GV topped up its investment in the plant-based dairy producer, helping it increase its overall funding to over $220m.
Ripple Foods, a US-based producer of plant-derived alternative dairy products, secured $60m in series E funding on Tuesday from investors including GV, a subsidiary of internet and technology group Alphabet.
Rage Capital led the round and was also joined by Prelude Ventures, S2G Ventures, Ajax Strategies, OurCrowd, Euclidean, Fall Line Capital and Tao Capital Partners.
Founded in 2014, Ripple makes dairy alternatives using plants like yellow peas, claiming its products have half the sugar and 50% more calcium than normal dairy as well as the highest loyalty in the plant-based milk category. It will use the funding to grow its product lines and expand into new markets and channels.
The company raised approximately $55.8m from 15 unnamed investors in October 2020, according to a regulatory filing. Two years earlier Euclidean Capital had led a $65m series C round that also featured GV, Goldman Sachs, Fall Line Capital, S2G Ventures, Khosla Ventures and Prelude Ventures.
Ripple received $30m in a GV-led series B round in 2016 that included Tao Capital Partners, Prelude Ventures, Blueberry Ventures, S2G Ventures, Radicle Impact, Khosla Ventures, Collaborative Fund, Tim Koogle and Seth Goldman, taking its total funding to nearly $44m.
Laura Flanagan, Ripple’s chief executive, said: “Ripple’s growth is outpacing the category by three times and we are well-positioned to further accelerate that growth.
“This capital raise will enable us to accelerate innovation and growth across product categories and expand into new channels and global markets. It allows us to further achieve our mission of making plant-based foods that are better for people and better for the planet on an even larger scale.”