Coconut Whisk recently launched in all of Kowalski’s Markets grocery stores as the Minneapolis-based vegan baking-mix startup eyes further expansion nationwide.
A selection of the company’s original, gluten-free mixes became available in all 11 Kowalski’s stores across Minnesota last month. The move reflects Coconut Whisk’s continuous growth as it looks to further expand its retail footprint, launch limited-edition flavors and create new products, said CEO and Founder Bella Lam. To fund those efforts, the company is raising seed money and is planning to close the round mid-2023.
At Kowalski’s, Coconut Whisk’s original pancake and waffle mix, as well as its cookie mixes in flavors like chocolate chip and snickerdoodle are now available, Lam said. Reflecting the company's name, Coconut Whisk uses organic coconut sugar in its mixes.
Kowalski's is always excited to support local vendors and entrepreneurs, like Coconut Whisk, Britt Lindemann, grocery director at Kowalski's, told the Business Journal.
Founded in 2018, Coconut Whisk has had its products sold in more than 950 retail locations across the U.S., selling out of its products numerous times, the Business Journal reported. The company’s chief operating officer, Myles Olson, is also a co-founder.
Coconut Whisk's products can now be found in 30 stores in the Twin Cities metro, including cooperatives like Minneapolis’ Wedge Community Co-op, and specialty grocers like St. Paul’s Golden Fig Fine Foods, according to its website.
Lam pointed to the company’s launch with Foxtrot, a Chicago-based convenience store chain, two years ago as another key aspect of expansion for Coconut Whisk. The company has grown as Foxtrot has, she said, which now spans Chicago, Dallas and the Washington, D.C. area.
Looking ahead, Lam said the company will seek to expand into more stores with a natural food focus, aligning with Coconut Whisk's values in supporting local businesses and being focused on using well-sourced ingredients.
The company sees “much more velocity in that space,” she said.
As Coconut Whisk grows, eventually Lam hopes to make the company a global brand, she told the Business Journal in 2022, when she was named a 40 Under 40 award honoree.
The company is profitable, Lam said, and sees annual revenue double year-over-year. Coconut Whisk anticipates reaching four times its annual revenue next year, depending on the success of its seed round.
In 2021, the company opened a brick-and-mortar store in the Young Quinlan Building in downtown Minneapolis. The shop offers mini pancakes, waffles on a stick, and boba tea.
Last year, Coconut Whisk was a finalist in the Food/Ag/Beverage division of the Minnesota Cup, the University of Minnesota’s annual startup competition. They ended up securing the runner-up spot, behind Maazah, a chutney business.
