Kate Farms, a producer of plant-based nutritional formulas, raised $75 million in a Series C funding round led by Novo Holdings, in addition to investors such as Goldman Sachs, Kaiser Permanente Ventures and Main Street Advisors.
The round of minority stake investments comes two years after Kate Farms had a $51 million Series B funding round in 2020.
“Novo Holdings’ investment in Kate Farms will allow us to develop more innovative products, enter new markets and continue to serve the patients who depend on us for their nutrition, as well as thousands of health care providers,” said Brett Matthews, chairman and chief executive officer of Kate Farms.
Its formulas are vegan, gluten-free, kosher and do not contain common allergens found in some legacy brands.
Funding from the Series C round will go toward current product innovation, new product development and expanding the company’s existing channels.
