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Yogurt manufacturer Chobani has successfully raised $650 million in its latest funding round.

This capital infusion is aimed at supporting the company's ambitious expansion plans across the US, particularly in the dairy processing sector.

Founded two decades ago, Chobani has announced plans to invest $1.2 billion in constructing its third US dairy processing facility in New York. Additionally, the company is set to implement a $500 million expansion initiative in Idaho.

Following this latest equity raise, Chobani's valuation has soared to $20 billion, as reported by the New York Times DealBook. The company anticipates generating $3.8 billion in net sales for the current year, reflecting a robust 28% growth compared to the previous year.

This performance highlights the shifting dynamics within the US food and beverage landscape, where private food brands like Chobani are increasingly capturing market share from larger conglomerates, including Unilever.

Chobani is not resting on its laurels; the company is actively diversifying its product offerings beyond its core yogurt line. In 2024, it launched high-protein products such as protein shakes, aiming to appeal to a broader consumer base.

Furthermore, Chobani has made strategic acquisitions, including the $900 million purchase of coffee brand La Colombe in 2023 and the acquisition of plant-based food maker Daily Harvest earlier this year.