Ripple Foods has raised $17 million in new funding as it prepares to expand its plant-based milk portfolio and grow its retail and foodservice presence.

The round includes new backing from Material Impact and Rich Products Ventures, with existing investors S2G Investments, Prelude Ventures, Fall Line Capital, Euclidean Capital, Tao Capital Partners and Tim Koogle also participating.

The California-based company produces allergen-free plant-based milks and shakes that offer up to 20g of protein per serving, 50% more calcium than dairy milk and lower sugar and calorie levels. The products are free from nuts, soy, lactose and other common allergens, and the company says they are recommended by pediatricians.

Ripple says the funding comes amid strong momentum in the alternative protein ingredients sector, valued at $23 billion in 2024 and expected to more than double by 2030. The company reports consistent double-digit revenue growth in recent years.

Alongside the investment, Ripple has appointed longtime board member Becky O’Grady as CEO. O’Grady previously spent more than 20 years at General Mills, including roles as global president and chief marketing officer for international at Häagen-Dazs, and president of Yoplait USA. She has served on Ripple’s board for the past five years.

O’Grady will lead the company’s next phase of growth, which includes launching a new line of organic plant-based milks in Q1 2026, expanding distribution of its core and high-protein kids’ ranges, and moving further into foodservice channels.

Ripple says it will also build on its existing retail partnerships with Target, Whole Foods and Walmart.

"This is a pivotal moment for Ripple," said O'Grady. "Harnessing the power of our brand and the strength of our team, we are poised to unlock our full potential. We are launching innovative new products, driving consumer penetration and customer expansion, and opening new growth horizons through transformative partnerships and capabilities."

Melissa Fensterstock from Material Impact added: "We couldn't imagine a more exciting time to invest in Ripple Foods. With Becky at the helm and a sharp focus on growing top-line revenue and achieving profitability, the company is poised to deliver strong results in the plant-based protein market."

"On a human note, Ripple's products provide a wonderful solution for the millions of families struggling to find a nutritious, tasty and clean alternative to dairy."

Top image: © Ripple Foods