a note from us
- plant-based milks may seem like a relatively recent product
- but…they’ve actually been around for over a thousand years 🏺
- the difference with today’s plant-based milk landscape, however, is that the growing competition has caused a milk war ⚔️
- here are a few of the players:
- soybeans, almonds, rice, coconuts, hemp seeds, cashews, oats, pecan, peanuts, flax seeds…who’s next? potatoes? sesame seeds?
- this week’s company is attempting to become the milk liter with a new alternative: peas

in a sentence
Sproud is an alternative dairy company that makes climate-friendly, plant-based products from peas
- climate-friendly: Sproud’s products have a 75% lower carbon footprint than dairy milk 🌍
- peas: yellow split-peas contain 3 and 5 times more protein than oat and almond milk respectively 💪
bulleted version: genz and millennial parents will have no trouble tricking their kids into eating their veggies…who would’ve thought next-gen toddlers will be dipping their cookies in pea milk?! 🍪
the basics
- industry: beverages, CPGs, alternative dairy products
- headquarters: Malmö, Sweden 🇸🇪
- year founded: 2018
- company size: < 50 employees 🧳
- notable investors: Dream, VGC Partners, Findeln Holding
- amount raised: $6.52m; 50% acquisition by Dream Beverages (2019)



due diligence
what we like
- ♻️ sustainable supply chain: Sproud’s pea-based milk requires 80% less water than almond milk, regenerates soil during crop growth, and avoids the energy-draining refrigerator section of grocery stores
-
📈 strong market & brand: dairy milk sales are decreasing to make room for the $18 billion (and growing) plant-based milk market
- Sproud’s exceptional branding and team of CPG leaders will put it at the forefront of this explosive market
- consumer flexibility: while a high (and growing) number of people have partially or fully switched to plant-based milk, no company nor core ingredient has won the milk war, leaving room for new entrants
potential risks
-
oversaturated market: public companies, CPG giants, and newer startups are all at battle with their own takes on milk
- this causes confusion and an overwhelming experience for consumers 🤯
- 🇺🇸 a CPG party in the USA: while the company’s pea milk is sprou(d)ing everywhere in their home base and Europe, they have to deal with a new audience, sky-high marketing spend, and competitive shelf space as it tries to dominate the US market
- 📚 pea education: peas have been used as protein additives for years, but to appeal to the 1 in 3 consumers buying alternative milk, Sproud must convince the wider audience that they too should be powered by peas
founder profiles
- Maria Tegman (prev. @ WeMake, Orkla)
- Nicklas Jungberg (additionally @ JR Kvartersfastigheter)
- Christopher Robertson (prev. @ WeMake, Oatly, Renée Voltaire)
comps
why Sproud: Sproud is leading in health and sustainability, constantly innovating and expanding its product line, based in a global plant-based hub, and led by an experienced team 🌱
- the company is well-positioned to capture a large peas of the market