California-based functional food company Soylent announced it has raised a $50 million Series B led by GV (formerly Google Ventures) and including Tao Capital Partners, and existing investors Lerer Hippeau Ventures and Andreessen Horowitz. This round brings Soylent’s total funding to date to $74.5 million.

Launched in 2013 in Los Angeles with $3 million raised through the largest food crowdfunding campaign in history, Soylent produces plant-based beverages, powders, and bar meal replacements. By 2015 the company raised a $1.5 million investment from Lerer Hippeau Ventures and Andreessen Horowitz, followed by a $10 million raising led by Andreessen Horowitz, which later was boosted to a $20 million investment, with participation from Lerer Hippeau Ventures and Index Ventures, earning the foodtech startup a valuation in excess of $100 million.

In the months since, the company has seen significant growth, has expanded its flavor offerings, and has debuted on Amazon Launchpad last year. These advances resulted in net revenue posted for the first quarter of 2017 being nearly double the net revenue for the same quarter a year before.

“Soylent is addressing one of the biggest issues we face today: access to complete, affordable nutrition,” said GV General Partner Andy Wheeler. “As one of the pioneers in this space, Soylent is tackling this problem head on with progressive thinking and a clear strategy that has led to outstanding growth.”

Despite its success, the company has faced its share of challenges along the way. The company has taken an unapologetically technical approach to food and nutrition, announcing on its website blog in 2015 that it was “Proudly Made with GMOs”, leading to backlash among some consumers.

The following year the company was faced with having to recall its Food Bar product when consumers filed complaints that the product made them ill. Soylent laid the blame for the recall at the feet of TerraVia, its supplier of algae ingredients, which only this month announced that losses have forced the company to seek a buyer for a portion, or even all of the company. Since the recall, Soylent has switched its formulation to replace algae oil with high oleic sunflower oil, reports Food Dive.

However, despite these uphill battles, the support of Google Ventures and other key investors to the tune of a $50 million Series B indicates widespread confidence in the company’s continued growth.

“We’re thrilled to add GV to Soylent’s community of investors, customers, and team members who see the importance of developing healthy, functional foods,” said Rob Rhinehart, Soylent founder and CEO in a company statement. “This funding will enable us to expand our current product offerings, support our expansion efforts into traditional retail and international territories, and further our goal of bringing Soylent products to people around the world.”

-Lynda Kiernan

Lynda Kiernan is Editor with GAI Media and daily contributor to GAI News. If you would like to submit a contribution for consideration please contact Ms. Kiernan at lkiernan@globalaginvesting.com.