Kate Farms, a Santa Barbara, California-based startup that brings plant-based nutrition into healthcare, raised US$ 51M in Series B round of funding on 12 November 2020.
The round was led by Goldman Sachs. Other participants in the Series B include Kaiser Permanente Ventures and existing individual investors. Allison Berardo, a Vice President in Goldman Sachs’ growth equity platform, GS Growth, will be joining the Board of Directors at Kate Farms.
Kate Farms will utilize the funds to bring its new products to the market.
About Kate Farms
Kate Farms offers nutritionally advanced, plant-based tube feeding, and enteral formulas for tube feeding for people with chronic illnesses. Its formulas are well-tolerated by patients, which are free of common allergens, including soy, dairy and corn. Kate Farms provides one of the best plant-based enteral formulas in the market.
The company’s understanding of the role nutrition has on health, both in the management of care and direct therapeutic impact. They pair leading-edge science and technologies with ingredients from nature in unique formulations that work with the bodies. This combination offers the potential for significant improvements to health and to the practice of healthcare.
Founded by Richard and Michelle Laver, who initially developed the formula for their daughter, Kate, whose cerebral palsy meant that she couldn’t eat solid foods or process the tube-feeding formulas available on the market, Kate Farms has grown into a business that serves hospitals around the country.
Brett Matthews is the Chairman and CEO of Kate Farms. Their team consists of people with leadership backgrounds in nutrition, healthcare, quality, product development, operations, customer service, finance, and philanthropy.
Kate Farm also produces nutrition shakes consumed orally for people with shorter-term or milder conditions that don’t require tube feeding. Kate Farm’s product portfolio is USDA Organic-certified, vegan, gluten-free and kosher, and is accessible in more than 95% of U.S. hospitals and are covered by Medicare, Medicaid and more than 2,000 private insurance plans. The company has secured a five-year contract award issued by the Department of Veterans Affairs (VA), which makes its products available to veterans and others through government services.
Kate Farms also launched three new products and formulas in 2020, including a specialty formula for children, a product to help people who suffer from weight loss due to chemotherapy during cancer treatment and a meal replacement shake that is available over the counter on katefarms.com and Amazon. The funds will help to get these three products into the U.S. market.
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