BERKELEY, CALIF. — Plant-based dairy alternative company Ripple Foods raised $60 million in a Series E funding round led by Rage Capital, Ajax Strategies, and S2G Ventures, with participation from OurCrowd, GV, Prelude Ventures, Euclidean, Fall Line Capital and Tao Capital Partners.
Ripple offers a range of dairy-free milks, protein shakes and frozen desserts made with protein from yellow peas. Its latest innovation, Ripple Kids, recently achieved success as the No. 1 new product in the category at retailers including Whole Foods Market and Target, according to the company.
Produced using eco-conscious manufacturing practices, Ripple’s products contain half the sugar of dairy milk and 50% more calcium. They also offer more protein and stronger nutritional profiles than dairy alternatives made from almonds, cashews and oats, said Laura Flanagan, chief executive officer of the Berkeley, Calif.-based company.
“Ripple's growth is outpacing the category by 3x, and we are well-positioned to further accelerate that growth,” she said, citing data from SPINS and Nielsen that show Ripple is growing at 20% while the dairy alternative category is growing at 6%.
The company will use funds from the Series E round to accelerate innovation and growth across product categories and expand into new channels and international markets.
“This capital raise … allows us to further achieve our mission of making plant-based foods that are better for people, and better for the planet, on an even larger scale,” Ms. Flanagan said.