LOS ANGELES — Organic baby food brand Yumi has raised $67 million in a Series B funding round, adding more than 70 female investors or women-led firms to its capitalization table. The fundraise intentionally was launched to address gender inequalities commonly seen in venture capital and equity ownership, according to the company.
Founded in 2017, Yumi is a female-founded and-led direct-to-consumer provider of meals, snacks and vitamins for babies and children developed by nutritionists, pediatricians, metabolic health experts and chefs. The menu includes blends and finger foods that are organic, vegan and gluten-free.
“As a mission-driven brand, Yumi is focused on providing nutrient-dense, scientifically-based products that help parents better optimize their entire family’s nutrition,” said Angela Sutherland, co-founder and chief executive officer of Yumi. “Being a data-driven company based in the CPG space, a category whose primary customer is often female yet is typically funded by male-owned venture capital companies, we believe it was important for us to recognize and correct this imbalance. By providing opportunities for investment from a group of powerful women, we were excited to be able to level our own internal playing field.”
In the United States, women earned 84% of what men earned in 2020, according to the Pew Research Center. Acknowledging this disparity, Yumi offered female investors a 20% discount on its convertible note. Participants in the round included Lydia Jett of SoftBank; Desiree Gruber, founder and CEO of creative agency Full Picture; and City National Bank CEO Kelly Coffey.
Proceeds from the funding will be used to support retail expansion and new product launches according to the company.