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Plant-based dairy company Ripple Foods has raised $60 million in a Series E funding round led by Rage Capital, Ajax Strategies and S2G Ventures.

Headquartered in California, Ripple Foods uses protein from yellow peas to create dairy alternative products such as plant-based milk, protein shakes and frozen desserts.

The company’s Series E round was also backed by OurCrowd, GV, Prelude Ventures, Euclidean, Fall Line Capital and Tao Capital Partners.

Commenting, Ripple Foods CEO Laura Flanagan 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," she added.

Chuck Templeton, managing director of S2G Ventures, said: "Our investment with Ripple supports its continued growth and success in the milk aisle and its upcoming innovation in 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."