Packaged food producer Danone has led a $30m growth capital round for US-based coconut water supplier Harmless Harvest through its strategic investment arm, Danone Manifesto Ventures.
The round was filled out by a blend of new and existing investors that included family office Mousse Partners and food and beverage-focused venture capital fund AccelFoods. Harmless has not revealed details of its earlier funding.
Founded in 2010, Harmless produces refrigerated organic coconut water through a business model that includes investments in rural Thailand where the water is sourced.
Proceeds from the round will support an increase in the company’s Thai production capacity as well as marketing and an expansion in its distribution network.
Laurent Marcel, Danone Manifesto Ventures’ managing director, said: “We are enthusiastic about this investment in Harmless Harvest, a unique brand with a strong consumer base and great growth potential in the attractive plant-based category.
“Harmless Harvest and Danone have highly aligned values combining business growth ambitions with a commitment to healthier nutrition and sustainable business practices. We look forward to leveraging our expertise and resources to help Harmless Harvest reach its full potential, while maintaining the unique DNA that has enabled its success.”