US vegan dairy business Miyoko’s Creamery has closed a US$52m Series C funding round.
The California manufacturer of products such as dairy-free cheeses Vegan Medium Cheddar and Pepper Jack said it will use the money to expand distribution and on bringing to market vegan butter and cheese lines including new Liquid Vegan Pizza Mozzarella, a pizza mozzarella that pours out like sauce and bakes up into a stretchy cheese.
PowerPlant Partners was the lead investor in the funding round, investing $40m in total. It was joined by Cult Capital, Obvious Ventures, Stray Dog, and CPT Capital.
The $52m raised takes the company’s total funding to $77m.
Miyoko Schinner, Miyoko’s founder and CEO, said: “We are thrilled to be partnering with PowerPlant Partners, a group as committed to transforming the future of food as we are.”
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Miyoko’s is currently distributed in 30,000 stores nationwide as well as in Canada, South Africa, Hong Kong and Singapore.
It said its future distribution expansion will focus on conventional grocery, club and foodservice channels in existing markets.
Dan Gluck managing partner at PowerPlant Partners, said: “Miyoko’s Creamery is very well positioned to capitalize on the massive market shift happening in dairy right now as consumers demand and prefer plant-based products. Their growth to date indicates their products are revolutionising the vegan dairy movement through the creation of delicious, highly nutritious plant-based cheeses and butters,”
Miyoko’s told Just Food that it also plans to invest in its production capacity.