Kite Hill Closes $40M Capital Raise

Kite Hill, an industry innovator and pioneer in crafting delicious chef-inspired plant-based foods that continually surprise and delight, today announced the completion of a $40 million capital round expected to close within a month. The round was led by 301 INC, the new business development and venturing unit at General Mills. CAVU Venture Partners also participated in the round.

Year-over-year, the company has grown due to both the quality of the products and rising consumer adoption of healthy plant-based diets. Kite Hill makes great tasting almond milk yogurts, cream cheeses and probiotic drinks that are sold at thousands of retailers nationwide, including Whole Foods Market, Sprouts, Kroger, Target, and Publix, as well as many others. The capital from this funding round will enable the company to increase its capacity, invest in marketing, innovation and people to help fuel its rapid rate of growth.

"This investment propels Kite Hill into a great position to continue our rapid pace of expansion," said Rob Leibowitz, Kite Hill CEO. "We are eager to meet the seemingly insatiable consumer demand for our delicious chef-inspired plant-based, vegan foods. As such, we'll be investing substantially in factory capacity expansion. We will also continue to innovate in product development and marketing to drive further awareness and adoption of our delicious foods which never compromise and always deliver extremely well on both taste and texture."

Co-founder and Chef Tal Ronnen adds, "We started Kite Hill because we knew we could make first-rate dairy alternatives that everyone would love. What we've created to date has exceeded our expectations. Now that we are available nationwide, we want to continue to offer people the high quality, innovative products they have come to expect from us at Kite Hill. We are showing consumers just how delicious plant-based foods can be."

"Kite Hill continues to set itself apart in what is now a mainstream demand for plant-based nutrition," said John Haugen, founder and managing director of 301 INC. "As more people are making changes in their diet, we see incredible untapped potential in the market for the brand to expand its consumer base and grow."

For more information about Kite Hill, please visit www.kite-hill.com.

About Kite Hill

Kite Hill is the creator of delicious plant-based alternatives to beloved traditional dairy products that lead with great taste and a feel-good clean label. This award-winning combination offers a satisfying experience to all consumers interested in plant-based dairy alternatives. The full product line, consisting of Greek and European style yogurts, cream cheese style spreads, soft cheeses and ravioli continues to receive praise and build a strong following among today's health conscious consumers. The Kite Hill line is sold through Whole Foods Markets, Publix Super Markets, Target, and leading natural and specialty grocery retailers nationwide. For more information on Kite Hill, please visit: www.kite-hill.com.