Kate Farms, a US-based plant-based nutrition firm, has announced that it has raised “significant investment” in a Series B funding round from local advisory business and investor Main Street Advisors.
The company has not revealed how much was raised this time around but said its total funding now stands at US$60m.
Kate Farms produces plant-based, organic, formulas for tube feeding to help nourish those with chronic illnesses. The company also produces nutrition shakes consumed orally for people with shorter-term or milder conditions that don’t require tube feeding.
Its products are organic-certified, vegan, gluten-free and kosher, and are accessible in more than 95% of US hospitals.
Kate Farms, founded in 2011, said the funding will help fuel growth by driving innovation and the expansion of the business.
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Its chairman and CEO Brett Matthews said: “We are thrilled to have Main Street Advisors join the Kate Farms team and grateful that we can support organisations like [non-profit business] Support+Feed throughout the country, We know first-hand that our clinically-proven shakes can help improve people’s health by providing daily nutrition to those with medical conditions – severe or mild – to recover and maintain their health.”
Main Street founder and CEO Paul Wachter said: "Kate Farms medical formulas and nutrition shakes address the urgent state of healthcare in this country, due in large part to poor nutrition, and the impact the company can have on both individual health and ultimately decreasing the cost of healthcare overall makes this an excellent investment."
Main Street Advisors invested in Kate Farms through its investment fund MSA Enterprises, which targets emerging growth companies in the consumer, entertainment, media, sports, retail, and technology sectors. It has previously invested in plant-based protein firm Beyond Meat.
Kate Farms launched three new products and formulas in 2020 - a speciality formula for children, a product to help people who suffer from weight loss due to chemotherapy during cancer treatment and a meal replacement shake.