US vegan brand Ripple Foods has closed a $65 million capital funding round, with lead investment from Euclidean Capital.
Ripple, which makes a pea-based milk alternative beverage, has also secured funding from Goldman Sachs, Khosla Ventures, Fall Line Capital and S2G Ventures.
Last year, Ripple launched a vegan Greek yogurt and child-friendly vegan milk. To date, it has secured a total of $110 million in funding.
The brand launched its pea milk at Whole Foods in 2015 and has seen demand for its products grow by a reported 300% per year.
Kathy Elsesser of Goldman Sachs told Bloomberg: “We are proud to invest in a company that has one of the fastest-growing plant-based product lines.”
A statement on Ripple’s website said: “We’re taking a stand against dairy alternatives that are thin, chalky, or anything less than delicious. When you choose dairy free, you shouldn’t have to give up great taste. That’s why we’ve made Ripple dairy free, as it should be: a great source of protein, lower in sugar and most importantly, rich, creamy and delicious.”
It claims that its beverage has “eight times the amount of protein of almond milk and half the sugar of dairy milk”.
The announcement follows the growing popularity of plant-based products. Vegan confectionery launches increased by a reported 140% between 2013 and 2017. Sacla, Ben & Jerry’s, Goodfella’s and My/Mo Mochi are among brands to boost their vegan offering this year.
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