SANTA BARBARA, CALIF. — Kate Farms, a producer of plant-based nutritional formulas, raised $75 million in a Series C funding round led by Novo Holdings, in addition to investors such as Goldman Sachs, Kaiser Permanente Ventures and Main Street Advisors.
The round of minority stake investments comes two years after Kate Farms had a $51 million Series B funding round in 2020.
“Novo Holdings’ investment in Kate Farms will allow us to develop more innovative products, enter new markets and continue to serve the patients who depend on us for their nutrition, as well as thousands of health care providers,” said Brett Matthews, chairman and chief executive officer of Kate Farms.
Specializing in product offerings for consumers with chronic illnesses and acute conditions, Kate Farms produces plant-based formulas used in tube and oral feeding that are available in over 95% of hospitals in the United States. Its formulas are vegan, gluten-free, kosher and do not contain common allergens found in some legacy brands.
Funding from the Series C round will go toward current product innovation, new product development and expanding the company’s existing channels.
“We are pleased to partner with Kate Farms and support them in their efforts to meet the nutritional needs of numerous patient populations,” said Kartik Dharmadhikari, partner at Novo Holdings. “We believe our life sciences heritage can serve the company well as it explores additional ways to utilize science and clinical evidence to support plant-based clinical nutrition.”