Ripple Foods, has raised another $49 million in its latest funding round, an SEC filing shows, about two years after the Californian dairy-free protein company closed its oversubscribed $57.28 million series E led by S2G Ventures, Ajax Strategies, and Bloom8.
Adam Lowry and Dr. Neil Renninger founded Ripple Foods in 2014 to use yellow peas as its primary protein source for a line of flavored plant-based beverages. The company has since rolled out a variety of non-dairy milk, protein shakes, and most recently, an unsweetened milk for kids.
Ripple Foods continues to be led by CEO Laura Flanagan, and the deal makes it one of the few larger VC investments to women-led businesses. The SEC filing also listed Chuck Templeton, managing director of S2G Ventures, as a new director of Ripple Foods, assuming the board seat of the company’s former CFO
Food and beverage data aggregator Fabid estimated a total funding of $268 million raised to date by Ripple Foods, with additional backing from its previous investors, including TAO
Ripple Foods’ latest fundraise is expected to intensify competition in a $29 billion global dairy alternatives market that will grow at a 12.6% CAGR between 2023-2030. In the U.S., the company also faces direct competitions from other well funded players in the non-dairy space, notably Oatly, Califia, and NotCo, which has just debuted a plant-based mac ‘n’ cheese through its joint venture with Kraft Heinz.