Santa Barbara, CA – JANUARY 26, 2021 — Kate FarmsÆ, the market leader bringing plant-based nutrition into healthcare, announced today that Main Street Advisors has joined Goldman Sachs and Kaiser Permanente Ventures in Kate Farms’ Series B funding round, bringing the final raise to $60 million.
Kate Farms produces plant-based, organic, clinically proven formulas for tube feeding to help nourish those with chronic illnesses. The company also produces nutrition shakes consumed orally for people with shorter-term or milder conditions that don’t require tube feeding. Made without major allergens, the product portfolio is USDA Organic-certified, vegan, gluten-free and kosher, and is accessible in more than 95% of U.S. hospitals.
Main Street Advisors (MSA) is an investment advisory firm serving high-profile artists, athletes, and executives from the media, entertainment, music, and sports industries. MSA invested in Kate Farms through its investment fund MSA Enterprises LP, which targets emerging growth companies in the consumer, entertainment, media, sports, retail, and technology sectors. Current and prior MSA investments include Beyond Meat, ATTN:, The Spring Hill Company, Calm, Scopely and NTWRK.
“We have deep experience investing in health and wellness companies with compelling growth opportunities ahead of them,” said MSA founder and CEO Paul Wachter. “Kate Farms medical formulas and nutrition shakes address the urgent state of healthcare in this country due in large part to poor nutrition, and the impact the company can have on both individual health and ultimately decreasing the cost of healthcare overall makes this an excellent investment.”
Prominent vegan and filmmaker Maggie Baird, an MSA client, founded non-profit Support+Feed with support from her children Billie Eilish and Finneas O’Connell at the beginning of the Coronavirus pandemic and has been helping to get vegan meals to at-risk and hungry Americans. She and her team distributed Kate Farms shakes to poll workers and voters waiting in long lines on Election Day as well. “My family is vegan, and I know first-hand that food is medicine, and plant-based food especially,” said Baird. “What a pleasure to be working with Kate Farms and knowing that every time we hand someone a shake, we are handing them a full meal that will fuel and nourish them.”
“We are thrilled to have Main Street Advisors join the Kate Farms team and grateful that we can support organizations like Support+Feed throughout the country,” added Kate Farms Chairman and CEO Brett Matthews. “We know first-hand that our clinically proven shakes can help improve people’s health by providing daily nutrition to those with medical conditions—severe or mild—to recover and maintain their health.”
In addition to working with Support+Feed, since the beginning of the Coronavirus pandemic, Kate Farms has donated more than 250,000 meals to organizations focusing on meeting the nutrition needs of the most at-risk populations, from senior citizens and frontline healthcare workers to Native Americans and those experiencing homelessness. Partners include the Campaign Against Hunger, Meals on Wheels, the Frontline Impact Project, Tarrant Area Food Bank, Santa Barbara County Food Bank, and dozens of hospitals, senior living facilities and gluten-free and kosher emergency pantries.
The Series B funds will help fuel Kate Farms’ growth to bring its higher standard plant-based liquid nutrition to those in need, while driving overall innovation and expansion of the business. As Kate Farms continues to define the plant-based category in the medical community, the company is experiencing its fourth year of sustained growth. Other key wins include:
- Kate Farms products are now accessible through contracts with more than 95 percent of hospitals around the country and are covered by Medicare, Medicaid and more than 2,000 private insurance plans.
- Kate Farms 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.
- Kate Farms presented new research at the 2020 Virtual Congress on Clinical Nutrition and Metabolism, the annual conference of the European Society for Clinical Nutrition and Metabolism (ESPEN) in September, demonstrating that Kate Farms’ plant-based, oral, enteral formulas (PBEF) can help adult oncology patients maintain or gain weight, allowing them to receive the treatment they need.
- Kate Farms published new research in November demonstrating improved tolerance, weight gain and adherence among a large and diverse patient population, presented at the annual meeting of the North American Society for Pediatric Gastroenterology, Hepatology and Nutrition (NASPGHAN).
To learn more about Kate Farms, its mission and products, visit www.katefarms.com.
ABOUT KATE FARMS
Kate Farms was founded in 2012 by parents determined to save their daughter’s life after a diagnosis of failure to thrive and is the #1 recommended plant-based formula. Kate Farms offers medical formulas for children and adults, to be used as sole source or supplemental nutrition, for oral or tube feeding. They are available nationally and eligible for insurance coverage with Medicare, Medicaid, and private insurance. Kate Farms formulas are made for tolerance with easily digested organic pea protein, fiber, and phytonutrients, and without common allergens or artificial sweeteners or flavors. Kate Farms can be accessed in more than 600 US hospitals, including the top children’s hospitals; availability is increasing daily. Visit www.katefarms.com.
ABOUT MAIN STREET ADVISORS
Main Street Advisors (MSA) is an investment advisory firm serving high-profile artists, athletes, and executives from the media, entertainment, music, and sports industries.
1 WIC is a registered service mark of the U.S. Department of Agriculture for USDA’s Special Supplemental Nutrition Program for Women, Infants and Children.