Kate Farms produces plant-based, organic and clinically demonstrated formulas for tube and oral feeding aimed at nourishing patients with chronic illnesses and acute conditions. Its medical formulas prioritize tolerance, using easily digested organic pea protein, fiber and phytonutrients, and exclude common allergens, artificial sweeteners and flavors. The products are available in more than 800 U.S. hospitals, including top children’s hospitals. Led by CEO Brett Matthews and co-founder Richard Laver, the company plans to use new capital to accelerate innovation across its current product portfolio, develop new products, and enter new channels. The company recently closed a $75M Series C to support those initiatives. Kate Farms develops organic, non-GMO, plant-based medical formulas designed for oral or tube feeding as sole-source or supplemental nutrition for children and adults. Its products are scientifically formulated, clinically proven, free of common allergens and artificial sweeteners, and use easily digested organic pea protein, fiber, and phytonutrients. The company says its formulas are the #1 recommended plant-based option and are available in more than 600 U.S. hospitals, with coverage eligibility under Medicare, Medicaid, and private insurance. To support further growth and expansion, Kate Farms secured a $30 million senior credit facility with Pacific Western Bank. That financing follows a $60 million Series B round led by Goldman Sachs Asset Management, Kaiser Permanente Ventures, and Main Street Advisors, reflecting investor interest in its market position. Founded in 2012 and headquartered in Santa Barbara, Calif., the company is positioning to expand its presence in healthcare and hospital distribution. Kate Farms develops plant-based, organic, clinically proven formulas for tube feeding and oral nutrition shakes for patients with chronic or shorter-term conditions. Its products are USDA Organic-certified, vegan, gluten-free, kosher, made without major allergens, and formulated with easily digested organic pea protein, fiber and phytonutrients. The company reports broad access in hospitals—contracts with more than 95% of U.S. hospitals and availability in over 600 U.S. hospitals, including top children’s hospitals—and coverage by Medicare, Medicaid and more than 2,000 private insurance plans. Kate Farms launched three new products in 2020, including a specialty pediatric formula, a product for chemotherapy-related weight loss, and an over-the-counter meal replacement. The company presented research at ESPEN and NASPGHAN demonstrating improved tolerance, weight gain and adherence among diverse patient populations. Since the start of the coronavirus pandemic the company has donated more than 250,000 meals to at-risk populations. Kate Farms says it is in its fourth year of sustained growth and is continuing to define the plant-based category in the medical community. The Series B proceeds are intended to fuel growth, innovation and expansion of the business. Kate Farms produces plant-based medical nutrition formulas prescribed to deliver vital nutrition to patients across hospitals and home care. The company’s products are used at many leading adult and children’s hospitals and are widely covered by Medicare, Medicaid, more than 2,000 private insurance plans and a growing number of WIC plans. Kate Farms also sells direct-to-consumer via katefarms.com for people who cannot get a prescription. Founded in 2011 and led by Chairman and CEO Brett Matthews, the company has focused on expanding access to prescribed plant-based formulas. The company intends to use new funding for accelerated growth, additional hiring and continued innovation.

Total raised

$188M

Funding rounds

4

Latest round

Series C

Latest activity

Sep 2022