Plant-based beverage company Califia Farms has secured $225 million in Series D financing led by the Qatar Investment Authority (QIA), in a move to accelerate growth of its brand.
The California-based company claims its funding is one of the largest private capital raisings within the natural foods sector.
Founded in 2010, Califia Farms offers plant-based beverages including oat milks, dairy-free probiotic yogurt drinks and nitro cold brew coffees.
Califia Farms will use its capital to build on the success of its oat platform, as well as launch other product lines. The company also said the proceeds will allow it to further invest in increased production capacity, substantial R&D and continued global expansion.
Other investors include Singapore-headquartered investment company Temasek, Canada-based Claridge and Hong Kong-based Green Monday Ventures. Califia aims to utilise this global investor base to enable the expansion of its presence.
The new investor group will take a minority stake in Califia Farms, with representatives from QIA, Temasek, and Claridge joining the board of Califia, alongside founder Greg Steltenpohl and existing investors Sun Pacific, Stripes and Ambrosia.
In 2018, Califia Farms secured more than $50 million in funding from current and new investors and in 2015 received a $50m investment from New York based private equity firm Stripes Group.
“The more than $1 trillion global dairy and ready-to-drink coffee industry is ripe for continued disruption, with individuals all over the world seeking to transform their health and wellness through the adoption of minimally processed and nutrient rich foods that are better for both the planet and the animals,” said Greg Steltenpohl, Califia’s founder and CEO.
Steltenpohl added: “Speed to market is critical for companies at our stage and we are thrilled that our new partners share our vision to be the leading independent brand in the plant-based sector. Each of our partners brings significant resources and global expertise to accelerate our next stage of our growth.”
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