US alt-dairy company Ripple Foods has successfully raised $17 million in its latest funding round and named a new CEO. This milestone reflects current trends in the food and beverage industry, where plant-based alternatives continue to gain traction.
The funding round attracted new investors such as Material Impact and Rich Products Ventures, which is the corporate-venture arm of Rich Products Corporation. Existing backers, including S2G Ventures, Prelude Ventures, Fall Line Capital, Euclidean Capital, Tao Capital Partners, and Tim Koogle, also contributed.
This latest financing follows a previous round in December 2023, which raised $49.2 million. Ripple Foods has been quite active in its fundraising efforts, having garnered $57.3 million in a Series E round in 2021, $55.8 million in a Series D in 2020, and $65 million in a Series C round in 2018.
Headquartered in Berkeley, California, Ripple Foods specializes in dairy alternatives made from yellow pea protein, providing a range of products that includes plant-based milks and protein shakes. These offerings are marketed as gluten-free, 100% vegan, certified non-GMO, and free from nuts, lactose, and soy. Each serving contains up to 20g of plant-based protein, positioning Ripple as a leader in the non-dairy milk sector.
Becky O’Grady, a board member for five years, has stepped into the CEO role. She brings over 20 years of experience from General Mills, where she served as president of the Häagen-Dazs ice cream division, focusing on international marketing and consumer insights. O’Grady previously held the position of president of Yoplait USA.
O’Grady stated, “Harnessing the power of our brand and the strength of our team, we are poised to unlock our full potential.” She emphasized their plans to launch innovative products, enhance consumer penetration, and form transformative partnerships for expanded growth.
The newly acquired funds will support a variety of initiatives, including the release of a new line of organic plant-based milks scheduled for the first quarter of 2026. Additionally, Ripple aims to broaden its reach into foodservice channels.
Ripple’s products are featured in major retailers, including Whole Foods, Target, Kroger, and Walmart, underscoring the growing demand for plant-based options in the food and drink business.
Melissa Fensterstock of Material Impact remarked, “We couldn’t imagine a more exciting time to invest in Ripple Foods. With Becky at the helm and a sharp focus on growing top-line revenue and achieving profitability, the company is poised to deliver strong results in the plant-based protein market.”
In summary, Ripple Foods’ recent funding and leadership change align with notable trends in food and drink consumer trends, spotlighting the increasing shift towards alternative dairy solutions.