Food Business News - July 10, 2018 - 32
Califia Farms secures $50 million investment,
plans to expand manufacturing capacity
The new round of funding follows
$50 million in 2015 and $15 million in
2017, according to Crunchbase, a market
researcher that tracks investments in
With the new funding, Califia plans
to expand its manufacturing capacity
in Bakersfield, Calif., and continue to
develop its capabilities for commercializing recent innovations in plant-based
milks, non-dairy creamers and coldbrew coffees. Califia also will be promoting the launch of its new line of probiotic
dairy-free yogurt drinks.
"This round of funding will allow
us to further pursue our vision to be the
leading plant-powered food and beverage
company of the future by investing in our
LOS ANGELES - Plant-based beverage maker
Califia Farms has closed a round of funding totaling more than $50 million. The
investment round was led by Ambrosia
Investments, which also has invested in
Beyond Meat and Hint, along with existing
investors Sun Pacific and Strips Group.
four brand pillars of sustainability, health
and wellness, plant-based innovation and
engaging consumer experiences," said
Greg Steltenpohl, co-founder and chief
executive officer of Califia Farms.
Additionally, Califia has appointed
Sandeep Patel as chief financial officer
of the company. In this role, he will lead
Califia's finance organization as well as
certain operational, legal, technological
and strategic areas.
"Califia is at the intersection of some
of the most powerful trends to shape the
food system in the last 50 years," Mr. Patel said. "With its strong lifestyle brand,
track record of innovation and cross-category leadership, Califia is uniquely
positioned to capitalize on these trends."
Mr. Patel joins Califia after 20 years
in investment banking, including roles
as managing director at both Barclays
Investment Bank and Goldman Sachs.
"Sandeep has a differentiated
understanding of the food and beverage industry from soil to shelf as well
as deep expertise helping high-growth
companies like Califia develop strong
financial frameworks and access to capital compatible with a long-term vision,"
Mr. Steltenpohl said. FBN
Food Business News
July 10, 2018