Danone Manifesto Ventures (DMV) has acquired a significant stake in Harmless Harvest, which manufactures coconut water and other coconut-based products in the US.

Founded by Justin Guilbert and Douglas Riboud in 2009, Harmless Harvest has established its presence in the premium coconut water category in the country.

DMV, the corporate venture arm of Danone, invested $30m in Harmless Harvest in 2017 along with Mousse Partners and other investors through a capital growth round.

Harmless Harvest co-founders and chairpersons Justin Guilbert and Douglas Riboud said: “This is an exciting next step for Harmless Harvest, a testament to the entire team’s hard work and commitment to our mission in the US and Thailand.

“It opens the door to an amplified and expanded collaboration between two like-minded groups of people willing to promote and deliver on the principles of constructive capitalism that define the company.

“DMV has played a critical role in Harmless Harvest’s success since 2017, not simply from a capital perspective, but most importantly in an outstanding operational and strategic capacity.”

With this additional investment, DMV now has a majority ownership in the company. Harmless Harvest will continue to operate as an independent business unit.

DMV will provide financial, strategic and operational support in all appropriate business areas.

The deal would provide additional resources and also increase Harmless Harvest’s operational capabilities.

DMV’s investment will also support Danone’s global efforts to accelerate the growth of its plant-based business.

Danone Manifesto Ventures CEO Laurent Marcel said: “It has been a privilege to be part of the Harmless Harvest success story over the past few years, as the company has continued to grow, innovate and pioneer more responsible business practices.”