Slate Milk, a US start-up manufacturing flavoured milk drinks, has secured US$1.7m in financing from a group of investors, including the chief executive of ice-cream maker Halo Top.
Founded in 2019 by Manny Lubin and Josh Belinsky, Slate Milk had previously raised $800,000 from crowdfunding platform Kickstarter in New York. The new funds will be used by the Boston-based business to expand retail distribution and take on more staff.
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Slate Milk will launch its chocolate milk brand in Publix later this quarter, adding to existing retailers Whole Foods Market (in select locations), Giant Food, Harris Teeter, Giant Martin's, Hannaford, Market Basket and Wakefern. The company also operates a direct-to-consumer service.
Halo Top CEO Doug Bouton contributed to the latest round, along with New York-based venture-capital firm Riverpark Ventures. Ryan Tedder, the lead singer of American rock band OneRepublic also took part, along with Nick Rellas and Taylor Burton, former executives at Drizly, an alcohol delivery business in Boston.
Lubin said in a statement: "There's a ton of exciting innovation in the plant-based milk space, but where we see the larger opportunity to innovate is in the real milk space. I think our recent funding round and our growth in the grocery channel are both validating this."
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