California-based vegan brand Kite Hill recently secured $10 million in equity from a single investor, according to a recent filing with the Securities and Exchange Commission by its parent company Lyrical Foods. The brand aims to use the new capital to explore innovative formulations and grow its personnel and infrastructure, along with expanding its marketing efforts. “The mainstream consumer is really navigating the plant-based category now and it seems like every day we get a call from another customer requesting a meeting and/or taking distribution,” Kite Hill CEO Rob Leibowitz told Foodnavigator-USA. Kite Hill—founded in 2013 by a team that includes chef Tal Ronen and Impossible Foods founder Patrick O. Brown—previously focused on producing almond milk-based products such as vegan cheese and yogurt but with the new cash injection, Leibowitz says the company could explore other formulations. “Everything we do here is about making great tasting foods, and where it makes sense, we’ll definitely be exploring plant bases that go well beyond almond,” he said. “We’ve got a three-year pipeline that crosses multiple plant bases and multiple product platforms.” The company—which has raised $75.5 million in capital since 2014—recently debuted two new cream cheese flavors (Everything and Strawberry) along with two dips (French Onion and Ranch) and a raspberry flavor of its almond milk-based European-style yogurt.
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