Kite Hill, a US-based developer of plant-based alternatives to dairy products, completed an $18m round co-led by 301, the corporate venturing vehicle for food producer General Mills, on Friday.
The round was co-led by consumer product-focused growth equity firm Cavu Venture Partners. The company, which was founded in 2011, has not disclosed any earlier funding.
Kite Hill is producing vegan dairy substitutes by combining a plant-based enzyme with almond milk. Its product range includes plant-derived versions of cheese, yoghurt, ravioli and cream cheese-like spreads.
The funding will be used to grow distribution of its products, which are already sold at upscale grocery retailer Whole Foods, and increase brand awareness.
John Haugen, 301’s general manager, said: “We are thrilled to partner with Kite Hill to help them expand their remarkable portfolio of plant-based dairy foods.
“What sets Kite Hill apart is its ability to innovate and crack the code on developing great-tasting products that appeal to consumers seeking dairy alternatives.”
– Photo courtesy of Kite Hill