GrowinCo., a co-manufacturing startup focused on streamlining the co-manufacturing and sourcing processes for leading CPG companies in Brazil and the United States, has secured additional funding from MANDI Ventures, a global venture capital firm focused on accelerating disruptive technologies in the food and agriculture industries. In addition to MANDI Ventures, Harvard Angels , GVAngels and Urca Angels have also invested in the company during a round that closed earlier this year.
The funds will be used to help GrowinCo further expand into the US market, where demand for its services has increased dramatically in recent years and is expected to grow by over 10% year over year for the next five years. The American CPG market for the categories GrowinCo. serves is worth $5.3 trillion, with contract manufacturers accounting for approximately 22% of the market. The company will also use the additional funding to develop new AI-powered tools aimed at expediting the matching process between the numerous global CPG companies and suppliers already using the platform.
“We are thrilled to partner 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 while hiring top talent in both Brazil and the US.”
GrowinCo is often referred to as the “Airbnb of industries” for CPG players. The platform connects CPG firms with idle capacity at co-packers, contract manufacturers, ingredient suppliers, and packaging suppliers. This enables CPG companies to bring new products to market more quickly and cost-effectively, while reducing inefficiencies on the manufacturing side.
With over 100,000 suppliers in its network and customers including Kellogg’s, Mondelez, NotCo, Cargill, Kraft Heinz, Danone, and Natura, the company has quickly become a market leader in Brazil and a significant force in the US.
“We see GrowinCo’s platform as a true game-changer in the CPG industry,” said Raffael Teruel, Partner at MANDI Ventures. “Industry optimization solutions are becoming increasingly important for CPG players as the rapid rate of new launches, combined with increasing complexities in the supply chain, puts pressure on both CPGs and manufacturers to reduce inefficiencies in the manufacturing process.”
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, ingredient 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 offices in São Paulo and in Chicago, USA.
Photo: Julio Benetti, Ricardo Moreira Salles and Raffael Teruel from MANDI Ventures – Courtesy of MANDI Ventures