Kate Farms raises fifty-one million dollars.
California’s Santa Barbara The $51 million Series B investment round led by Goldman Sachs, with participation from Kaiser Permanente Ventures and current private investors, was closed by Kate Farms, a manufacturer of plant-based formulations for tube feeding.
Following the introduction of three new goods earlier this year, the corporation stated that funds will be allocated toward innovation and expansion. New additions include a children’s special formula and a product to assist those who lose weight from chemotherapy while receiving cancer treatment.
Along with nutrition drinks for people with milder or shorter-term problems that don’t require tube feeding, the company is also branching out beyond medical formulae. One such shake is a meal replacement shake that can be purchased over-the-counter on Amazon and through the brand’s website.
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Brett Matthews, chairman and CEO of Kate Farms, stated, “We are thrilled to be working alongside some of the top hospitals, doctors, and dietitians to provide a higher standard of nutrition for people with medical conditions. We know firsthand that plant-based nutrition can reverse disease and prevent illness.” “To help the hundreds of millions of people who can benefit, we will continue to accelerate our efforts to lead the plant-based revolution in health care with the addition of our new Blue-Chip investors.”
More than 95% of US hospitals carry Kate Farms’ vegan, gluten-free, kosher, and USDA organically certified goods. Additionally, the Department of Veterans Affairs awarded the company a five-year contract that will allow veterans and other government service recipients to use its products.
“We are thrilled to support the Kate Farms team as they persist in paving the path for plant-based nutrition in healthcare,” stated Allison Berardo, who will be joining the Kate Farms board of directors as vice president of GS Growth, Goldman Sachs’ growth equity platform. Kate Farms is a clear leader in the liquid nutrition market as a whole thanks to their unique product, robust patient and provider community support, and extensive distribution.