KBW Ventures Invests in Eclipse’s $40M Series B Round

  • UAE-based KBW Ventures, founded by HRH Prince Khaled bin Alwaleed bin Talal Al Saud, has invested in the $40 million Series B of American dessert brand Eclipse, led by Sozo Ventures.
  • Other investors participating in this round include Forerunner Ventures, Initialized Capital and Gaingels.
  • Founded in 2019 by Thomas Bowman and Aylon Steinhart, Eclipse uses a blend of non-genetically modified organism (GMO) plants, including cassava, corn and potato, to create plant-based dairy products.
  • Adding this round, the company has raised $60 million to date.
  • It plans to use the new capital to fuel its growth in retail and foodservice and accelerate its R&D efforts.

Press release

Eclipse Foods, the leader in sustainable, plant-based dairy products that are indistinguishable from conventional dairy, announces over $40M Series B funding round led by Sozo Ventures with participation from leading funds , including Forerunner Ventures, Initialized Capital, Gaingels and KBW Ventures. With the latest funding round, Eclipse has raised over $60 million to date from investors including Seth Goldman, president of Beyond Meat and founder of Honest Tea; Alexis Ohanian, the founder of Reddit; Prince Khaled bin Alwaleed, green tech venture capitalist; and Y Combinator, the best technology accelerator in the world. The new funding will fuel the rapid growth of the retail and restaurant business, accelerate R&D on Eclipse’s proprietary plant-based dairy platform, build the brand’s world-class team, and brand Eclipse as a premier real dairy substitute in the world.

“The main reason consumers avoid plant-based dairy products is taste. As self-proclaimed ice cream lovers, our team at Sozo Ventures recognized that Eclipse’s ice cream is in a class of its own after just one bite,” said Bob Roe, VP of Narrative Development at Sozo Ventures. . “70% of the world’s population is lactose intolerant and with the alternative protein space expected to reach $1.4 trillion by 2050, Eclipse is poised to completely transform the dairy industry through its dairy platform exclusive plant-based.”

The Oakland-based brand was co-founded in 2019 by James Beard-appointed chef Thomas Bowman and alternative protein expert Aylon Steinhart with a mission to create a more sustainable, healthy and humane food system. Since then, Eclipse has evolved faster and more efficiently than its competitors in the space, thanks to its plant-based dairy platform that uses a blend of non-GMO plants, including cassava, corn and potato. earth, to create virtually any plant-based dairy. product, from cheeses to spreads to desserts, which replicate the taste, texture and functionality of traditional dairy products.

“With 10 billion people to feed by 2050, we recognized that global diets must change,” said Aylon Steinhart, co-founder and CEO of Eclipse Foods. “Consumers want more than just a dairy alternative like almond milk, they want a real substitute. Our plant-based dairy platform uses micelles (the microscopic magic of milk) to create the replacement products consumers crave. , and our growth over the past three years is testament to that.

Year over year, Eclipse has grown its retail presence by 2100%, with Whole Foods Market, Albertsons, Vons, GoPuff and many other retailers stocking its pints. The brand is also dramatically expanding its restaurant partnerships, working with restaurants, burger chains, ice cream parlors, stadiums and more. Eclipse recently announced its partnership with Smashburger, launching the first non-dairy milkshakes available nationally in a fast-food chain and the first plant-based menu item for the restaurant.

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