Alter Eco, Inc. Announces Completion of $2 Million Series A Financing
Proceeds Will Fuel Growth of Delicious and Healthy Artisan Foods
SAN FRANCISCO, April 21 /PRNewswire/ -- San Francisco-based Alter Eco, Inc., makers of high quality, nutritious, and ethically sourced foods from around the world, today announced the completion of a $2 million Series A financing. The financing was led by San Francisco-based Good Capital, New York-based Serious Change Fund, and Vancouver, BC-based Renewal2 Investment Fund, and also included participants from Investors' Circle. Proceeds from the financing will be used to scale nationwide distribution and marketing of Alter Eco's award winning organic, Fair Trade products including dark chocolate bars, quinoa, rice, sugar and olive oil.
"This is an exciting moment in the history of Alter Eco and a significant opportunity for us to build on the success we've had over the last four years," said Mathieu Senard, co-founder and CEO of Alter Eco. "We're thrilled to have the resources and backing from new investors to bring our delicious, honest foods to more consumers and build Alter Eco into a household name."
Alter Eco products are ethically and sustainably sourced from artisan farmers around the world. The company works closely with its small-scale farming partners, such as the ANAPQUI quinoa cooperative in Bolivia, to ensure high quality and sustainable production, ethical treatment of workers, and fair wages. In addition, Alter Eco develops reforestation projects in partnership with PurePlanet.org, providing carbon credits to offset its entire supply chain while generating extra revenues for local farming communities. This commitment to both quality and sustainability has yielded numerous awards for the company's products including the recently launched Dark Chocolate Quinoa Bar, which won Best Organic/Fair Trade product at the 2010 San Francisco Chocolate Salon.
"We're delighted to be partnering with Alter Eco, as the company is a standout in the natural foods industry with their commitment to sustainability and ethical sourcing," said Wes Selke, Investment Manager at Good Capital. "They're on the cutting edge of creating wonderfully delicious food products that build significant value for their entire supply chain."
In conjunction with the financing, Alter Eco will be welcoming Ben Cohen, co-founder of Ben & Jerry's, as a new member of the board of directors. "Ben will be an invaluable asset to our team as he brings enormous expertise in product development and grassroots marketing," said Edouard Rollet, co-founder and COO of Alter Eco. "With this addition to the board and the hiring of Kate Tierney as our VP of Sales last year, I believe we have the right team to succeed in the marketplace."
About Alter Eco, Inc.
Founded in 2005 in San Francisco, Alter Eco is a team of Fair Trade visionaries and food-loving explorers on a mission to connect consumers to artisan farmers and their foods from around the world. The company offers a range of high quality, organic, Fair Trade, and carbon neutral food products including dark chocolate bars, packaged and bulk quinoa and rice, sugar, and olive oil that are available nationwide through Whole Foods and other natural food stores. Alter Eco envisions a world in which all stakeholders benefit from the production and distribution of delicious foods and is working towards this vision through its commitments to sustainable production, ethical sourcing, and carbon reduction. More information can be found at www.altereco-usa.com.
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SOURCE Alter Eco, Inc.
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