Hart Dairy, the fledgling US firm offering grass-fed milk, has attracted seed funding of US$10m and is eyeing growth at home and abroad.
The funding round, led by Sydney-based Alium Capital, would “enable Hart Dairy’s growth in America and Asia”, the Georgia-based firm said in a statement.
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Hart Dairy is planning to use the funding to expand its product range and invest in production.
“This significant influx of new capital is a clear validation of how we see free-range, grass-fed milk emerging in America,” Hart Dairy CEO Tim Connell said, who asserted there is a “paradigm shift” among consumers “toward better-for-you products”.
Augusta-based Hart Dairy has 4,000 acres of farmland and claims to be “the largest single-source producer of 100% free-range, grass-fed milk in North America”. It houses more than 3,500 cows.
“We were very impressed with Hart Dairy’s exceptional operation, along with their ability to recognise and fill this significant gap in the dairy market,” Alium director Jason Rich. “We were also attracted by the team’s ability to scale quickly and, most importantly, they have the expert management team in place to execute appropriately to achieve success in this category.”
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