Miyoko’s Creamery in Sonoma County gets $52M series C funding, eyeing billion-dollar non-dairy market
Petaluma-based plant-based food producer Miyoko’s Creamery announced Wednesday it has received $52 million in new capital, raising the company’s footprint in the market which in the U.S. amounts to $5 billion in revenue a year.
About $40 million in the series C funding will flow from is lead investor PowerPlant Partners, with the rest coming from Cult Capital Capital, Obvious Ventures, Stray Dog, and CPT Capital.
“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,” said Dan Gluck, managing partner at PowerPlant Partners, in the announcement. “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.
Gluck called Miyoko’s Creamery founder Miyoko Schinner "the leading innovator in plant-based dairy.“
Miyoko’s is currently distributed in 30,000 stores nationwide as well as in Canada, South Africa, Hong Kong and Singapore. Products can be found at nearly 30,000 retailers nationwide, including Whole Foods, Target, Trader Joe’s and Walmart as well as in-home delivery services like Amazon Fresh and Instacart via select retailers.
Last year, the Business Journal reported that the company was expanding its Petaluma base of operations by two-thirds and its workforce by one-quarter to satisfy consumer hunger for its plant-based “cheese” and “butter” products.
The company in the latest funding announcement said it will use the additional investment announced Wednesday to expand product innovation and its distribution channels.
With nearly full distribution in the U.S. natural grocery channel, Miyoko’s future distribution expansion will focus on conventional grocery, club and food service as more consumers demand plant-based alternatives. The company said it has 90% ACV, or all-commodity volume, a merchandising metric generally of how many stores are selling a product.
On the product side, Miyoko’s outlined its plans are 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.
The vegan dairy food company was established in 2014. It is a certified B Corporation company, a third-party measure of a firm’s business values and practice.
“Miyoko’s Creamery is a ‘mission with a company’ and acts as a compassionate change agent for the animal-free future of dairy. We look forward to building on our strong foundation and further innovating in the category as more and more consumers commit to change,” said Schinner.