Kate Farms – maker of plant-based formulas used in the treatment of chronic illnesses – has raised $51 million in a Series B funding round led by Goldman Sachs, with additional participation from Kaiser Permanente Ventures and existing individual investors.
Kate Farms produces plant-based, organic formulas for tube feeding to provide nourishment to those suffering from chronic illnesses.
The company also produces nutrition shakes for people with shorter-term or milder conditions that don’t require tube feeding. The company’s vegan and gluten-free products are made without major allergens, and are now available in more than 95% of US hospitals.
According to a statement, this new funding will be used to ‘drive overall innovation’ and aid the expansion of the business.
Brett Matthews, chairman and CEO of Kate Farms, said: “Kate Farms’ mission has always been to make nutrition the foundation of health so that people can live their best lives.
“We know first-hand that plant-based nutrition can reverse disease and prevent illness and are excited to be working alongside some of the leading hospitals, doctors and dietitians to provide a higher standard of nutrition for people with medical conditions.
“Now with the addition of our new blue-chip investors, we will continue to accelerate our efforts to lead the plant-based revolution in healthcare to help the hundreds of millions of people who can benefit.”
Allison Berardo, a vice-president in Goldman Sachs’ growth equity platform, GS Growth, will be joining the board of directors at Kate Farms. Berardo added: “We are excited to be backing the Kate Farms team as they continue to pave the way for plant-based nutrition in healthcare.
“Kate Farms’ differentiated product, strong community support from both patients and providers, and widespread distribution make them a true category leader within the overall liquid nutrition industry.
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