Ripple Foods recently secured $49 million in its most recent funding round, according to an SEC filing. This comes approximately two years after the California-based plant-based protein company successfully concluded its oversubscribed Series E funding, raising $57.28 million with leading contributions from S2G Ventures, Ajax Strategies, and Bloom8.
In 2014, Adam Lowry and Dr. Neil Renninger established Ripple Foods with the vision of utilizing yellow peas as the main protein source for a range of flavored plant-based beverages. Over time, the company has introduced an assortment of non-dairy milk, protein shakes, and, more recently, an unsweetened milk tailored for children.
Laura Flanagan remains at the helm as CEO of Ripple Foods, and this investment positions the company among the relatively few women-led businesses receiving substantial VC funding. The SEC filing additionally identifies Chuck Templeton, managing director of S2G Ventures, as a new director for Ripple Foods. He assumes the board seat previously held by the company’s former CFO, David Cooper, who departed in June 2022.
According to FABID, a data aggregator in the food and beverage industry, Ripple Foods has garnered a cumulative funding of $268 million to date. This includes continued support from its previous investors such as TAO Capital, Siddhi Capital, Prelude Ventures, Khosla Ventures, and GroundForce Capital (formerly known as PowerPlant Partners).
The recent fundraising efforts by Ripple Foods are anticipated to heighten competition within the global dairy alternatives market, projected to experience a Compound Annual Growth Rate (CAGR) of 12.6% between 2023 and 2030, with an estimated value of $29 billion. In the United States, the company faces direct competition from other well-funded entities in the non-dairy sector, including notable players such as Oatly, Califia, and NotCo. Notably, NotCo recently introduced a plant-based mac ‘n’ cheese through its joint venture with Kraft Heinz.
