US-based food and drinks growth equity firm Siddhi Capital has raised $135m in its second fund.

The raise doubles the size of its first fund, closed in 2020.

Siddhi said it plans to invest the capital raised in “growth-stage companies across consumer and food tech”.

“With a focus on fewer, larger investments and strong involvement with the operational and strategy teams within Siddhi Services (the operational execution arm of Siddhi Capital), this fund aims to unlock companies’ growth and scaling potentials and continue to disrupt the food, beverage, consumer and technology landscape.”

Commenting on the news, Melissa Facchina, co-founder and managing partner of Siddhi Capital, said: “Today’s health and wellness objectives are driving consumable purchasing power—but we also know that we cannot continue doing the same things and achieve the same or better results.

“Siddhi is focused on investing in innovative solutions for both today and the future—and doing so by putting the best talent in the industry to work inside of the companies we believe in.” 

Siddhi has invested in numerous US-based food brands since it was founded in 2020, including noodle and sauces producer Momofuku Goods, plant-based meats group Black Sheep Foods, Magic Spoon high protein cereals, and Mid-Day Squares functional chocolate bars, among others.

It has also invested in drinks brands including Aura Bora flavoured sparkling waters, and, Mooala dairy-free drinks.

Its investment in Kencko fruit and vegetable smoothies in 2022 was described as one of the most valuable beverage investments by GlobalData at the time. Siddhi, alongside Cheyenne Ventures, Indico Capital Partners, MissionPoint Partners and others, made a $10m venture financing deal with Kencko.

The group said it provides “visionary” emerging and growth-stage F&B brands investment and “operating expertise” to assist their growth, offering a platform of “in-house, back-end operational capabilities” which support “manufacturing, procurement, warehousing, logistics”.