Goldman Sachs has invested in vegan brand Ripple – which makes dairy-style products from peas.
The $65 million investment from the investment bank is Ripple’s biggest capital infusion to date, bringing total funding for the two-year-old company up to $110 million.
A number of reports over the last couple of years have noted the increasing popularity of plant milk, with one forecasting the global market will surpass $34 billion by 2024.
According to Goldman Sachs, this growth prompted the cash injection.
Kathy Elsesser, Global Chair of Consumer Retail and Health Care Groups, said: “We are proud to invest in a company that has one of the fastest-growing plant-based product lines.”
Silicon Valley start-up Ripple was founded in 2014. Its mission statement says: “We envision a world where innovation and technology, responsibly applied, unleashes a wave of healthy eaters who choose plant-based foods because they are delicious above all else.”
Ripple launched its pea milk at Whole Foods in 2015, and saw dramatic demand for the product, with growth hitting 300 per cent in a year.
Co-founder and Co-CEO Adam Lowry says: “We’re going big with Ripple Foods, and that means building process and innovation at big scale.”