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Ripple Foods, the California-based brand making dairy-free products from yellow peas, has raised $60 million in a Series E funding round led by Rage Capital, Ajax Strategies, and S2G Ventures, with backing from OurCrowd, GV, Prelude Ventures, Euclidean, Fall Line Capital, and Tao Capital Partners. The new raise puts the brand at more than $250 million raised to date.
“This capital raise will enable us to accelerate innovation and growth across product categories, and expand into new channels and global markets,” Ripple Foods CEO Laura Flanagan said in a statement.
“It allows us to further achieve our mission of making plant-based foods that are better for people, and better for the planet, on an even larger scale.”
According to Flanagan, Ripple’s growth is outpacing the category by 3x, “and we are well-positioned to further accelerate that growth,” she said. “This capital raise will enable us to accelerate innovation and growth across product categories, and expand into new channels and global markets. It allows us to further achieve our mission of making plant-based foods that are better for people, and better for the planet, on an even larger scale.”
Better than dairy
The brand’s newest release, a kids’ line, is high in protein, low in sugar and fat, and boosted with prebiotic fiber, choline, and DHA for brain health. This, the company says makes it the same “or better” than conventional dairy.
Funding will allow Ripple to increase its offerings—vegan cheese and soft serve are in the works—as well as speed expansion plans. It’s currently sold in the U.S. and Canada, but plans are to take it global.
“There’s tremendous growth runway domestically, but we also see an enormous opportunity outside of the United States where there is the need and preference for dairy free products, whether it’s due to dairy sensitivities or lactose intolerance or just flexitarian consumers who are looking to put more plant-based foods in the diet,” Flanagan said.
One of those target markets could be China. Last year Multizen, one of the largest B2B food companies in China, invested in Ripple Foods. It was Multizen’s first sustainable impact investment. Demand for dairy-free products has been skyrocketing in Asia in recent years.
‘A clear leader’
Chuck Templeton, managing director of S2G Ventures, said the investment supports the brand’s continued growth and success in the milk aisle and the expansion into new product categories.
“Ripple is a clear leader in plant-based dairy alternatives, and we are excited to support this team of proven industry veterans as they continue to scale the business.”
Gabriel Ruimy, Rage Capital’s Managing Partner, echoed the excitement. “There are very few products in the plant-based arena that offer consumers a no-compromise proposition like Ripple: great taste, great nutrition and great for the environment,” Ruimy said. “There is a huge demand for high-quality Ripple products around the world, and we look forward to helping Ripple enter new markets as they become the go-to alternative to dairy for consumers everywhere.”
Check out The APAC Alternative Protein Industry Report 2021 here.
Lead image courtesy Ripple Foods