GLOBAL January 2020
 
Plant-based milk producer successfully raised US$225 million to support expansion
 
US-based almond milk producer, Califia Farms has raised US$225 million from global investors including Singapore's Temasek Holdings who are looking for the next plant-based food hit after Beyond Meat last year.
The funding was led by Qatar Investment Authority followed by Temasek Holdings, Canada-based Calridge, Hong Kong's Green Monday Ventures and a Latin America based family with big interests in coffee and consumer products.
This new investor rush into plant-based milk comes as cow milk consumption in the US is falling, partly due to health and environmental reasons. In the US, two of the largest dairy producers namely Dean Foods and Borden Dairy Company had filed for bankruptcy protection.
Califia plans to use the funds to launch more plant-based milks and expand its line of oat products, a growing category in the plant-based market. The company is also looking at developing products beyond beverages, however it did not disclose further details.
Califia Farms is the 3rd largest plant-based milk company in the US after Danone and privately-held Blue Diamond.
Currently, there is a demand boom in the US for plant-based milk, and several companies have successfully raised funding to support their expansion.
 

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