HAYWARD — Kite Hill, a developer of plant-based alternatives to dairy products, has completed a $40 million capital round expected to close within a month. The round was led by 301 INC, the new business development and venturing unit at General Mills. CAVU Venture Partners also participated in the round.
Year-over-year, the company has grown due to both the quality of the products and rising consumer adoption of healthy plant-based diets. Kite Hill makes great tasting almond milk yogurts, cream cheeses and probiotic drinks that are sold at thousands of retailers nationwide, including Whole Foods Market, Sprouts, Kroger, Target, and Publix, as well as many others. The capital from this funding round will enable the company to increase its capacity, invest in marketing, innovation and people to help fuel its rapid rate of growth.
“This investment propels Kite Hill into a great position to continue our rapid pace of expansion,” said Rob Leibowitz, Kite Hill CEO. “We are eager to meet the seemingly insatiable consumer demand for our delicious chef-inspired plant-based, vegan foods. As such, we’ll be investing substantially in factory capacity expansion. We will also continue to innovate in product development and marketing to drive further awareness and adoption of our delicious foods which never compromise and always deliver extremely well on both taste and texture.”
Co-founder and Chef Tal Ronnen adds, “We started Kite Hill because we knew we could make first-rate dairy alternatives that everyone would love. What we’ve created to date has exceeded our expectations. Now that we are available nationwide, we want to continue to offer people the high quality, innovative products they have come to expect from us at Kite Hill. We are showing consumers just how delicious plant-based foods can be.”
“Kite Hill continues to set itself apart in what is now a mainstream demand for plant-based nutrition,” said John Haugen, founder and managing director of 301 INC. “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.”