Kate Farms, a California-based supplier of a plant-based liquid meal nutritional supplement, has raised $23 million.
The platform’s liquid meal formula is being used by hospitals and healthcare providers all across the country for those patients who cannot process solid foods.
According to Brett Matthews, the Chairman and Chief Executive of Kate Farms, the new fund will be used in order to ramp up the production of the company as it looks to meet significant new demand from both healthcare providers and consumers.
Initially, the formula was developed by Richard and Michelle Laver, the Founders of Kate Farms. According to them, their daughter Kate is a child whose cerebral palsy meant that she couldn’t eat solid foods or process the tube-feeding formulas available on the market. Now, Kate Farms has become renowned that serves hospitals and other healthcare providers all across the country.
Richard and Michelle also noted that Brett Matthews was first introduced to the company as a customer whose son was suffering from upper respiratory and autoimmune issues. Brett stated, “My son was very sick… and food was really critical to his healing. I knew a lot about the products and food as medicine and really jumped in and invested.”
According to the founders, throughout the history of Kate Farms, the company has raised all the capitals from individuals, rather than institutional and investors. Both of them have mentioned a list of investors and backers, which includes Gregg Engles, the former Chairman and Chief Executive of WhiteWave Foods, the plant-based dairy replacement company; William and Kristin Loomis, the former Chief Executive of Lazard and the Founder and Executive Director of HHV-6 Foundation; David Roux, the Co-founder of Silver Lake; John Hammergren, the former Chairman and Chief Executive of McKesson; Pete Nicholas, the Founder and former Chief Executive of Boston Scientific; Celeste Clark, the former Executive Team Management Member at Kellogg’s Global Nutrition; and Robert Zollars, the former President of Baxter International, Chairman of Diamond Foods and EVP of Cardinal Health.
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