Califia Farms, Los Angeles, closed a $50 million round of funding led by Ambrosia Investments, Luxembourg, and existing investors, Sun Pacific Corp., Pasadena, Calif., and Stripes Group, New York.
“This round of funding will allow us to further pursue our vision to be the leading plant-powered food and beverage company of the future by investing in our four brand pillars of sustainability, health and wellness, plant-based innovation and engaging consumer experiences,” says Greg Steltenpohl, co-founder and CEO. “Serge Schoen and his partners at Ambrosia complement our current investors with global experience in optimizing plant-based supply chains and supporting the continued rapid growth of entrepreneurial companies like Califia Farms.”
Califia Farms plans to expand its company-owned manufacturing capacity in Bakersfield, Calif., and further develop its go-to-market capabilities for commercializing recent innovations in plant-based milks, non-dairy creamers and cold brew coffees, as well as promoting the launch of its new probiotic dairy-free yogurt drinks.
“Califia Farms has achieved remarkable growth in its six years of operation through a disruptive suite of plant-based products,” says Serge Schoen, partner and chairman of Ambrosia Investments. “We’re excited about our investment in Califia, and are committed to the long-term growth of the company, as the brand continues to innovate and introduce products that truly live up to their motto of ‘Something Different, Something Better’.”
Furthermore, Sandeep Patel was appointed chief financial officer.
“Sandeep has a differentiated understanding of the food and beverage industry from soil to shelf as well as deep expertise helping high-growth companies like Califia develop strong financial frameworks and access to capital compatible with a long-term vision. I am thrilled to have Sandeep as a full-time partner,” says Steltenpohl.