Oddlygood to raise €25 million from Mandatum Asset Management.

Oddlygood, a Helsinki, Finland-based alternative food producer, announced completing an equity financing raise closed at €25 million ($28.3M).

The money was raised from a local insurance company from Finland, Sampo Group, via the private equity division Mandatum Asset Management Private Equity.

Oddlygood, founded in 2021 as a spinoff from the Finnish food producer Valio and led by CEO Niko Vuorenmaa, develops and markets plant-based products, including oat drinks for coffee, oat yogurts, cheeses and dairy alternatives used in cooking and baking. The company sells its products in Finland and Sweden, as well as in the U.K., Russia and the Baltic countries. U.S. sales are slated to begin in early 2022 as production begins of Oddlygood Oat Yogurt in Northern California. It says it estimates the turnover of its first independent year of operation to be approximately €20 million.

Valio will continue as Oddlygood’s majority shareholder.