The market for companies that develop replacement products for dairy products is skyrocketing.
In December, start-up Perfect Day Foods announced it had raised $ 110 million to replace dairy products, and now Califia Farms, manufacturer of a range of oats and almond milk products (along with a lot of coffee, juices and dairy-free snacks) raised $ 225 million in new funds.
Investors participating in the round include the Qatar Investment Authority, Singapore's sovereign wealth fund, Temasek, Canada. Claridge and Green Monday Ventures based in Hong Kong (among others).
For Temasek, the deal follows an incredibly successful investment in Beyond Meat, the vegetable meat substitute, partnership agreements with grocery chains like Dunkin, McDonald’s and Carl’s Jr., whose IPO was one of the most successful IPOs of the past year belonged.
Money from the new investor base that joins the former Investors Sun Pacific, Stripes and Ambrosia, who support the company, will be used to expand the oat-based product range and to bring additional new product lines to the market. The company said it will also use the money to increase its production capacity, research and development efforts, and geographic expansion.
Califia Farms, founded in 201
Other companies such as Perfect Day, Ripple Foods and Oatly have all raised capital to capture a portion of the $ 1 trillion dairy market.
“The $ 1 trillion global milk and convenience coffee industry is ripe for ongoing disruption. People around the world strive to improve their health and wellbeing by introducing minimally processed and nutritious foods that are better for both the planet and the world for animals, ”said Greg Steltenpohl, founder and CEO of Califia , in a statement.
Barclays acted as financial advisor and intermediary for Califia on the capital increase.