According to a US Securities and Exchange Commission filing, alt-dairy producer Ripple Foods has raised $49 million in funding, as first reported by Forbes.
Founded in 2014, Ripple Food uses protein from sustainably produced yellow peas, claiming to use significantly less water than dairy and other dairy alternatives. The company’s product lineup includes vegan ice cream, plant-based milk, kids’ milk, protein shakes, and dairy-free half and half, all made from pea protein.
In 2021, the company announced a $60 million Series E funding round, exceeding its capital raise goals, with plans to accelerate innovation and growth across product categories and expand into new channels and global markets. The funding round seems to have paid off, with the company extending its product lineups with the launch of its Oatmilk + Protein milk last year and its new unsweetened Ripple Kids milk this year.
According to Forbes, the filing also listed Chuck Templeton as the new director of Ripple Foods. Templeton is the managing director of S2G Ventures, a venture fund that focuses on food and agriculture businesses, with a focus on locally produced and organic foods, aligning with Ripple Foods’ commitment to using 100% non-GMO yellow peas and maintaining a small environmental footprint.
The company has yet to make an official statement regarding how it will allocate the funding from this new capital raise. However, speaking on the previous capital raise, Laura Flanagan, CEO of Ripple Foods, said that the “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.”
