US alt-dairy business Ripple Foods has secured $17m in its latest funding round and appointed a new CEO.
New investors in the round include Material Impact and Rich Products Ventures, the corporate-venture arm of Rich Products Corporation.
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Becky O’Grady, who has been a member of Ripple’s board for the past five years, has been named CEO.
Existing backers S2G Ventures, Prelude Ventures, Fall Line Capital, Euclidean Capital, Tao Capital Partners and Tim Koogle also participated.
The latest round follows a $49.2m funding round completed in December 2023.
Earlier raises included $57.3m in a Series E in 2021, $55.8m in a Series D in 2020 and $65m in a Series C in 2018.
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By GlobalDataHeadquartered in Berkeley, California, Ripple Foods produces dairy alternatives using protein sourced from yellow peas, offering products such as plant-based milks and protein shakes.
The company claims its range is gluten-free, 100% vegan, certified non-GMO and free from nuts, lactose and soy.
Each serving of its milks and shakes is said to provide up to 20g of plant-based protein, which the business describes as “more than any other leading non-dairy milk”.
O’Grady spent over 20 years at General Mills up to 2016 most recently as president of ice-cream business Häagen-Dazs, international marketing and consumer insights. Her previous roles also included president of Yoplait USA.
O’Grady said: “Harnessing the power of our brand and the strength of our team, we are poised to unlock our full potential. We are launching innovative new products, driving consumer penetration and customer expansion, and opening new growth horizons through transformative partnerships and capabilities.”
Ripple plans to use the new funds to support a series of projects, including the launch of a line of organic plant-based milks in the first quarter of 2026. The company also plans to expand into foodservice channels.
Retailers that stock Ripple’s products are include Whole Foods, Target, Kroger and Walmart.
“We couldn’t imagine a more exciting time to invest in Ripple Foods. With Becky at the helm and a sharp focus on growing top-line revenue and achieving profitability, the company is poised to deliver strong results in the plant-based protein market,” Material Impact’s Melissa Fensterstock said.
