Ripple

Ripple is a “food tech” company.

This company is targeting the fast-growing market for non-dairy alternatives. By 2024, this market is expected to reach $35 billion in the U.S.

(Please note: This particular startup is raising funds from accredited investors only. An accredited investor is someone with a net worth of at least $1 million, or annual income of at least $200,000, or $300,000 with their spouse.)

Ripple sells a line of non-dairy products including milk, yogurt, and ice cream. To create these products, the company uses proprietary clean protein technology. This technology, called “Ripptein,” is what the company says “fuels the differentiation of the Ripple brand.”

Ripple sells its products nationwide through retailers including Whole Foods, Target, and Walmart. Since launching in 2016, it’s raised capital from notable professional investors including GV Ventures (formerly Google Ventures), Khosla Ventures, Prelude Ventures, Fall Line Capital, and Goldman Sachs.

It’s raising funds to expand its manufacturing capacity and distribution network, as well as its R&D efforts.

Globally, the dairy market is massive, valued at $500 billion. In the U.S. alone, this is a $100 billion market.

But increasingly, consumers are searching for dairy alternatives. These include plant-based foods and beverages that, often, are healthier and tastier than traditional dairy products.

120 million Americans eat “meatless,” or plant-based meals, at least once per week. And younger consumers — specifically “GenX” and “Millennial” shoppers — are gravitating toward plant-based and non-dairy alternatives.

In 2017, the U.S. market for dairy alternatives was an estimated $12 billion. By 2024, that figure is projected to reach $35 billion.

Ripple is targeting this market with its line of non-dairy products.

As mentioned, the key to its products is the company’s IP-protected process to create its own protein.

Protein serves as the building block of texture in foods like butter, cheese, and yogurt. The Ripptein technology serves to dramatically purify the protein isolate from impurities using a proprietary method.

Ripple removes impurities from yellow pea protein which, apart from supplying a solid protein, eliminates unwanted tastes and smells. The technique can be applied for soy, flax, and lentil.

The result is a product that is a good-tasting, nutritious alternative to the watery, chalky non-dairy milks currently on the market.

Ripple’s first product was a non-dairy milk. This product launched in 2016, and the company brought in $4 million in sales during this first year.

In 2017, it launched a kids milk and a half & half product. In 2019, protein powder, ready-to-drink shakes, and yogurt were added to its portfolio. This year, the company launched a line of ice cream. And in 2021, it plans to launch a cheese-related product.

With an expanded product line, Ripple aims to generate $50 million in revenue in 2020. By 2024, the company aims to achieve $390 million in annual revenues with gross product margins of more than 40%.

Team Background

David Cooper - Chief Financial Officer

David has served as Chief Financial Officer of 10 companies, including Ripple.

Throughout his career, he’s taken six companies public and completed more than $24 billion in financial transactions.

Notably, he’s spent time in the food industry with executive roles at Premier Nutrition (acquired by Post Holdings), PowerBar (acquired by Nestle), Del Monte Fresh Produce, and Dole Food Company.

He holds a Bachelor’s degree in Economics from Yale and an MBA from NYU.

Laura Flanagan - Chief Executive Officer

Laura joined Ripple in October 2019.

She was previously CEO of Foster Farms, a leading poultry provider in the U.S. with more than $2 billion in sales. Prior to this, she was President of ConAgra’s snacks division. ConAgra (NYSE: CAG) is a packaged foods company with a market cap of more than $18 billion.

Laura holds an MBA from Stanford.

Seth Goldman - Board Member

Seth co-founded Honest Tea, an organic bottled tea manufacturer that was acquired by Coca-Cola in 2011.

In addition to his role with Ripple, he is Executive Chairman of the Board at Beyond Meat, a plant-based protein foods company. Beyond Meat went public in May 2019 and has a market cap of around $7 billion.

Seth has degrees from Harvard and Yale.

Manoj Kumar - Chief Technology Officer

Manoj is an expert in technology development and commercialization. His expertise spans the fields of biotechnology, food ingredients, industrial enzymes, nutritional products, natural sweeteners, and dietary fibers.

Most recently, he spent 13 years at DSM, a global chemicals company. He served as Director of Science and Technology for the Food Ingredients division and Director of Science and Technology for the Food & Crop Protection Innovation.

Prior to that, he spent nine years as a senior scientist with DuPont, another prominent chemicals company.

He earned a Ph.D. in Chemistry from the Indian Institute of Technology.

Adam Lowry - Co-Founder

Adam serves as a board member and assists with Ripple’s business development and strategic partnerships.

Most recently, he was co-founder of Method Products, one of the largest consumer products companies selling “green” cleaning supplies. Prior to that, he was a climate scientist at the Carnegie Institution for Science.

Adam has been named to Fortune’s “40 Under 40” list and received the Clinton Global Citizen Award. He holds a Bachelor’s degree in Chemical Engineering from Stanford.

Dr. Neil Renninger - Co-Founder

Dr. Renninger is considered “the brains” behind Ripple’s proprietary protein technology. In addition to co-founding the company, he is a board member at GreenLight Biosciences and an entrepreneur-in-residence at Khosla Ventures, a prominent venture capital firm.

Prior to starting Ripple, he gained experience in strain and chemical engineering. He previously started Amyris Biotech, a chemical producer of renewable fuels.

Dr. Renninger earned a Bachelor’s and Master’s degree in Engineering from MIT and a Doctorate in Chemical Engineering from the University of California.

Co-Investors

Goldman Sachs

A global financial services firm providing investment banking and management services.

Google Ventures

Invest independently of Google. Backed more than 300 companies, including Uber, Nest, Slack, Foundation Medicine, Flatiron Health, and One Medical Group.

Khosla Ventures

Fall Line Capital

A private equity firm investing in agricultural technologies companies.

Prelude Ventures

VC investing in startups addressing environmental concerns and focused on resource optimization.