Califia Secures $50 Million Investment for Expansion
Vegan milk brand Califia Farms has just secured a $50 million investment, the company noted in a press release. The California-based brand raised the money from Ambrosia Investments and its existing investors, Sun Pacific and Stripes Group.
“This round of funding will allow us to further pursue our vision to be the leading plant-powered food and beverage company of the future by investing in our four brand pillars of sustainability, health and wellness, plant-based innovation and engaging consumer experiences,” said Greg Steltenpohl, CEO and Co-Founder of Califia, in a statement. “Serge Schoen and his partners at Ambrosia complement our current investors with global experience in optimizing plant-based supply chains and supporting the continued rapid growth of entrepreneurial companies like Califia Farms.”
“We’re excited about our investment in Califia and are committed to the long-term growth of the company as the brand continues to innovate and introduce products that truly live up to their motto of ‘Something Different, Something Better’,” added Serge Schoen, Partner and Chairman of Ambrosia Investments.
The plant-based milk company will put the investment toward a number of projects. The brand plans to increase its output at its Bakersfield, Calif., manufacturing facility, as well as further develop its “go-to-market capabilities” (its competitive edge over other brands), and promote the launch of its “breakthrough” line of Probiotic Dairy Free Yogurt Drinks, which were launched in four flavors last February. Califia has also appointed a new chief financial officer, Sandeep Patel, whose 20 years in investment banking will help grow the brand.
The rise of the non-dairy milk market, which experts predict will exceed $34 billion by 2024, has played a huge role in Califia’s growth. In September 2015, Califia announced a $50 million investment from Stripes Group. Last October, Califia secured a $15 million investment round from finance company CapX Partners.