Plant-based nutrition formula company Kate Farms recently closed a $23 million Series A-1 financing round, bringing its total funding to $48 million. The company plans to use the funds for accelerated growth, additional hiring, and innovation in an effort to bring its superior plant-based medical nutrition to the market. Its product is specifically formulated to help individuals with medical conditions who rely on formula-based meals, and it also serves people with other medical conditions who cannot obtain a prescription. “As an early investor, I see some parallels between Kate Farms and Boston Scientific,” Pete Nicholas, founder of Boston Scientific and Kate Farms board member, said. “By disrupting the medical device market, we ultimately created better patient outcomes. Likewise, Kate Farms, by bringing superior plant-based medical nutrition to the market, is disrupting what is basically a stagnant category—and driving great patient outcomes too. With this seasoned team and strong culture, I’m confident Kate Farms will continue to change patients’ lives.”
Kate Farms was founded in 2011 by Richard and Michelle Laver, whose daughter was failing to thrive because she couldn’t tolerate any of the available feeding-tube formulas. The couple developed a nutrition formula using organic, plant-based ingredients without the synthetic ingredients and common allergens found in traditional formulas. Its products are now used by many of the leading adult and children’s hospitals across the country.
Last week, the company donated $500,000 in product to hunger-relief organization Meals on Wheels to feed vulnerable seniors who are most at-risk amid the COVID-19 pandemic in California. Kate Farms expanded its efforts this week with a donation of 20,000 vegan nutrition shakes, which are currently being distributed by Brooklyn Borough President Eric Adams in partnership with The Campaign Against Hunger to at-risk seniors, particularly people of color, across Brooklyn.