PETALUMA, CALIF. — Miyoko’s Creamery raised $52 million in a Series C funding round led by PowerPlant Partners, with participation from Cult Capital, Obvious Ventures, Stray Dog and CPT Capital.
The company will use the latest round of investment to expand distribution and innovation for its vegan butter and cheese lines, including a new liquid vegan pizza mozzarella, which will launch later this year. It also is planning a reformulation of its plant milk medium cheddar and pepper jack cheeses to deliver better taste and meltability.
“The company’s rapid growth in just a few short years would not be possible without our unique approach to product innovation,” said Miyoko Schinner, founder and chief executive officer. “We are never satisfied and are always looking for ways to improve the taste, nutrition and performance of the products we craft.”
Combining old world cheesemaking techniques with proprietary food science, the company is differentiated based on its technology, which utilizes lactic acid bacteria and enzymes to transform various plant milks into cheese and butter, Ms. Schinner said.
Miyoko’s Creamery currently is distributed in 30,000 stores nationwide as well as in Canada, South Africa, Hong Kong and Singapore. With nearly full distribution in the United States natural grocery channel, its future distribution expansion will focus on conventional grocery, club and foodservice channels.
“Their growth to date indicates their products are revolutionizing the vegan dairy movement through the creation of delicious, highly nutritious plant-based cheeses and butters,” said Dan Gluck, managing partner at PowerPlant Partners. “Which is why we are thrilled to partner with Miyoko Schinner — the leading innovator in plant-based dairy — and the broader Miyoko’s team to help them accelerate their business, distribution and innovations, while continuing to be the industry’s most respected brand.”
Julianne Hummelberg, vice president at PowerPlant, pointed to a recent report from Mintel that found vegan cheese grew 42% last year, more than two times the 18% growth of dairy cheese.
“Clearly, plant-based cheese and butter are disrupting traditional dairy and the top one to two brands will capture the majority of the value being created by this market transformation,” Ms. Hummelberg said. “We believe Miyoko’s Creamery is one of those brands.”