Meghan Markle, the Duchess of Sussex, is betting big on oat milk.
Markle said Monday she invested in instant oat milk latte company Clevr Brands, which sells four flavors of its powdered drink for $28 per 14-serving bag. The company says its products are sustainable, ethically sourced and healthful.
The startup's CEO Hannah Mendoza started the company in 2019 with Roger Coppola, who is now the company's chief operating officer.
"This investment is in support of a passionate female entrepreneur who prioritizes building community alongside her business," Markle said in a statement. "I'm proud to invest in Hannah's commitment to sourcing ethical ingredients and creating a product that I personally love and has a holistic approach to wellness."
Clevr Brands, which started as a pop-up coffee bar, uses only organic or non-GMO ingredients, according to the company's website. In addition, all of the company's shipping materials are 100% post consumer recycled and 100% recyclable. The company prioritizes "working with smaller, family run ingredient suppliers or those with more transparent supply chains," according to the website.
Markle and Clevr did not disclose the value of the investment.
"Her passion for what we're creating is palpable, and I couldn't imagine a more aligned partnership," Mendoza said of Markle's investment, adding that she's "excited for the road ahead."
Oat milk has been a big winner in the food and beverage industry. Sales of the plant-based dairy alternative have soared in recent years and accelerated during the COVID-19 pandemic. And it's a trendy investment. In July, an investor group that included Oprah Winfrey and Natalie Portman, invested $200 million in oat milk company Oatly.
Other food and beverage brands are taking note of the trend. This summer, Nestlé and Starbucks announced that they were stepping up their oat milk offerings with the introduction of non-dairy creamers.
