Kate Farms said it will use the funds for accelerated growth, additional hiring and continued innovation.
The round was led by a personal investment from David Roux, co-founder of Silver Lake. Other individual investors include John Hammergren, former Chairman and CEO of McKesson, Gregg Engles, former chairman and CEO of WhiteWave Foods, William Loomis, former CEO of Lazard, and Kristin Loomis, founder and executive director of HHV6 Foundation.
Each outside Kate Farms board member also invested in the Series A-1 round, including Pete Nicholas, founder and former chairman and CEO of Boston Scientific, who said, "As an early investor, I see some parallels between Kate Farms and Boston Scientific.
"By disrupting the medical device market, we ultimately created better patient outcomes. Likewise, Kate Farms, by bringing superior plant-based medical nutrition to the market, is disrupting what is basically a stagnant category—and driving great patient outcomes too. With this seasoned team and strong culture, I'm confident Kate Farms will continue to change patients' lives."
Kate Farms’ chairman and CEO Brett Matthews said, "While today it's much easier for consumers to find plant-based alternatives, whether at the grocery store or a fast-food outlet, the same options until recently have not been available to those who are medically compromised. Kate Farms is specially formulated to help those people with major medical conditions, who often rely on us for 100% of their nutritional intake, to not only improve their health but to be able to live their best life.
"I am honored to be part of a team that partners with health care professionals and patients to support them in their overall care and to help them navigate insurance coverage. We lead with our hearts and expertise and are committed to caring for people. Together, we will serve the millions and millions of people with chronic diseases and help them thrive."