For a few years now, almost anytime I open my social media apps I see Miyoko’s Creamery splashed across celebrities’, influencers’, and my friends’ stories and pages. With flavor as strong as its branding, it’s no wonder that the plant-based creamery is making a name for itself in the culinary and consumer worlds, and to further its movement, the company has announced that it raised $52 million in Series C funding, led by PowerPlant Partners, who invested a whopping $40 million in total.
“We are thrilled to be partnering with PowerPlant Partners, a group as committed to transforming the future of food as we are. Businesses need to assume a leadership position in driving toward a more sustainable—and compassionate—future, one that considers all stakeholders, including the animals that we have chosen to commodify. I look forward to partnering with PowerPlant Partners to tackle these problems together and find delicious solutions to help consumers understand that there are exciting options that can help them be part of the solution. I would also like to thank Cult Capital, Obvious Ventures and Stray Dog, who have been with us for prior rounds, participated in this round and were instrumental in helping us become who we are,” said Miyoko Schinner, Founder and Chief Executive Officer.
Miyoko’s has announced that it will use the funding to further disrupt the traditional dairy market as plant-based products continue to rise in popularity. Since 2017, the plant-based market in the U.S. has grown by $2 billion in retail sales, according to a press release, and is currently valued at $5 billion, growing five times the rate of total food sales.
With its new investment of $52 million, Miyoko’s will advance its distribution as well as its product innovation to capitalize on this market movement. Currently, the plant-based purveyor is on shelves in 30,000 stores nationwide as well as in Canada, South Africa, Hong Kong, and Singapore. With almost full distribution in the U.S. natural grocery channel, Miyoko’s is looking to focus on conventional grocery, club, and foodservice.
“The company’s rapid growth in just a few short years would not be possible without our unique approach to product innovation. We are never satisfied and are always looking for ways to improve the taste, nutrition, and performance of the products we craft. As the category creator and true lover of cheese, we work tirelessly to innovate for the future of the category and the planet,” added Schinner. “Miyoko’s Creamery is a ‘mission with a company’ and acts as a compassionate change agent for the animal-free future of dairy. We look forward to building on our strong foundation and further innovating in the category as more and more consumers commit to change.”
In terms of product innovation, Miyoko’s will continue to develop its artisan-quality cheese and butter made from fermented plant milks to deliver nutrient density, performance, and of course, flavor. This year, the brand will launch “Liquid,” a pizza mozzarella that pours out like sauce, but bakes like cheese. Additionally, the company will roll out a reformulation of its plant milk Medium Cheddar and Pepper Jack cheeses.
In its evolution, Miyoko’s Creamery has earned a massive following amongst shoppers, and its Miyoko’s European Style Butter is a top selling plant-based butter in the natural grocery channel across the nation. With this new funding, the brand looks as if it will only continue to skyrocket in popularity.
“Miyoko’s Creamery is very well positioned to capitalize on the massive market shift happening in dairy right now as consumers demand and prefer plant-based products. Their growth to date indicates their products are revolutionizing the vegan dairy movement through the creation of delicious, highly nutritious plant-based cheeses and butters,” said Dan Gluck, Managing Partner at PowerPlant Partners. “Which is why we are thrilled to partner with Miyoko Schinner—the leading innovator in plant-based dairy—and the broader Miyoko’s team to help them accelerate their business, distribution, and innovations, while continuing to be the industry’s most respected brand.”
Julianne Hummelberg, Vice President at PowerPlant, also believes in the growth power of Miyoko’s.
“Mintel’s latest report cited that vegan cheese grew 42 percent last year, which is more than two times the 18 percent growth of dairy cheese. Clearly, plant-based cheese and butter are disrupting traditional dairy and the top one to two brands will capture the majority of the value being created by this market transformation. We believe Miyoko’s Creamery is one of those brands and couldn’t be more excited to help them execute on this opportunity,” she commented.
Flush with investments, how will Miyoko’s continue to innovate the plant-based sector? Deli Market News will bring you the answers.