US dairy and plant-based producer Chobani has secured $650m in new equity funding to support “growth and innovation”.
In a statement yesterday (16 October), the company said the proceeds will used to finance its planned factory expansion in Twin Falls, Idaho, and a new food manufacturing facility in Rome, New York.
Details of the investment source were not disclosed. Just Drinks has contacted Chobani for comment.
“This capital raise marks an important milestone for Chobani. This commitment from long-term oriented, industry thought leaders underscores strong confidence in Chobani's ability to deliver on its vision of making good food for all and putting its people at the centre of everything it does,” Chobani’s statement read.
In April, the company announced a $1.2bn investment in a new 1.4 million-square foot production facility in Rome.
The site, the company’s third in the US, is set to house up to 28 production lines and handle around 12 million pounds of milk per day.
The Idaho project, announced in March, involves a $500m expansion at the Twin Falls facility, which manufactures Chobani yogurts, oat milk and coffee creamers.
Chobani plans to add more than 500,000 square feet to the site, with the upgrade projected to lift capacity by 50%.
At the time of the announcement, a spokesperson told Just Drinks the investment would create 160 full-time positions.
Once complete, the Twin Falls location is set to employ more than 1,300 full- and part-time staff. The facility supplies customers in the US and Mexico.
In its latest statement, Chobani said additional capacity in Twin Falls is expected to go live later this year.
In May, Chobani acquired local frozen-foods business Daily Harvest.
Founded in 2015, Daily Harvest makes frozen, single-serve items such as smoothies, breakfast bowls and savoury meals.
Initially launched as a direct-to-consumer operation, Chobani products continues to sell through its website and are also available at retailers including Target, Kroger and Wegmans.
