BOULDER, COLO. — Good Karma Foods, a manufacturer of plant-based milk and dairy alternatives, has reacquired the majority stake in the company that was owned by Dean Foods, and received additional capital from Valor Siren Ventures, a fund for early-stage food companies. The details of both transactions were not released.
Dean Foods acquired the company in 2018. The dairy processor declared Chapter 11 bankruptcy in November 2019 and most of its assets had been sold by May of this year. Good Karma will now operate as an independent business that is led by its current leadership team, which includes chief executive officer Doug Radi.
The investment by Valor Siren Ventures will be used to accelerate distribution, innovate and expand marketing initiatives. 2x Consumer Products Growth Partners, an existing investor and partner to Good Karma, also participated in the round, according to the company.
“We are delighted to welcome Good Karma into our Valor Siren Ventures portfolio as the brand has a demonstrated track record of delivering innovation in categories in need of inspiring plant-based options,” said Jonathan Shulkin, VSV fund manager and partner at Valor Equity Partners. “Good Karma embodies the exact type of opportunity we’re interested in as we look to bring our mission to life.”
Other food businesses Valor Equity Partners has invested in include Foods, Munchery and Roti.