The dairy-free milk alternative oat milk is fast becoming a cult favorite, and Swedish brand Oatly is among those leading the pack. Some big names are taking note — including Oprah, Jay-Z, and Howard Shultz, who are part of a group funneling more than $200 million into the brand.
This deal, which involves the sale of a 10 percent stake in the company, brings the valuation of Oatly to $2 billion. CEO of the company, Toni Petersson, told Cheddar in an exclusive interview that he plans to use the new funding to build on their momentum, and "continue the growth journey that we've been on for a few years now."
Oatly's rise in popularity has been a rapid one. Only 10 coffee shops in the United States featured the plant-based milk brand in 2017. By 2019, that number had grown to 3,500 coffee shops. Part of this new funding will be used to continue the company's expansion in reaction to its exponential growth.
"It's been crazy — completely crazy," Petersson told Cheddar. "We started off in 2018 with just one factory in Sweden, and mid next year we're going to have five factories on three continents, two of which will be in the U.S. And we don't think that's enough."
When Oatly's oat milk began gaining traction among the coffee shop patrons of the world, it quickly began selling out at grocery stores, and price gouging of the product began to skyrocket on e-commerce websites like Amazon.
If Petersson has his way, Oatly will soon be even bigger, and "more than just an oat milk brand, more like a generational brand."
Steven Overly, Host of Politico Tech, talks to Dave Briggs about the key takeaways from Joe Rogan's interview with Mark Zuckerberg, all under 20 minutes. Watch!
Abrar Al-Heeti, Tech Reporter at CNET, explains what will happen if and when the TikTok app is banned in the United States. Plus, who may buy it? Watch!
Chris Lafakis, Director at Moody's Analytics, discusses how home insurance may change as a result of the devastation in California brought on by the LA fires.
Brian Rosen, Founder and CEO of InvestBev, discusses what the Surgeon General’s new Advisory on Alcohol and Cancer Risk means for the adult beverage business.
Damage from the Los Angeles inferno is setting records—and it's not over. Plus, rate-cut drama, the battle over Greenland, and Zuckerberg bends the knee.
Watch Duty CEO, John Mills, talks to Cheddar about how the app works, how it helps people in real time and how people can donate to help those affected.
JP Richardson, CEO at Exodus, discusses bringing Exodus public, his thoughts on the future of crypto markets, and tips to take the first steps into the space.
Jonathan Alter, journalist and author, discusses Trump's threats to take back the Panama Canal, unraveling foreign policy work done by Jimmy Carter in 1978.
