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General Mills leads $40M funding round for plant-based food brand Kite Hill

California-based plant-based food producer Kite Hill raised $40 million in its latest funding round, led by Minneapolis-based cereals maker General Mills Inc.'s investment arm 301 Inc., according to an Oct. 19 announcement.

New York-based venture capital firm CAVU Venture Partners also participated in the funding round that came two years after Kite Hill raised $18 million from 301 and CAVU Venture.

Kite Hill will use the latest investment to continue factory capacity expansion, CEO Rob Leibowitz said in a statement. "We will also continue to innovate in product development and marketing," Leibowitz added.

Kite Hill produces almond milk yogurts, cream cheeses and probiotic drinks that are sold at retail outlets including Amazon.com Inc.-owned Whole Foods Market Inc., Target Corp., Kroger Co., Sprouts Farmers Market Inc. and Publix Super Markets Inc.