Miyoko's Is Launching Liquid Vegan Mozzarella After Raising $52M

Leading plant-based dairy company Miyoko's Creamery closed $52M in Series C Funding. With the new capital, the company aims to accelerate the distribution and innovation of Vegan Dairy. PowerPlant Partners is the lead investor, investing $40M in total, with Cult Capital, Obvious Ventures, Stray Dog, and CPT Capital filling out the round.

Miyoko's Creamery is a cult brand and the originator of the vegan cheese and butter movement in the US. It is the pioneer of the vegan dairy revolution that put artisan quality plant-based cheese and butter on the map. The company will use new funds to disrupt the traditional dairy market even further. 

On the product side, Miyoko's will continue to develop artisan-quality cheese and butter crafted from fermented plant milks to deliver higher nutrient density, performance and flavour. 

This year, they will launch "Liquid," a vegan mozzarella that pours out like sauce and bakes up into a stretchy cheese and a reformulation of its plant milk Medium C.

Miyoko's Liquid Pizza Mozzarella is the first of its kind cheese that focuses on meltability to revolutionise the pizza cheese industry. Rather than creating a traditional solid block of vegan cheese or shreds, the company stripped out the solids and ingredients that hinder meltability. Cheese shreds use anti-caking agents to prevent clumping, which also prevents the cheese from melting. Miyoko's removed all these ingredients and and 'cut straight to the melt' with this revolutionary liquid cheese.

"We are thrilled to be partnering with PowerPlant Partners, a group as committed to transforming the future of food as we are. Businesses need to assume a leadership position in driving toward a more sustainable – and compassionate – future, one that considers all stakeholders, including the animals that we have chosen to commodify. I look forward to partnering with PowerPlant Partners to tackle these problems together and find delicious solutions to help consumers understand that there are exciting options that can help them be part of the solution. I would also like to thank Cult Capital, Obvious Ventures and Stray Dog, who have been with us for prior rounds, participated in this round and were instrumental in helping us become who we are," said Miyoko Schinner, Founder and CEO.

Miyoko's creates distinctive products by combining old world cheesemaking techniques with proprietary food science. The company is differentiated based on its technology which utilises lactic acid bacteria and enzymes to transform various plant-based milks into cheese and butter. Because Miyoko's products are based on actual plant milk rather than oil and starch, the products have a superior nutritional profile and perform similarly to their dairy counterparts. As a result, Miyoko's European Style Butter is the no. 1 selling plant-based butter in the natural grocery channel nationwide. Miyoko's Creamery offers a selection of more than 25 plant-based milk cheeses and vegan butters for every occasion.

"The company's rapid growth in just a few short years would not be possible without our unique approach to product innovation. We are never satisfied and are always looking for ways to improve the taste, nutrition and performance of the products we craft. As the category creator and true lover of cheese, we work tirelessly to innovate for the future of the category and the planet," said Schinner.

Miyoko's Creamery is building a future where an animal-free dairy food system is a reality.

"Miyoko's Creamery is a 'mission with a company' and acts as a compassionate change agent for the animal-free future of dairy. We look forward to building on our strong foundation and further innovating in the category as more and more consumers commit to change," said Schinner.

According to Mintel's latest report, vegan cheese grew 42 per cent last year, which is more than two times the 18% growth of dairy cheese. Since 2017, the US plant-based food market has grown by $2 billion in retail sales and is currently valued at $5 billion, growing five times the rate of total food sales.