You may remember the exciting report published last year by Variant Market Research that revealed the global plant-based cheese market is growing rapidly and is on track to reach sales of nearly $3.9 billion by 2024.
In case you had any doubt in your mind that this prediction was realistic, dairy-free, nut-based cultured cheese maker Kite Hill just offered some indisputable proof that vegan cheese is indeed catching on in a huge way.
Today, the plant-based brand announced that it has completed a $40 million capital round which is expected to close within the next month. Participants in this extremely successful funding round included CAVU Venture Partners and 301 INC, the new business development and venturing unit at General Mills.
Like many plant-based innovators, Kite Hill started out small but has grown quickly as more and more consumers have begun seeking out healthier, more sustainable foods. Since releasing its first plant-sourced products a few years back, the brand has expanded exponentially, and its wide range of almond milk yogurts, cream cheeses, and probiotic drinks are now sold at thousands of major retailers across the U.S.
Thanks to this funding round, the company will now be able to continue its fast growth and keep churning up innovative, delectable plant-based treats that are good for people, animals, and the environment.
As Kite Hill CEO Rob Leibowitz reportedly told Business Wire, “This investment propels Kite Hill into a great position to continue our rapid pace of expansion. We are eager to meet the seemingly insatiable consumer demand for our delicious chef-inspired plant-based, vegan foods.”
He continued, “As such, we’ll be investing substantially in factory capacity expansion. We will also continue to innovate in product development and marketing to drive further awareness and adoption of our delicious foods which never compromise and always deliver extremely well on both taste and texture.”
To elaborate on the company’s mission, Tal Ronnen, a Kite Hill co-founder and executive chef, added, “We started Kite Hill because we knew we could make first-rate dairy alternatives that everyone would love. What we’ve created to date has exceeded our expectations. Now that we are available nationwide, we want to continue to offer people the high quality, innovative products they have come to expect from us at Kite Hill. We are showing consumers just how delicious plant-based foods can be.”
Indeed they are, and we couldn’t be more excited about it! If you’d like to learn more about Kite Hill and their delicious products, visit their website here. And for more on the world-changing benefits of plant-based eating, check out the Eat For The Planet book!
Image Source: Kite Hill/Facebook