The investors will take a minority stake in Califia Farms. Representatives from QIA, Temasek, and Claridge will join the board, alongside Founder and CEO Greg Steltenpohland existing investorsSun Pacific, Stripes, and Ambrosia.
Related: Plant Based World Expo: “This Is Here to Stay, and Keep Growing” PowerPlant Invests in OWYN Five Grocery Trends at Natural Products Expo WestThis funding round will help Califia Farms build on the success of its oat platform and launch other lines, the release says. Proceeds will also allow Califia to invest in increased production capacity, R&D, deeper U.S. penetration, and continued global expansion.
Steltenpohl said in the release: “The more than $1 trillion global dairy and ready-to-drink coffee industry is ripe for continued disruption, with individuals all over the world seeking to transform their health & wellness through the adoption of minimally processed and nutrient-rich foods that are better for both the planet and the animals. Califia’s role is to help plant the future.”
He also thanked the new investors: “Speed to market is critical for companies at our stage, and we are thrilled that our new partners share our vision to be the leading independent brand in the plant-based sector. Each of our partners brings significant resources and global expertise ot accelerate the next stage of our growth.”