Chobani’s Major Funding Round and Valuation Surge
Yogurt market leader Chobani is reportedly raising $650 million in new funding that would value the privately-held company at approximately $20 billion, according to recent financial reports. The capital raise comes as the company continues to expand beyond its core yogurt business into adjacent food and beverage categories through strategic acquisitions.
Sources indicate that this valuation would represent a significant milestone for the company founded by U.S. immigrant Hamdi Ulukaya, who started the dairy company in upstate New York after purchasing an old Kraft facility. Analysts suggest the funding will support Chobani’s continued growth and innovation initiatives across its expanding portfolio.
Founder’s Wealth Skyrockets with Valuation Increase
According to the analysis by Forbes, the reported $20 billion valuation would push Ulukaya’s net worth up by more than $11 billion, from $2.1 billion to approximately $13.5 billion. The report states that Ulukaya owns an estimated 68% of the company, which remains privately owned despite previous plans to go public.
The billionaire had filed paperwork to take Chobani public in 2021, but reportedly dropped those plans in September 2022 as the market for initial public offerings cooled. Industry observers suggest the current funding round provides an alternative path for capital infusion while maintaining private ownership.
Strategic Expansion Through Acquisitions
Chobani has made significant moves to diversify its business beyond yogurt, according to market reports. The company completed a $900 million purchase of premium coffee maker La Colombe Coffee Roasters in 2023, marking its entry into the competitive coffee market.
More recently, in May of this year, Chobani acquired plant-based frozen meal provider Daily Harvest for an undisclosed amount, expanding further into the growing plant-based food sector. These acquisitions reportedly align with Chobani’s strategy to become a broader food and beverage company rather than remaining solely focused on dairy products.
Founder’s Journey and Additional Ventures
Ulukaya, a Kurdish immigrant from Turkey, emigrated to the United States in 1994 and built Chobani into the nation’s top-selling yogurt brand by 2024. The company reportedly generated $3 billion in revenue last year, cementing its position as market leader in the competitive yogurt space.
Beyond Chobani, Ulukaya has also ventured into the craft beer industry, purchasing and reviving San Francisco’s iconic Anchor Brewing Company after it was shut down by Japanese brewing conglomerate Sapporo. This move demonstrates the entrepreneur’s continued interest in revitalizing heritage food and beverage brands.
Industry Context and Market Position
The funding announcement comes amid significant activity in the food and beverage sector, with companies across the industry seeking capital for expansion and innovation. According to the official press release from Chobani, the equity capital raise is intended to support the company’s continued growth trajectory and product innovation.
Market analysts suggest that Chobani’s strong brand recognition and successful diversification strategy have positioned the company favorably for this substantial valuation, even as it remains privately held while other food companies explore public markets.
This article aggregates information from publicly available sources. All trademarks and copyrights belong to their respective owners.
