July 3, 2018

California-based, plant-based beverage and creamer company Califia Farms announced it has closed on its second $50 million round of funding. This round was led by Ambrosia Investments, and included existing investors, Sun Pacific and Stripes Group.

The brand has also brought on a group of actor, musician, athlete, and supermodel entrepreneurs whose ideals align with Califia’s business mission including Jared Leto, Leonardo DiCaprio, Karlie Kloss, Shaun White, Tyler Hubbard and Brian Kelley, as well as entertainment advisory groups PLUS Capital and Big Loud Capital.

Founded six years ago in Los Angeles and led by Greg Steltenpohl, Califia Farms is a leading refrigerated, plant-based nutmilk, non-dairy creamer, and ready-to-drink coffee brand that has recently launched out into dairy-free probiotic yogurt drinks.

This investment comes nearly three years after Califia raised an initial $50 million from New York-based private equity group, Stripes Group, and less than a year after the company raised a $15 million investment from CapX Partners, which was used to fund new bottling and pasteurization lines, and to expand capacity.

The initial investment from Stripes Group marked the first outside capital raised by the company, which is majority owned by Sun Pacific, a producer of citrus, fruit, tomatoes, kiwi, and grapes that markets over 35 million boxes of fruit annually.  Sun Pacific and premium juice brand Odwalla founder and CEO Greg Steltenpohl launched the Califia Farms brand with three citrus juices. The brand rapidly expanded into almond milk beverages and cold-brewed coffee offerings.

“Califia Farms has achieved remarkable growth in its six years of operation through a disruptive suite of plant-based products,” said Serge Schoen, partner and chairman of Ambrosia Investments, and previous chairman and CEO of Louis Dreyfus Company, one of the world’s largest agriculture supply chain solution providers. “We’re excited about our investment in Califia and are committed to the long-term growth of the company as the brand continues to innovate and introduce products that truly live up to their motto of ‘Something Different, Something Better’.”

New Capital, New Leader

This capital will be used by Califia to back the company as it strives to become the leading plant-based beverage company. Capital will be allocated to investing in the company’s four pillars of sustainability, health and wellness, plant-based innovation, and engaging consumer experience.

In support of this long-term strategy, Califia has brought on Sandeep Patel as its new chief financial officer.  With degrees in biology, economics, and law, Patel has 20 years of experience in investment banking as managing director for both Barclays and Goldman Sachs, and has advised a range of companies in the food and beverage, agriculture, and technology sectors.

“Sandeep has a differentiated understanding of the food and beverage industry from soil to shelf as well as deep expertise helping high-growth companies like Califia develop strong financial frameworks and access to capital compatible with a long-term vision. I am thrilled to have Sandeep as a full-time partner,” said Steltenpohl.

Given his experience and tight relationship to the food and beverage industries, Patel sees Califia as uniquely positioned to excel in the space.

“Califia is at the intersection of some of the most powerful trends to shape the food system in the last 50 years. With its strong lifestyle brand, track record of innovation and cross-category leadership, Califia is uniquely positioned to capitalize on these trends,” adds Patel. “I am a big believer in Califia’s mission and am honored to have the opportunity to join Greg and team to help build upon the great success achieved thus far.”

-Lynda Kiernan