LOS ANGELES — Plant-based beverage maker Califia Farms has closed a round of funding totaling more than $50 million. The investment round was led by Ambrosia Investments, which also has invested in Beyond Meat and Hint, along with existing investors Sun Pacific and Strips Group.
With the new funding, Califia plans to expand its manufacturing capacity in Bakersfield, Calif., and continue to develop its go-to-market capabilities for commercializing recent innovations in plant-based milks, non-dairy creamers and cold-brew coffees. Califia also will be promoting the launch of its new line of probiotic dairy-free yogurt drinks.
“This round of funding will allow us to further pursue our vision to be the leading plant-powered food and beverage company of the future by investing in our four brand pillars of sustainability, health and wellness, plant-based innovation and engaging consumer experiences,” said Greg Steltenpohl, co-founder and chief executive officer of Califia Farms.
Additionally, Califia has appointed Sandeep Patel as chief financial officer of the company. In this role, he will lead Califia’s finance organization as well as certain operational, legal, technological and strategic areas.
“Califia is at the intersection of some of the most powerful trends to shape the food system in the last 50 years,” Mr. Patel said. “With its strong lifestyle brand, track record of innovation and cross-category leadership, Califia is uniquely positioned to capitalize on these trends.”
Mr. Patel joins Califia after 20 years in investment banking, including roles as managing director at both Barclays Investment Bank and Goldman Sachs.
“Sandeep has a differentiated understanding of the food and beverage industry from soil to shelf as well as deep expertise helping high-growth companies like Califia develop strong financial frameworks and access to capital compatible with a long-term vision,” Mr. Steltenpohl said.