Vegan Brand Oatly Secures $200 Million Funding From Investors Including Oprah Winfrey, Natalie Portman, Jay-Z
Swedish vegan milk producer Oatly AB secured $200 million funding from a group of investors led by Blackstone Growth. Oatly sold around 10% of its business in a funding round that valued the company at about $2 billion.
The group of investors includes Oprah Winfrey, Jay-Z, Natalie Portman, Starbucks CEO Howard Schultz and Rabobank Group, according to a press release.
Oatly plans to use the money to expand its supply network in the existing markets, expand the range of oat-based products and hire more staff in Europe, the US and Asia.
The company is also preparing to go public within the next 12 to 18 months.
Oatly doubled its sales to $200 million in 2019, and it expects a similar rate of growth this year. Still, it has posted losses in the past few years due to increased investments.
"It is my belief that capital has to turn green and do so for the right reasons," Oatly CEO Toni Petersson said in the statement.
"We chose to partner with Blackstone Growth because of their tremendous resources and unique reach," he added.
"Our new partners' commitment to supporting us and furthering of our mission is a clear indication of where the world is heading, which is in a new, more sustainable direction."
Oatly currently sells oat milk in 20 countries in Europe, North America and Asia.