RIPPLE FOODS RAISES $60 MILLION IN SERIES E FUNDING AS PLANT-BASED SALES SURGE
Ripple Foods has raised $60 million in a Series E funding round led by Rage Capital, Ajax Strategies, and S2G Ventures, as well as a string of additional investors including OurCrowd, GV, Prelude Ventures, Euclidean, Fall Line Capital, and Tao Capital Partners.
The California-based company is expanding in the plant-based dairy alternative space. Rapid growth in the plant-based food category has seen the industry surge to $7 billion in 2020. Reports from Spins and Nielsen also show unprecedented growth in the dairy alternative market with Ripple at +20%, easily outpacing the category’s +6% growth .
Ripple says it has the highest loyalty in the plant-based milk category, having launched a kids line which was the number one new product in the category at retailers Whole Foods Market and Target.
Ripple has big plans for its plant-based lines
CEO Laura Flanagan said: “This capital raise will enable us to accelerate innovation and growth across product categories, and expand into new channels and global markets. It allows us to further achieve our mission of making plant-based foods that are better for people, and better for the planet, on an even larger scale.”
Ripple’s alternative dairy options – which include the lines: Plant-Based Milk, Kids Milk, Protein Shakes, and Frozen Desserts – pack in protein from yellow peas. Beyond the protein content, the company also uses half the sugar of dairy milk and 50% more calcium. It also claims that it requires nearly six times more water to get the same amount of protein from almond milk than it does from its own products.
“Our investment with Ripple supports its continued growth and success in the milk aisle and its upcoming innovation in new categories,” said S2G Ventures managing director Chuck Templeton. “The company is a clear leader in plant-based dairy alternatives, and we are excited to support this team as they continue to scale the business.”
Rage Capital’s managing partner Gabriel Ruimy described Ripple’s products in the plant-based arena as “a no-compromise proposition” adding: “There is a huge demand for high-quality Ripple products around the world. We look forward to helping the brand enter new markets.”