US – Plant-based cheese pioneer Miyoko’s Creamery has raised US$52 million in a Series C funding led by PowerPlant Partners, a growth equity firm investing in emerging consumer food, beverage, foodservice, food-tech and personal wellness brands.
Miyoko’s plans to use these funds to expand to more conventional grocery, club and foodservice outlets and continue developing better nutrient density, performance and flavor.
Founded in 2014, Miyoko’s Creamery has developed an array of plant-based cheeses and butters that are currently available in 30,000 stores in the U.S., Canada, South Africa, Hong Kong, and Singapore.
According to Food Dive, the company has a cult following and was one of the first to combine traditional cheesemaking methods with food science to make cheeses and butters out of plant milks, instead of the oils and starches that had previously been used.
With plant-based food being in Vogue, business had been good. The company reportedly saw 70% growth last year — a number that could have been higher if not for pandemic-related restrictions.
“The company’s rapid growth in just a few short years would not be possible without our unique approach to product innovation,” Miyoko Schinner said in the press release announcing the funding.
“We are never satisfied and are always looking for ways to improve the taste, nutrition and performance of the products we craft.”
Miyoko’s Creamery is also ramping up its business and marketing strategies to take advantage of the current boom where the plant-based cheese is forecasted to grow at a CAGR of 9% between 2021 and 2026, according to Market Watch.
Last year, the company moved into a larger headquarters and production facility in California, with plans to increase its R&D space and increase the employee count by 25%.
In the second half of the year, the company plans to launch Liquid, a pizza mozzarella that pours like sauce and bakes into a stretchy cheese, and reformulate its Medium Cheddar and Pepper Jack cheeses.
This funding would therefore be critical in this growth phase, enabling the company to expand its market reach and stave off competition from rivals such as Nobell Foods which recently raised US$75m to accelerate its go-to-market strategy.
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