General Mills Invests in Kite Hill Cheese
General Mills is the largest investor in the vegan cheese company’s latest round of funding.
May 20, 2016
Northern California-based vegan cheese company Kite Hill—under parent company Lyrical Foods—received $18 million in venture capital this week in its most recent round of funding. Amongst other investors, 301 Inc.—the venture capital arm of multinational corporation General Mills (GM)—led the funding round with an undisclosed sum. News of the investment was quickly reported on by the New York Times, who said that the move by GM is an effort to tap into consumers seeking local, sustainable, chemical-free, and minimally processed food. “Plant-based used to be more synonymous with sacrifice than with taste,” 301 Inc.’s president John Haugen told the Times. “Now, companies like Kite Hill are able to deliver plant-based products that taste good.” General Mills acquired vegetarian companies Larabar and Annie’s Homegrown for $56 million and $820 million, respectively, and Kite Hill specializes in producing vegan cheese, yogurt, and ravioli using non-GMO California almonds.
Photo courtesy of Kite Hill