301, the strategic investment vehicle for packaged food producer General Mills, has led a $40m funding round for vegan food product provider Kite Hill that included venture capital firm Cavu Venture Partners.
Kite Hill develops and produces almond milk-based alternatives to dairy products such as yoghurts, soft cheeses, spreads and ravioli that are then sold by large retailers such as Whole Foods or Target.
301 and Cavu Venture Partners had co-led Kite Hill’s last round, in which it raised $18m, in May 2016. The company, which had not disclosed any earlier financing, said it has completed the latest round but expects to close it in the next month.
Kite Hill chief executive Rob Leibowitz stated that the proceeds from the round would go to expanding its factory capacity as well as product development and marketing.
John Haugen, 301’s founder and managing director, said: “Kite Hill continues to set itself apart in what is now a mainstream demand for plant-based nutrition.
“As more people are making changes in their diet, we see incredible untapped potential in the market for the brand to expand its consumer base and grow.”
Image courtesy of Kite Hill.
