HAYWARD, CALIF. — Kite Hill, a maker of artisanal nut milk cheeses and yogurts, has completed a $40 million capital round led by 301 INC, the business development and venturing unit of General Mills, Inc. CAVU Venture Partners also participated in the round, which is expected to close within the month.
Kite Hill plans to use the funds to increase capacity and invest in marketing, innovation and people, the company said.
Combining traditional cheese making techniques with a proprietary almond milk formulation, Kite Hill produces a range of products, including artisanal nut cheeses, cultured cream cheese-style spreads, frozen ravioli and cultured yogurts. The company’s products are sold at such retailers as Whole Foods Market, Sprouts, Kroger, Target and Publix.
“This investment propels Kite Hill into a great position to continue our rapid pace of expansion,” said Rob Leibowitz, chief executive officer of Kite Hill. “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. 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.”
This capital infusion marks the second investment in Kite Hill by CAVU and 301 INC In May 2016, Kite Hill closed on an $18 million fundraising round led by the two companies.
“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.”