Plant-based formula brand Kate Farms has closed a $23m Series A-1 financing round as it aims to accelerate growth within the plant-based sector.
The funding round, which was led by a personal investment from co-founder of Silver Lake David Roux, brings the company’s total amount raised to date to $48m.
Founded in 2011, Kate Farms offers formulas made using organic, plant-based ingredients to deliver vital nutrition to those with medical conditions.
Kate Farms plans to use the capital for accelerated growth, additional hiring and continued innovation as it aims to drive change in the medical nutrition space through its formulas.
“While today it’s much easier for consumers to find plant-based alternatives, whether at the grocery store or a fast-food outlet, the same options until recently have not been available to those who are medically compromised,” said Brett Matthews, chairman and CEO of Kate Farms.
Matthews added: “Kate Farms is specially formulated to help those people with major medical conditions, who often rely on us for 100% of their nutritional intake, to not only improve their health but to be able to live their best life.
“I am honoured to be part of a team that partners with health care professionals and patients to support them in their overall care and to help them navigate insurance coverage. Together, we will serve the millions and millions of people with chronic diseases and help them thrive.”
Other investors include John Hammergren, former chairman and CEO of McKesson; Gregg Engles, former chairman and CEO of WhiteWave Foods; Kristin Loomis, founder and executive director of HHV6 Foundation; and Pete Nicholas, founder and former chairman and CEO of Boston Scientific.
Nicholas added: “As an early investor, I see some parallels between Kate Farms and Boston Scientific. By disrupting the medical device market, we ultimately created better patient outcomes.
“Likewise, Kate Farms, by bringing superior plant-based medical nutrition to the market, is disrupting what is basically a stagnant category—and driving great patient outcomes too. With this seasoned team and strong culture, I’m confident Kate Farms will continue to change patients’ lives.”
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