The consumer foods company General Mills is making moves to get into the vegan food market.
General Mills has invested millions into the Kite Hill, a vegan brand known for its plant-based cheese and yogurt. Led by 301 Inc., General Mills' venture capital firm, the vegan company has secured $40 million in funding.
“Kite Hill continues to set itself apart in what is now a mainstream demand for plant-based nutrition," said John Haugen, founder and managing director of 301 Inc. “As more people are making changes in their diet, we see incredible untapped potential in the market for the brand to expand its consumer base and grow.”
The vegan trend continues to spread across the country as more eaters change their lifestyle whether they are vegans, vegetarians or flexitarians. This has cultivated a high-demand for these types of products.
Kite Hill's dairy-free products like its cream cheese, cheese, and almond milk yogurts have become popular.
The company's plant-based products are already in grocery chains like Target, Whole Foods, and Sprouts– but with this additional funding, the company plans to ramp up its expansion plans.
"This investment propels Kite Hill into a great position to continue our rapid pace of expansion. We are eager to meet the seemingly insatiable consumer demand for our delicious chef-inspired plant-based, vegan foods. As such, we’ll be investing substantially in factory capacity expansion,' said Rob Leibowitz, Kite Hill CEO.
The vegan brand will also use the funding to explore new products to add to its portfolio.
“We will also continue to innovate in product development and marketing to drive further awareness and adoption of our delicious foods which never compromise and always deliver extremely well on both taste and texture," said Leibowitz.
Learn more about Kite Hill's latest funding round at "FoodBev Media" now.
We have been tracking the explosive growth in the plant-based industry. According to Foodable Labs data, plant-based consumption is up 300% over just the last year. Watch the video below to see how restaurants are incorporating more plant-based dishes on menus.