Chobani said it raised $650 million from "industry thought leaders," which the Greek yogurt giant plans to invest in growing production and supporting innovation.
The New York-based food maker noted the additional capital, along with its “strong” operating cash flows, will help fund its expansion in Twin Falls, Idaho, and its new $1.2 billion food manufacturing plant in Rome, New York — the largest facility investment by the company in its history.
“This capital raise marks an important milestone for Chobani,” the company said in a statement last Thursday. “This commitment from long-term oriented, industry thought leaders underscores strong confidence in Chobani's ability to deliver on its vision of making good food for all and putting its people at the center of everything it does.”
Chobani did not identify the investors who participated in the latest round.
The $650 million in funding puts Chobani at a $20 billion valuation, according to The New York Times. Chobani expects to post $3.8 billion in sales this year, a 28% increase from a year ago, the paper noted.
While Chobani’s roots are in yogurt, it has broadened its portfolio through internal innovation and acquisitions. It developed its own oat milk and creamers before spending $900 million in 2023 to purchase ready-to-drink coffee manufacturer La Colombe.
Earlier this year, Chobani purchased Daily Harvest, a manufacturer of organic smoothies, breakfast bowls, protein powders and frozen meals. The addition expanded Chobani’s reach into ready-to-make meals and built on its plans to become a more well-rounded food company.
