There has been tremendous growth in plant based food purchasing habits as consumers are looking for healthier alternatives for dairy and meat. Retail sales for skim and low fat milk dropped 5.5% last year. Recognizing this trend and wanting to create healthier food choices, Ripple Foods has raised $65 million in an investment round, reports Bloomberg. The startup specializes in a pea protein “milk.” The funding round was led by Euclidean Capital and included investments from Goldman Sachs Group Inc., Khosla Ventures, Fall Line Capital, and S2G Ventures. It brings the company’s total funding to $110 million.
Ripple’s founders Neil Renninger and Adam Lowry say one of the driving factors behind its success with investors is its Ripptein, pea protein that has been extracted from the vegetable by a process that leaves the benefits, but removes the pea flavor. They also note investors are sold on the team’s complimentary backgrounds. Lowry co-founded the cleaning-product brand Method Products and Renninger, a scientist, founded Amyris Inc., which makes renewable fuels as well as malaria medications. They are currently working on developing a line of pea protein-based ice creams, according to the report and will make sure the products don’t taste like peas.
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