Kite Hill raises $18m from 301 and CAVU Venture Partners

US-based Kite Hill has closed an $18m fundraising round with its lead investment coming from General Mills venture capital unit 301 Inc. and private equity firm CAVU Venture Partners.

The Californian nut-based cheese and yoghurt maker plans to use the proceeds to boost distribution and consumer awareness for the Kite Hill brand.

Kite Hill CEO Matthew Sade said: "These investments provide additional confirmation that Kite Hill has quickly established itself as the gold standard in great tasting plant-based dairy.

"Our products, from cheese to yogurt to entrées, are quickly becoming the bridge for consumers who want access to better-for-you products without having to trade off great taste.

301 Inc vice-president and general manager John Haugen said: "We’re thrilled to partner with Kite Hill to help them expand their remarkable portfolio of plant-based dairy foods."

"What sets Kite Hill apart is its ability to innovate and crack the code on developing great-tasting products that appeal to consumers seeking dairy alternatives."

CAVU Ventures co-founder and general partner Clayton Christopher said: "The science behind the products, amazing taste and better for you nutritional profile are incredibly compelling.

"We look forward to helping Matthew and his team make Kite Hill a household name for consumers seeking a healthier alternative to dairy."