US-based organic beverage producer Califia Farms has raised more than $50m in funding in a round co-led by Sun Pacific, the fruit supplier from which it was spun off.
Sun Pacific co-led the round with investment group Ambrosia Investments and growth equity firm Stripes Group. They were joined by Plus Capital, Big Loud Capital and private investors including model Karlie Kloss, actors Jared Leto and Leonardo DiCaprio and snowboarder Shaun White.
Founded in 2010, Califia Farms produces a range of plant-based beverages including fruit juices, vegan milks, non-dairy creamers and cold brew coffees that are natural and free from genetically-modified ingredients.
The funding will support the expansion of Califia’s Californian manufacturing facility and the introduction of a range of dairy-free probiotic yoghurt drinks.
The company has also hired Sandeep Patel, a managing director at financial services firm Barclays’ investment banking unit, as chief financial officer.
Patel said: “Califia is at the intersection of some of the most powerful trends to shape the food system in the last 50 years. With its strong lifestyle brand, track record of innovation and cross-category leadership, Califia is uniquely positioned to capitalise on these trends.”
Stripes Group paid $50m for a minority stake in Califia in 2015, though Sun Pacific retained a majority stake post-investment. Califia secured $15m of financing from equipment finance provider CapX Partners in September 2017 in the form of a true lease structure.
– Image courtesy of Califia Farms.