Image courtesy of Miyoko’s Creamery/Facebook
Vegan dairy company Miyoko’s Creamery has closed $52M in its Series C round of funding which it plans to use towards increased distribution and product innovation. The round was led by PowerPlant Partners who invested a total of $40M with other investors, including Cult Capital, Obvious Ventures, Stray Dog and CPT Capital, making up the rest.
Headquartered in California, Miyoko’s Creamery creates a range of vegan cheese and butter products from plant-based milks. Miyoko seeks to untap the potential of creamy plant-based milks by using traditional fermentation techniques to create sustainable products that meet the demands of the modern world. With four vegan butter options and over twenty-five types of vegan cheese, including mozzarella, cream cheese and roadhouse spread all made using plant-based milk, the company have a strong foothold in the vegan dairy market. The products are sold in thousands of grocery stores across the US including Whole Foods and Walmart, as well as Australia and Canada.
According to Business Wire, Miyoko will use the capital to enhance product distribution by focusing its efforts on club and food service, given that it already holds a firm position in grocery channels. The company also plans to launch ‘Liquid’, a new liquid mozzarella which pours like sauce and can be used in pizza-making.
Speaking of the Series C funding, Miyoko’s Creamery Founder and CEO Miyoko Schinner said:“We are thrilled to be partnering with PowerPlant Partners, a group as committed to transforming the future of food as we are. Businesses need to assume a leadership position in driving toward a more sustainable – and compassionate – future, one that considers all stakeholders, including the animals that we have chosen to commodify. I look forward to partnering with PowerPlant Partners to tackle these problems together and find delicious solutions to help consumers understand that there are exciting options that can help them be part of the solution. I would also like to thank Cult Capital, Obvious Ventures and Stray Dog, who have been with us for prior rounds, participated in this round and were instrumental in helping us become who we are.”
“Miyoko’s Creamery is very well positioned to capitalize on the massive market shift happening in dairy right now as consumers demand and prefer plant-based products. 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.
Julianne Hummelberg, Vice President at PowerPlant Partners added:
“Mintel’s latest report cited that vegan cheese grew 42 percent last year, which is 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. We believe Miyoko’s Creamery is one of those brands and couldn’t be more excited to help them execute on this opportunity.”
Miyoko’s Creamery was founded in 2014 and has since acquired B Corps Certification.