General Mills has again backed Good Culture, a fledgling US dairy company it first financed through investment arm 301 Inc. in 2016.
California-based Good Culture said yesterday (26 February) it has closed a funding round worth US$8m.
The round was led by existing shareholder US fund CAVU Venture Partners. It also included “significant investment” from 301 Inc., General Mills’ in-house investment unit, and Almanac Insights, an early-stage investment firm founded by David Barber, co-owner of US farm and restaurant business Blue Hill.
“We have found incredible partners in CAVU, 301 Inc. and Almanac, and this round is a testament that the better dairy, and more broadly, the real food space is one with exponential potential,” Jesse Merrill, Good Culture’s CEO and co-founder, said.
Merrill set up Good Culture with Anders Eisner in 2015. Good Culture says “since its inception” it has seen “over 500% growth”, without providing specific figures. Its products are sold nationally in the US in more than 11,000 stores.
Good Culture is one of a number of investments made by 301 Inc. since General Mills switched the unit’s focus from developing products in-house to backing emerging food brands.