Kate Farms will use the funds for accelerated growth, additional hiring, and continued innovation as the company continues to drive change and clinically better outcomes in the medical nutrition space through its higher standard, plant-based formulas
Fremont, CA: Plant-based medical nutrition supplier Kate Farms closed its Series A1 round of financing at USD 23 million, led by a personal investment from David Roux, Co-Founder of Silver Lake. Other individual investors include John Hammergren, former Chairman and CEO of McKesson, Gregg Engles, former Chairman and CEO of WhiteWave Foods, William Loomis, former CEO of Lazard, and Kristin Loomis, founder and Executive Director of HHV6 Foundation.
The new round of funding takes the company's total raised capital to USD 48 million. Kate Farms will use the funds for accelerated growth, additional hiring, and continued innovation as the company continues to drive change and clinically better outcomes in the medical nutrition space through its higher standard, plant-based formulas.
"While today it's much easier for consumers to find plant-based alternatives, whether, at the grocery store or a fast-food outlet, the same options until recently have not been available to those who are medically compromised. Kate Farms is specially formulated to help those people with major medical conditions, who often rely on us for 100% of their nutritional intake, to not only improve their health but to be able to live their best life," said Brett Matthews, Chairman, and CEO of Kate Farms. "I am honored to be part of a team that partners with health care professionals and patients to support them in their overall care and to help them navigate insurance coverage. We lead with our hearts and expertise and are committed to caring for people. Together, we will serve the millions and millions of people with chronic diseases and help them thrive."
The round was also participated by Carol Ammon, a registered nurse and longtime pharmaceutical CEO, Celeste Clark, Ph.D., registered dietitian, former board member of Mead Johnson and former Global Executive Management Team member at Kellogg's Global Nutrition, Jeff Jacobs, co-founder and former president of Harpo Entertainment, Pete Nicholas, founder, and former chairman and CEO of Boston Scientific, and Robert Zollars, former president of Baxter International's U.S. distribution, former chairman of Diamond Foods and former EVP at Cardinal Health.
"As an early investor, I see some parallels between Kate Farms and Boston Scientific," said Nicholas. "By disrupting the medical device market, we ultimately created better patient outcomes. Likewise, Kate Farms, by bringing superior plant-based medical nutrition to the market, is disrupting what is basically a stagnant category-and driving great patient outcomes too. With this seasoned team and strong culture, I'm confident Kate Farms will continue to change patients' lives."