Plant-based company Miyoko’s Creamery has raised $52 million in a series C funding round led by PowerPlant Partners, with other investments from Cult Capital, Obvious Ventures, Stray Dog, and CPT Capital.
With this funding, Miyoko’s will advance both distribution and product innovation to capitalize on this market opportunity. Miyoko’s is distributed in 30,000 stores nationwide as well as in Canada, South Africa, Hong Kong, and Singapore. The company's future distribution expansion will focus on conventional grocery, club, and foodservice as more consumers demand plant-based alternatives.
“We are thrilled to be partnering with PowerPlant Partners, a group as committed to transforming the future of food as we are,” said Miyoko Schinner, founder and CEO, in a statement. “Businesses need to assume a leadership position in driving toward a more sustainable – and compassionate – future, one that considers all stakeholders, including the animals that we have chosen to commodify. I look forward to partnering with PowerPlant Partners to tackle these problems together and find delicious solutions to help consumers understand that there are exciting options that can help them be part of the solution. I would also like to thank Cult Capital, Obvious Ventures, and Stray Dog, who have been with us for prior rounds, participated in this round and were instrumental in helping us become who we are.”
On the product side, Miyoko’s will continue to develop artisan-quality cheese and butter crafted from fermented plant milks to deliver higher nutrient density, performance, and flavor. This year, the company will launch “Liquid,” a pizza mozzarella that pours out like sauce and bakes up into a stretchy cheese. In addition, Miyoko’s will debut a reformulation of its plant milk Medium Cheddar and Pepper Jack cheeses delivering taste and meltability through the fermentation of organic, whole food ingredients and no added flavors.
“The company’s rapid growth in just a few short years would not be possible without our unique approach to product innovation. We are never satisfied and are always looking for ways to improve the taste, nutrition and performance of the products we craft. As the category creator and true lover of cheese, we work tirelessly to innovate for the future of the category and the planet,” continued Schinner.
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Image: Miyoko's Creamery