Plant-based dairy Eclipse Foods raises $40M
Eclipse Foods, an Oakland-based startup that makes plant-based dairy foods, raised $40 million in new equity and debt funding, the company tells Axios.
Why it matters: Alt protein startups still keep churning along.
Details: Sozo Ventures led the round, which values Eclipse in the "hundreds of millions" of dollars, CEO Aylon Steinhart says.
- Existing investor Forerunner Ventures also participated, alongside Initialized Capital, Gaingels and KBW Ventures. The company was originally backed by Y Combinator.
How it works: Eclipse makes plant-based milk that is then used to create ice cream.
- It replaces individual animal proteins in milk with plant-based alternatives.
- "It was hammered into us during Y Combinator to pick one product to start with and prove traction and go from there," Eclipse co-founder and James Beard-nominated chef Thomas Bowman tells Axios.