Miyoko’s Creamery, a plant-based dairy company known for its vegan cheese and butter, announced it just closed $52 Million in Series C Funding. The capital, which was lead by investors from Cult Capital, Obvious Ventures, Stray Dog, and CPT Capital, will be used to expand distribution for Miyoko's new Liquid Vegan Pizza Mozzarella as well as reformulating Vegan Medium Cheddar and Pepper Jack.
Miyoko’s is currently distributed in 30,000 stores nationwide as well as in Canada, South Africa, Hong Kong and Singapore. According to the company, future distribution expansion will focus on conventional grocery, club, and food service as more consumers demand plant-based alternatives.
The company, which was founded by Miyoko Schinner, combines old world cheesemaking techniques with proprietary food science using lactic acid bacteria and enzymes to transform various plant milks into cheese and butter.
“Mintel’s latest report cited that vegan cheese grew 42 percent last year, which is more than two times the 18% growth of dairy cheese," said Julianne Hummelberg, Vice President at PowerPlant Partners. "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."