Kygo isn't chicken when it comes to investing.
Following his purchase of a minority stake in a top-selling Finnish alcohol company, Kygo has made another splash in the food and beverage industry thanks to an investment in daring, the leader in clean plant-based chicken. His early-stage investment arm, Palm Tree Crew Investments, helped close an $8 million Series A funding round for the company to foster its mission to remove chicken as a form of animal protein from our food system and replace it with a more sustainable, plant-based option.
According to Business Wire, the funding round was led by Maveron, a prominent Seattle-based venture capital firm founded by former Starbucks CEO Howard Schultz and investment banker Dan Levitan. In addition to Kygo's Palm Tree Crew Investments, which he spearheads alongside longtime manager Myles Shear, other backers include GoodFriends (from the founders of Allbirds, Harry’s, and Warby Parker), Stray Dog Capital, and a number of private investors, including Mike Smith (CFO of Stitch Fix) and Brian Swette (former Chair of Burger King).
"We are always looking to partner with entrepreneurs that are building the next generation in consumer products. daring’s co-founders have a massive mission and the product exceeded our expectations in every capacity – taste, texture, and clean ingredients," said Levitan. "We are in the early innings of the plant-based movement. The next wave of plant-based alternatives need to be significantly less processed with a cleaner ingredient profile to win the hearts, minds and stomachs of consumers. We are confident that daring will emerge as a leader in the space."
Along with the announcement of the Series A round came the news of daring's new "Breaded daring Pieces," which are free of GMOs and gluten and available online and at a bevy of retail locations, including Gelson’s, Bristol Farms, and Fresh Thyme. You can find out more via daring's website.