Califia Farms raises $225m to boost plant-based dairy production

Plant-based food and beverage maker Califia Farms has raised a capital of $225m in Series D financing round to boost its production capacity.

The Qatar Investment Authority (QIA) led the funding round. Investors such as Singapore-based investment company Temasek, Canadian firm Claridge, Hong Kong’s Green Monday Venture, and an unnamed Latin-American family with significant interests in coffee and consumer products also joined.

Califia Farms founder and CEO Greg Steltenpohl said: “The more than $1tn global dairy and ready-to-drink coffee industry is ripe for continued disruption, with individuals all over the world seeking to transform their health and wellness through the adoption of minimally processed and nutrient-rich foods that are better for both the planet and the animals. Califia’s role is to help plant the future.”

The deal gives representatives of QIA, Temasek and Claridge place in the Board of Califia, alongside founder Greg Steltenpohl and the company’s existing investors, including Sun Pacific, Stripes and Ambrosia.

The capital raised in the latest round is said to be the largest within the natural foods sector. The company intends to use the proceeds to increase its production capacity as well as research and development (R&D) activities and further penetrate the US market.

Steltenpohl added: “Speed to market is critical for companies at our stage and we are thrilled that our new partners share our vision to be the leading independent brand in the plant-based sector.

“Each of our partners brings significant resources and global expertise to accelerate the next stage of our growth.”

In July 2018, Califia Farms raised capital for its manufacturing facility expansion through a second funding round.