Yumi, an organic baby food brand, has raised US$67mn in a Series B funding round, where over 70 female investors or women-led firms were welcomed to the capitalization table.
A success for organic, vegan and gluten-free baby food
Founded in Los Angeles in 2017, Yumi is both a female-founded and female-led direct-to-consumer company, which manufactures meals, snacks and even vitamins for kids and babies.
Yumi works with nutritionists, paediatricians, metabolic health experts and chefs, to create organic, vegan and gluten-free food for babies and children.
Participants in the round included:
Kelly Coffey, City National Bank CEO
Desiree Gruber, founder and CEO of creative agency Full Picture
Lydia Jett, of SoftBank
Levelling the playing field for female investors
Proceeds from the funding will be used to:
Advance Yumi’s retail expansion
Amplify new product launches
In addition, Yumi reflected on the gender pay gap in the USA, where women earn 84% of what their male peers do. In recognition of this, Yumi offered female investors a 20% discount on its convertible note.
“As a mission-driven brand, Yumi is focused on providing nutrient-dense, scientifically-based products that help parents better optimise their entire family’s nutrition”, said Angela Sutherland, co-founder and chief executive officer of Yumi. “Being a data-driven company based in the CPG space, a category whose primary customer is often female yet is typically funded by male-owned venture capital companies, we believe it was important for us to recognise and correct this imbalance. By providing opportunities for investment from a group of powerful women, we were excited to be able to level our own internal playing field.”