PETALUMA, CALIF. — Miyoko’s Creamery has raised $52M in Series C funding, which will help the company expand its market share in the plant-based dairy market.
Since 2017, the US plant-based foods market has grown by $2 billion in retail sales and is currently valued at $5 billion — growing at five times the rate of total food sales. Nondairy milk is the largest and most developed plant-based food and beverage category, but other alternative dairy categories such as cheese and butter are quickly following suit.
With this funding, Miyoko’s will advance distribution and product innovation. Miyoko’s is currently distributed in 30,000 stores nationwide as well as in Canada, South Africa, Hong Kong and Singapore.
With nearly full distribution in the US natural grocery channel, Miyoko’s future distribution expansion will focus on conventional grocery, club and food service as more consumers demand plant-based alternatives.
On the product side, Miyoko’s will continue to develop artisan-quality cheese and butter crafted from fermented plant milks to deliver higher nutrient density, performance and flavor. This year, they will launch “Liquid,” a pizza mozzarella that pours out like sauce and bakes up into a stretchy cheese. In addition, Miyoko’s will launch a reformulation of its plant milk Medium Cheddar and Pepper Jack cheeses delivering great taste and meltability through the fermentation of organic, whole food ingredients and no added flavors.
PowerPlant Partners is the lead investor, investing $40M in total, with Cult Capital, Obvious Ventures, Stray Dog, and CPT Capital filling out the round.
“Businesses need to assume a leadership position in driving toward a more sustainable – and compassionate – future, one that considers all stakeholders, including the animals that we have chosen to commodify,” said Miyoko Schinner, founder and CEO. “I look forward to partnering with PowerPlant Partners to tackle these problems together and find delicious solutions to help consumers understand that there are exciting options that can help them be part of the solution. I would also like to thank Cult Capital, Obvious Ventures and Stray Dog, who have been with us for prior rounds, participated in this round and were instrumental in helping us become who we are.”
“Miyoko’s Creamery is very well positioned to capitalize on the massive market shift happening in dairy right now as consumers demand and prefer plant-based products. Their growth to date indicates their products are revolutionizing the vegan dairy movement through the creation of delicious, highly nutritious plant-based cheeses and butters,” added Dan Gluck managing partner at PowerPlant Partners. “Which is why we are thrilled to partner with Miyoko Schinner – the leading innovator in plant-based dairy – and the broader Miyoko’s team to help them accelerate their business, distribution and innovations, while continuing to be the industry’s most respected brand.”