Kite Hill, Hayward, Calif., completed a $40 million capital round expected to close within a month. The round was led by 301 INC, the Minneapolis-based business development and venturing unit at General Mills, Minneapolis. CAVU Venture Partners, Santa Monica, Calif., also participated in the round.
The capital from this funding round will enable Kite Hill to increase capacity and invest in marketing, innovation and people to help fuel its rapid rate of growth.
“This investment propels Kite Hill into a great position to continue our rapid pace of expansion,” says Rob Leibowitz, chief executive officer. “We are eager to meet the seemingly insatiable consumer demand for our delicious chef-inspired, plant-based, vegan foods. As such, we’ll be investing substantially in factory capacity expansion. We will also continue to innovate in product development and marketing to drive further awareness and adoption of our delicious foods, which never compromise and always deliver extremely well on both taste and texture.”
“We started Kite Hill because we knew we could make first-rate dairy alternatives that everyone would love. What we’ve created to date has exceeded our expectations,” adds chef Tal Ronnen, co-founder. “Now that we are available nationwide, we want to continue to offer people the high-quality, innovative products they have come to expect from us at Kite Hill. We are showing consumers just how delicious plant-based foods can be.”
“Kite Hill continues to set itself apart in what is now a mainstream demand for plant-based nutrition,” says John Haugen, founder and managing director of 301 INC. “As more people are making changes in their diet, we see incredible untapped potential in the market for the brand to expand its consumer base and grow.”