Funding round for plant-based formula maker raises $75 Million

Kate Farms, a producer plant-based nutritional formulas raised $75 million in a Series C round led by Novo Holdings. Investors included Goldman Sachs and Kaiser Permanente Ventures.

This round of minority stake investment comes two years after Kate Farms raised a $51million Series B round in 2020.

“Novo Holdings investment in Kate Farms will enable us to develop new products, enter new markets, and continue to service the patients who depend upon us for their nutrition as well as thousands more health care providers,” stated Brett Matthews, chief executive officer and chairman of Kate Farms.

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Kate Farms is a company that specializes in products for people with chronic conditions and acute conditions. They produce plant-based formulas that can be used in tube or oral feeding. These formulas are available in more than 95% of American hospitals. The formulas are vegan, gluten free, kosher, and don’t contain the common allergens that can be found in legacy brands.

The Series C round of funding will be used to fund product innovation, new product development, and expansion of existing channels.

Kartik Dharmadhikari (partner at Novo Holdings) stated, “We are delighted to partner with Kate Farms in their efforts to satisfy the nutritional needs of many patient populations. We feel that the company can benefit from our life sciences heritage as it explores new ways to use science and clinical evidence for plant-based clinical nutrition.

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