Carlsquare advised True Gum on Oyster Bay's investment
Copenhagen-based startup True Gum raises an investment from Oyster Bay as demand for plastic-free chewing gum builds
The demand for plant-based foods continues to soar, and the chewing gum shelves are no different. The Copenhagen-based startup True Gum, who produces a plastic-free and plant-based chewing gum, has just raised an investment from a German VC to further expand their efforts. The investor is the venture capital fund Oyster Bay, which specializes in food and beverage consumer goods and is run by the Hamburg-based food entrepreneur Christoph Miller.
“As a big fan of True Gum, it was a pleasure for Oyster Bay to close this investment. True Gum is a company that is sustainable to the core, pioneering the chewing gum category with a product that is both plastic-free, plant-based and popular with modern consumers. The founding team is highly motivated, committed and professional, so we look forward to supporting their journey”, says Christoph Miller, Founding Partner of Oyster Bay.
With access to new capital, True Gum (founded in 2017) is strengthened to invest in further product development, marketing and distribution across its largest markets. The new investor has specifically been chosen based on the strong experience within consumer packaged goods and the vast experience within the important German market.
“The demand for our plastic-free chewing gum is growing by the day, as consumers continue to move towards more sustainable food products. We want to make our chewing gum widely available in order create positive impact for our climate, and in Oyster Bay we have found a great partner for doing exactly that. Combining their local expertise with our product and brand will hopefully enable us to make an even bigger change”, says Morten Ebdrup, CEO and co-founder of True Gum.
The funding round will enable True Gum to take the next strategic step, which is to secure and expand operations within the most important European markets, with Germany as the spearhead. And as an increasing number of food retailers look to re-define their shelves with sustainable and kinder alternatives, the future looks bright for the young chewing gum company. True Gum will also be expanding its range of chewing gum products in the near future and is also contemplating a move into adjacent product categories.