California-based Califia Farms have received a $50m investment from New York based private equity firm Stripes Group to advance its research and development in plant-based beverages and foods.
The maker of almond milk beverages stated that the investment would be used in deepening production, development of distribution capacities, research and development, hiring plus sales and marketing.
The company said it would also take Stripes Group’s assistance to build resources and improve its digital brand building efforts.
Califia Farms co-founder Greg Steltenpohl said: “We are excited to add Stripes Group as a partner in our ongoing mission to be the plant-based food and beverage Company of the future.
“Stripes Group is perfectly aligned with our culture of rapid innovation and sustainability, and they are deeply supportive of our commitment to provide delicious, mindful nourishment that enables people to live healthier lives with plant-based products. Plus, we love Stripes Group’s excellent track-record of supporting entrepreneurs in their efforts to build unique brands.”
For Califia Farms, this is the firm’s first outside investment since its launch in 2010. The company is majorly owned by Sun Pacific, which grows citrus fruit, tomatoes, kiwi and grapes, packs and markets over 35 million boxes of fruit annually.
Stripes Group have partnered with several food and technology players in the past such as Blue Apron, GrubHub, Stella & Chewy’s, and Refinery29.
© FoodBev Media Ltd 2024