Prince Khaled's KBW Ventures invests in US-based Eclipse Foods
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Prince Khaled’s KBW Ventures invests in US-based Eclipse Foods

Prince Khaled’s KBW Ventures invests in US-based Eclipse Foods

The Oakland-based brand raised over $40m in Series B funding

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Eclipse Foods

KBW Ventures, founded by Prince Khaled bin Alwaleed, has invested in Oakland-based Eclipse Foods, a sustainable, plant-based dairy producer.

Eclipse Foods announced a Series B funding round of over $40m, led by Sozo Ventures with participation from Forerunner Ventures, Initialized Capital, Gaingels, and KBW Ventures, a statement said. The new funding will fuel the growth of the business in retail and food service, accelerate R&D on Eclipse’s proprietary plant-based dairy platform, build the team, and drive the brand’s awareness.

“With 10 billion people to feed by 2050, we recognised that global diets must change,” said Aylon Steinhart, co-founder and chief executive officer of Eclipse Foods. “Consumers want more than just a dairy alternative like almond milk—they want a true replacement. Our plant-based dairy platform uses micelles (the microscopic magic of milk) to create the replacement products that consumers have been craving, and our growth over the last three years is a testament to that.”

With the latest round of funding, Eclipse has raised over $60m to date with investors including Seth Goldman, the Chairman of Beyond Meat and Founder of Honest Tea; Alexis Ohanian, the Founder of Reddit; Prince Khaled bin Alwaleed, green tech venture capitalist; and tech accelerator Y Combinator.

“The number one reason consumers avoid plant-based dairy is taste. As self-proclaimed ice cream lovers, our team at Sozo Ventures recognised that Eclipse’s ice cream is in a league of its own after just one bite,” said Koichiro Nakamura, founder and general partner of Sozo Ventures. “70 per cent of the world’s population is lactose intolerant and with the alternative protein space projected to grow to $1.4tn by 2050, Eclipse is positioned to completely transform the dairy industry with its proprietary plant-based dairy platform.”

The brand was co-founded in 2019 by James Beard-nominated chef, Thomas Bowman, and alternative protein expert, Aylon Steinhart. Eclipse has grown its retail presence by 2100 per cent year-on-year, with Whole Foods Market, Albertsons, Vons, GoPuff and many other retailers stocking its pints, the statement added.

The brand is also expanding its food service partnerships, working with restaurants, burger chains, ice cream shops, stadiums, and more. Eclipse most recently announced its partnership with Smashburger, launching non-dairy milkshakes and the first plant-based menu item for the restaurant.

Prince Khaled, who is also the CEO of KBW Ventures, was named to the advisory board of the $15m ‘Xprize Feed the Next Billion’ a worldwide competition to find alternatives to meat-based diets, last year.

Read: Prince Khaled named in advisory board of $15m global food tech challenge

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