California-based alternative protein and dairy-free business Ripple Foods has raised US$65m in an investment round led by Euclidean Capital.

Investment giant Goldman Sachs also provided funds, as did Fall Line Capital and existing investors including GV, Prelude Ventures, S2G Ventures, and Khosla Ventures.

The money is to be used to fund market expansion and develop new products.

Ripple’s total funding to date now amounts to $110m.

Founded in 2014, Ripple Foods is on a “mission to provide better food for a changing world”. It focuses on replicating animal-derived foods with plant-based ingredients, powered by Ripptein, Ripple Foods’ proprietary plant protein. 

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Kathy Elsesser, global chair of the Consumer, Retail and Healthcare Groups in the Investment Banking Division of Goldman Sachs, said: “Ripple Foods is at the helm of shaping the future of food and reinventing how we use plant proteins to make dairy alternatives.

“We are proud to invest in a company that has created one of the fastest growing plant-based product lines and is changing the way people think about how plant-based foods should taste and impact our health.”

Dr. Neil Renninger, co-founder and co-CEO of Ripple Foods, said: “We are excited to partner with this set of like-minded investors to continue to bring our innovative products to scale, and make living a healthy and sustainable life easier for everyone.”

Ripple Foods first launched in April 2016 with its first product, Ripple Milk, and has since expanded its product availability and offerings. 

Most recently, it introduced a non-dairy Greek yogurt that boasts 12 grams of protein per serving. 

Ripple Foods products are sold throughout the US and Canada  in over 10,000 locations such as Kroger, Whole Foods, Target, and other regional retailers and grocers.