Novo Holdings, a leading international life sciences investor has announced that its portfolio company Kate Farms has been acquired by Danone, a global food and nutrition leader. This acquisition marks a major milestone for Kate Farms, a trailblazer in plant-based clinical nutrition, and reflects Novo Holdings’ commitment to advancing innovative companies that enhance health outcomes and quality of life for individuals with unmet nutritional needs.
Founded in 2012, Kate Farms provides plant-based, organic nutrition formulas designed for people with medical conditions and those seeking comprehensive daily nutritional support. Born out of a family’s quest to help their daughter thrive, Kate Farms has grown into a nationally trusted provider of clinically supported, allergen-free formulas. Today, its products are available in over 1,400 hospitals across the U.S., making it the #1 Doctor-Recommended Plant-Based Brand for medical nutrition.
Novo Holdings became one of Kate Farms’ largest institutional investors after leading its $75 million Series C round in September 2022. Since then, Novo Holdings has actively supported the company’s clinical research, product innovation, and initiatives to expand access to medically tailored nutrition.
Kartik Dharmadhikari, Partner of Novo Holdings, said: “Kate Farms has emerged as a category leader in specialized medical nutrition by pairing scientific and clinical innovation with a deep understanding of patients’ needs — particularly for those who cannot rely on standard diets. Novo Holdings is proud to have supported the company’s growth from its early stages to this landmark transaction. This partnership is a powerful example of how our Planetary Health team’s investment strategy drives market leadership and enables better health outcomes through scalable, science-driven solutions.”
Brett Matthews, Danone North America Medical Nutrition Chairman and Chief Executive Officer said: “Becoming part of Danone – an organization that shares our mission to improve lives through nutrition – is a really proud moment for Kate Farms and will make a positive difference to the people, families and communities we serve. Together, we are in a better position to provide high-quality nutrition to those with a wide range of health needs. We are deeply appreciative of the support that investors Novo Holdings, Goldman Sachs, Kaiser Ventures, Main Street Advisors, Aliment, Coeffecient, Ithaka and individual investors have provided to Kate Farms since the early stages of our company’s growth. Partners like Novo Holdings have enabled us to accelerate our business’ trajectory, ultimately resulting in this exciting new chapter with Danone.”
As part of the transaction, Kate Farms will continue to operate as part of Danone’s North America Medical Nutrition business. Effective immediately, Brett Matthews, who has served as Chairman and Chief Executive Officer of Kate Farms since 2015, will lead a team of great people with both heart and expertise in the combined business as Chairman and Chief Executive Officer of Danone’s North America Medical Nutrition business.
