Kate Farms – maker of plant-based formulas used in the treatment of chronic illnesses – has secured investment from Main Street Advisors, taking the total amount raised in its Series B round to $60 million.
Main Street Advisors joins Goldman Sachs and Kaiser Permanente Ventures – which invested in Kate Farms’ Series B $51 million funding round last November – bringing the final amount raised to $60 million.
Following on from its first announcement, Kate Farms says the capital will help fuel its growth, while driving ‘overall innovation’ and expansion of the business.
Main Street Advisors invested in the company through its investment fund MSA Enterprises, which targets growth companies in the consumer, entertainment, media and sports sectors. The firm has previously invested in Beyond Meat.
“We have deep experience investing in health and wellness companies with compelling growth opportunities ahead of them,” said Main Street Advisors founder and CEO Paul Wachter.
He added: “Kate Farms medical formulas and nutrition shakes address the urgent state of healthcare in this country due in large part to poor nutrition, and the impact the company can have on both individual health and ultimately decreasing the cost of healthcare overall makes this an excellent investment.”
Kate Farms has worked with a number of organisations during the coronavirus pandemic, including Support+Feed, Meals on Wheels and several hospitals to donate meals to at-risk populations, from senior citizens to frontline healthcare workers to the homeless.
“We know first-hand that our clinically proven shakes can help improve people’s health by providing daily nutrition to those with medical conditions—severe or mild—to recover and maintain their health,” said Kate Farms chairman and CEO Brett Matthews.
In 2020, Kate Farms launched three new products and formulas including a speciality formula for children, a product to help people who suffer from weight loss due to chemotherapy and a meal replacement shake.
Keep up to date with the plant-based industry by subscribing to FoodBev’s latest title, The Plant Base, launching March 2021.
© FoodBev Media Ltd 2022
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