Ripple Foods, whose portfolio of pea-protein products includes plant-based milk, kids milk, protein shakes, and frozen desserts, has secured $60 million in funding led by Rage Capital, Ajax Strategies, and S2G Ventures.
 
The investment will help Ripple Foods accelerate innovation and growth across product categories, and expand into new channels and global markets, the company said. Additional key investors included OurCrowd, GV, Prelude Ventures, Euclidean, Fall Line Capital, and Tao Capital Partners.
 
The plant-based food category is growing rapidly; the industry saw surges of up to $7 billion in 2020. SPINS and Nielsen data show unprecedented growth in the dairy alternative market with Ripple (+20%) outpacing the category (+6%).
 
“Ripple’s growth is outpacing the category by 3x, and we are well-positioned to further accelerate that growth,” said Laura Flanagan, CEO of Ripple Foods. “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.”
 
Setting a standard beyond grams of protein, Ripple also has half the sugar of dairy milk and 50% more calcium, according to the company. Sustainability is at the forefront of Ripple’s mission. It requires nearly 6x more water to get the same amount of protein from almond milk than it does from Ripple’s pea-based products, the company claimed.
 
“Our investment with Ripple supports its continued growth and success in the milk aisle and its upcoming innovation in new product categories,” said Chuck Templeton, managing director of S2G Ventures. “Ripple is a clear leader in plant-based dairy alternatives, and we are excited to support this team of proven industry veterans as they continue to scale the business.”
 
“There are very few products in the plant-based arena that offer consumers a no-compromise proposition like Ripple: great taste, great nutrition and great for the environment,” said Gabriel Ruimy, Rage Capital’s managing partner. “There is a huge demand for high-quality Ripple products around the world, and we look forward to helping Ripple enter new markets as they become the go-to alternative to dairy for consumers everywhere.”