Califa Farms, the downtown-based dairy-free food and beverage distributor, has raised $225 million from a group of foreign investors to fuel its international expansion and launch new product lines, the company said.
“Speed to market is critical for companies at our stage,” Chief Executive Greg Steltenpohl said in a statement, “and we are thrilled that our new partners share our vision to be the leading independent brand in the plant-based sector.” Steltenpohl previously founded the Odwalla Inc. fresh juice company.
Califa has made a splash in the alternative dairy market, developing vegan coffee creamers and ready-to-drink coffee. It also recently launched oat milk and dairy-free yogurt lines, which this funding round will aid in expanding.
The round — led by Qatar’s sovereign wealth fund, the Qatar Investment Authority — closed Jan. 15.
Other participants included Temasek Holdings, an investment firm headquartered in Singapore, and Hong Kong-based Green Monday Ventures.
Sun Pacific Inc., Ambrosia Investments, and Stripes, which have previously invested in Califa, also joined the round.
Temasek is also a backer of meat substitute firm Impossible Foods Inc., which competes with El Segundo-based Beyond Meat Inc. and recently launched its plant-based burger products in grocery stores.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- VMG Reaches for Popchips
- USDA Gives Lift to Don Lee Farms
- Fake Beef Firm Plants Products
- Deals of the Week: A look at the companies that signed on the dotted line last week
- Beyond Meat Thinks Bigger
- Beyond Meat Seeks $100M in Initial Offering
- Meatless Movement
- Veggie Restaurant Looks Out of State To Beef Up Chain