber of the Industries”. The platform connects CPG firms with idle capacity at co-packers, contract manufacturers, ingredient suppliers, and packaging suppliers. This allows CPG companies to bring new products to market more quickly and cost-effectively while also reducing inefficiencies on the manufacturing side.

With over 100,000 suppliers in its network and customers including Kellanova, Mondelez, Coca-Cola, NotCo, Cargill, Kraft Heinz, Danone, and Natura, the company has quickly become a market leader in Brazil and an important force in the US.

“We see GrowinCo’s platform as a real game-changer in the CPG industry,” said Antonio Moreira Salles, co-founder and General Partner of MANDI Ventures. “Industry optimization solutions are becoming increasingly important in the CPG industries as a rapid rate of innovation, combined with increasing complexities in the supply chain, puts pressure on both CPGs and manufacturers to reduce inefficiencies in the manufacturing process.”

About GrowinCo:
GrowinCo is a co-manufacturing and sourcing platform for the CPG industry. The platform connects CPG companies with idle capacity at co-packers, contract manufacturers, ingredients suppliers, and packaging suppliers. This allows CPG companies to bring new products to market more quickly and cost-effectively. The company was founded in 2019 by two former executives of Mondelez and is headquartered in Curitiba, Brazil, with commercial offices in Chicago, USA.

Related Post
Innovation Newsletter
Don't miss the most important news about Innovation. Sign up to receive them by email.

About MANDI Ventures:
MANDI is an early-stage venture capital fund focused on accelerating the adoption of disruptive technologies in the food and agriculture industries.

The post Co-Manufacturing Startup GrowinCo Lands $1 Million in funding to accelerate US expansion appeared first on PressCenter.com – Free Press Release Distribution Platform.

 

  

 

BlogofInnovation.com

Innovation Newsletter
Don't miss the most important news about Innovation. Sign up to receive them by email.

Recent Posts

TIMES BPO Rings in the Revenue Revolution for Ambitious Businesses

Imagine a world where your phone rings not with complaints, but with eager customers ready to buy. A world where…

2 hours ago

[NEW] The 2024 Best Pokémon GO Spoofer for iPhone and Android | Tenorshare iAnyGo

NEW YORK, N.Y., July 17, 2024 (SEND2PRESS NEWSWIRE) — Tenorshare is excited to announce the launch of the 2024 edition…

11 hours ago

The Cloud Wars: A Ranking of Leading Cloud Service Providers

In the realm of digital transformation, cloud computing has emerged as a pivotal technology driving innovation across industries. As businesses…

15 hours ago

GRG PROFESSIONAL SERVICES LTD and Mindrops Merge: A New Era in Global Business Solutions

In a move that’s set to shake up the business services landscape, GRG PROFESSIONAL SERVICES LTD and Mindrops have announced…

1 day ago

More than 3,000 health care organizations recognized for commitment to high-quality cardiovascular care

​​DALLAS, July 16, 2024 — Someone in the United States dies of cardiovascular disease (CVD) every 34 seconds, on average.[1]…

2 days ago

Rascals Wins “Training Diaper Product of the Year” In 2024 Baby Innovation Awards

Annual Awards Program Recognizes Innovative Companies, Services and Products Within the Baby Care Industry Annual Awards Program Recognizes Innovative Companies,…

2 days ago

Seguici

Innovation Newsletter
Don't miss the most important news about Innovation. Sign up to receive them by email.