Dubai-based venture capital KBW Ventures was among a clutch of investors that participated in a $40 million fundraising by Eclipse Foods, a US startup known for its plant-based ice creams.
Sozo Ventures, Forerunner Ventures, Initialized Capital and Gaingels – all US-based investment firms – were the other participants in the latest B-Series funding round by Eclipse.
KBW Ventures founded by Prince Khaled bin Alwaleed bin Talal Al Saud, is a serial investor which has made investments in food startups earlier also.
Its portfolio of invested ventures include Square, Zeal, Bloom, KYC Hospitality and UPSIDE Foods.
Eclipse said the new funding was to be used for fuelling the startup’s growth in its retail and food service and accelerate research and development R&D on its proprietary plant-based dairy platform.
Part of the funding will also be deployed for beefing up the venture’s team and drive awareness for Eclipse as the world’s first true dairy replacement, the company said.
The latest investment round will take Eclipse’s total fundraising to $60 million.
The earlier investors in the Oakland-based venture included Prince Khaled bin Alwaleed, Seth Goldman, the chairman of Beyond Meat and founder of Honest Tea, Alexis Ohanian, the founder of Reddit, and Y Combinator, the world’s top tech accelerator.
“Seventy percent of the world’s population is lactose intolerant and with the alternative protein space projected to grow to $1.4 trillion by 2050, Eclipse is positioned to completely transform the dairy industry with its proprietary plant-based dairy platform,” a senior executive at Sozo Ventures said.
“The number one reason consumers avoid plant-based dairy is taste. As self-proclaimed ice cream lovers, our team at Sozo Ventures recognised that Eclipse’s ice cream is in a league of its own after just one bite,” said Koichiro Nakamura, Founder and General Partner of Sozo Ventures.
Founded in 2019 by Thomas Bowman and Aylon Steinhart, Eclipse uses a blend of non-genetically modified organisms (GMO) plants, including cassava, corn, and potato, to create plant-based dairy products.
“With 10 billion people to feed by 2050, we recognised that global diets must change,” said Aylon Steinhart, co-founder and chief executive officer of Eclipse Foods.
Eclipse said its retail presence has grown by 2100 percent over the years.
Eclipse recently announced its partnership with US-based Smashburger, launching the first nationally available non-dairy milkshakes at a fast-casual restaurant chain and the first plant-based menu item for the restaurant.
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