Kate Farms Announces Board of Directors Changes Following $75 Million Series C Funding Round

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Nov 08, 2022, 13:09 ET

SANTA BARBARA, Calif., Nov. 8, 2022 /PRNewswire/ -- Kate Farms,™ the market leader bringing organic, plant-based nutrition into healthcare, today announced changes to its Board of Directors following the recent close of its Series C funding, led by Novo Holdings. Kate Farms produces plant-based organic and clinically demonstrated formulas for tube and oral feeding to help nourish those with chronic illnesses and acute conditions. Made without the common allergens frequently found in legacy brand formulas, Kate Farms' full product portfolio is USDA Organic and Non-GMO Certified, vegan, gluten-free and kosher and is accessible in more than 95% of U.S. hospitals.

After many years of devoted service, Kate Farms co-founder Richard Laver is leaving the Board of Directors. Richard said, "Michele and I started Kate Farms to save our little girl whom we love so much and is the company's namesake. Our dreams came true, and it is now time to step away from the business and be with Kate full-time. We know that the executive leadership, our board members and the Kate Farms team will continue what Kate started and give hope and nutrition to everyone."

"In founding Kate Farms, Richard and Michelle created a breakthrough product to help their daughter survive and thrive. Now, Kate Farms is the leader in plant-based nutrition and supports people to help them live their best lives through the transformative power of nutrition," added Kate Farms' Chairman of the Board and Chief Executive Brett Matthews. "We are inspired by and grateful to Richard, Michelle, and Kate, who will always be part of the Kate Farms family. We respect the Laver's decision to step away and spend more time with Kate and wish them all continued good health and happiness."

Kartik Dharmadhikari, a Partner in Novo Growth, the growth equity arm of Novo Holdings, joins the Board as a new Director. Dharmadhikari focuses on investments across food, nutrition, agriculture, chemicals, materials, and industrial biotechnology. Prior to joining Novo Holdings, Dharmadhikari worked with McKinsey & Co. and Novozymes.

Dharmadhikari joins long-time Board members Robert Zollars, Kimberly Alexy, Tom Bedecarré, Celeste M. Clark, PhD, Jeffrey Jacobs and Hillel Moerman. In addition, Tim Bluth of Aliment Capital and Franklin Isacson of Coefficient Capital are joining as Board Observers.

"We are excited to welcome Kartik, Ben and Franklin to Kate Farms to support us in a period of fast growth for the company. We thank Richard and Michelle for their invaluable service over the years," said Matthews.

ABOUT KATE FARMS

Kate Farms was founded when a little girl named Kate Laver was failing to thrive because she couldn't tolerate any of the available tube feeding formulas. Her determined parents Richard and Michelle had the transformative idea to develop a better formula using high quality, organic, plant-based ingredients without the common allergens and ingredients found in traditional formulas. Today, Kate is thriving, and Kate Farms is now the #1 recommended plant-based formula.^* Kate Farms offers medical formulas for children and adults, to be used as the sole source or as 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, artificial sweeteners or flavors. Kate Farms can be accessed in more than 800 U.S. hospitals, including the top children's hospitals, and availability is increasing daily. Visit www.katefarms.com. For more information, follow us on Instagram, Facebook or LinkedIn.

ABOUT NOVO HOLDINGS A/S

Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation's assets. Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Further information: www.novoholdings.dk.

ABOUT ALIMENT CAPITAL

Founded in 2013, Santa Monica, California based Aliment Capital, formerly Pontifax AgTech, is a leading global growth capital investor in food and agriculture technology. Aliment Capital is a purpose-driven investment firm focused on generating superior returns by investing globally in established businesses with proven technologies that improve food and agricultural productivity, nutrition, health, sustainability and supply chain efficiency. Aliment Capital currently manages $490 million in assets, backed by leading university endowments, institutions, foundations and family offices. Further information at alimentcap.com.

ABOUT COEFFICIENT CAPITAL

Coefficient Capital invests in transformational consumer shifts. It invests in high-growth consumer brands that align the physical world with the digital universe. Further information at coefficientcap.com.

^*Independent data report on plant-based formula distributor volumes in home care, acute care, and long-term care. Applies to all Kate Farms formulas.

SOURCE Kate Farms