Plant-based dairy alternative brand Ripple Foods has raised $49 million in a new funding round, according to an SEC filing this week.
The new funding, first reported in Forbes, is part of a round seeking a total $55.3 million in equity and debt financing.
Ripple, which was founded in 2014 on the proposition of using yellow peas as a protein source to better fortify its plant-based milks and shakes, has historically sought high-capital rounds. According to Crunchbase, the California-based business has raised over $264 million to date over 10 rounds, not including this latest filing. Citing data aggregator FABID, Forbes estimated the brand’s total financing at $268 million to date.
The brand’s last raise came in 2021 when it closed a $60 million Series E round backed by S2G Ventures, Ajax Strategies and Bloom8 (at the time known as Rage Capital).
Other prior investors in the brand include TAO Capital, Siddhi Capital, GroundForce Capital, and Prelude Ventures, among others.
Ripple’s portfolio includes multi-serve and single-serve plant-based milks, including shelf-stable and kids lines, as well as protein shakes. Though the brand previously offered frozen desserts and other food products, its current offerings have focused solely on beverages.
Market research firm Circana reported U.S. retail sales of Ripple’s refrigerated milk substitutes up 92.9% to $30.1 million in the 52-week period ending October 8, 2023. Its shelf-stable products declined -9.6% to around $36 million, in line with a -10% decline for the entire segment of shelf-stable non-dairy milks classified as “All Others” to around $66.4 million.
This summer, Ripple unveiled its latest innovation: Ripple Kids Unsweetened Original Milk available in 48 oz. multi-serve bottles, made with 8 grams of plant protein and 50 mg of DHA Omega-3s and Choline per serving.