What's Happening?
Slate Milk, a Boston-based startup, has successfully raised $23 million in a Series B funding round led by Foundership. Co-founder Manny Lubin announced that the company has now raised a total of $50 million. Slate Milk specializes in protein-centric ready-to-drink beverages, including low sugar, lactose-free shakes and iced coffees. The product line features a variety of high-protein options, such as a 20-gram protein milk shake and a 32-gram protein nutrition shake. Recently, the company launched Slate Ultra Protein beverages, offering 42 grams of protein per can. The funding will be used to expand product offerings and deepen relationships with existing retail partners, while also targeting new retailers.
Why It's Important?
The funding round highlights the growing consumer interest in protein-rich beverages, driven by health and fitness trends. According to market research firm Innova Market Insights, 42% of consumers prioritize protein as a key ingredient for muscle growth and weight management. Slate Milk's expansion into conventional grocery stores reflects a broader commercialization of protein beverages beyond specialty and fitness markets. This development could lead to increased competition in the ready-to-drink protein sector, benefiting consumers with more options and potentially driving innovation in product formulations.
What's Next?
Slate Milk plans to leverage the new funding to release additional SKUs and strengthen its presence in existing retail channels. The company aims to launch into new retailers next year, focusing on increasing sales through strategic investments in partner retail stores. As consumer demand for protein beverages continues to rise, Slate Milk's expansion could influence market dynamics, prompting other companies to innovate and diversify their offerings.
