Kate Farms closes $23 million funding round
Kate Farms, a supplier of plant-based medical nutrition formulas, has closed its $23 million Series A-1 financing round, bringing total funding to date to $48 million.
Kate Farms, a supplier of plant-based medical nutrition formulas, has closed its $23 million Series A-1 financing round, bringing total funding to date to $48 million. Kate Farms will use the funds to accelerate growth, hire additional employees, and continue to innovate.
The round was 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. Each outside Kate Farms board member also invested in the round.
“As an early investor, I see some parallels between Kate Farms and Boston Scientific,” said Pete Nicholas, founder and former chairman and CEO of Boston Scientific. “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.”
“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,” said Brett Matthews, chairman and CEO of Kate Farms. “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.”