Functional beverage producer Koia secures $7.5m in funding
Manufacturer of plant-based protein beverages Koia has closed a $7.5m Series Seed capital in a funding round led by private investment firm KarpReilly and institutional investor AccelFoods.
The company plans to use the proceeds to expand its existing team and retail presence.
Koia CEO Chris Hunter said: "We are honoured and fortunate to have partners such as KarpReilly, AccelFoods, and Bill Moses supporting our company so early in its lifecycle.
“Their support, alongside the powerful consumer response that we've witnessed during our nationwide rollout at Whole Foods Market and with retailers such as Wegmans, is validating.
"It is a testament to how strongly people value simple, natural, transparent products that don't force them to compromise on flavour. We are excited to continue to innovate and expand on our mission to power people through plants."
The beverage maker claimed that its products are produced using a blend of brown rice, hemp, and pea proteins.
Said to have a 5-to-1 ratio of plant protein to sugar content, its beverages do not contain genetically modified organism (GMO) and are free from soy, dairy, and gluten.
KarpReilly co-founder Allan Karp said: "We are incredibly excited to partner with Chris and the rest of the Koia team.
"We rarely encounter a business that so early on has so clearly resonated with both retailers and consumers alike. Combined with an experienced and talented group of management, advisors, and co-investors we are confident that Koia is well positioned to become a category leader."
Image: Koia's plant-based beverages. Photo: courtesy of Koia via Prnewswire.com.