Exclusive: Chobani’s big new funding round
Chobani has raised $650 million at a $20 billion valuation, according to two people familiar with the deal but not authorized to talk about it, Niko Gallogly is first to report.
That investment will help the yogurt maker fund two major projects announced last year: a $500 million plant expansion in Idaho, which is expected to increase the factory’s production by nearly 50 percent, and a $1.2 billion food-processing plant in Rome, N.Y.
The 20-year-old company expects to make $3.8 billion in net sales this year, a 28 percent increase from last year. It also expects to rake in $780 million in adjusted pretax earnings, a 53 percent jump from 2024.
Chobani has benefited from America’s protein craze. Last year, the company introduced a line of high-protein yogurts and shakes.
Its ambitions are much bigger than yogurt. The company sells oat milk, creamers and — after a $900 million acquisition of La Colombe — coffee. Those products generated around $600 million in retail sales during the 12 months through September, according to company data reviewed by DealBook. This past spring, Chobani announced the acquisition of Daily Harvest, a maker of plant-based foods.
In 2021, the company filed for an initial public offering, reported at a multibillion-dollar valuation, but withdrew it because of challenging market conditions.
“This investment means more than just capital — it’s a testament to everything we’ve built,” Hamdi Ulukaya, Chobani’s founder and C.E.O., told DealBook in an email.