General Mills and venture capital firm CAVU again led a multi-million dollar fundraising round for a California food startup.
Kite Hill, a Hayward producer of nut milk-based cheeses and yogurts, last week announced the completion of $18 million in fundraising led by 301 INC — General Mills' development and venture division — and CAVU, co-founded by Sweat Leaf Tea founder Clayton Christopher.
The company plans to expand its distribution and branding with the proceeds.
“These investments provide additional confirmation that Kite Hill has quickly established itself as the gold standard in great tasting plant-based dairy,” said CEO Matthew Sade.
301 and CAVU previously led a $2.1 million fundraising campaign for cottage cheese snack company Good Culture. General Mills made a series of investments in companies perceived as healthier as consumer preferences turned against its packaged and frozen foods.
“What sets Kite Hill apart is its ability to innovate and crack the code on developing great-tasting products that appeal to consumers seeking dairy alternatives," 301 vice president John Haugen said in a statement.
