Oct 16 (Reuters) - Chobani has raised $650 million in

its latest funding round, the company said on Thursday, as the

yogurt maker looks to fund its plant expansion plans in the

United States.

Earlier this year, the 20-year-old company said it would

invest $1.2 billion in building its third U.S. dairy processing

plant in New York and a $500 million expansion plan in Idaho.

Following the equity raise, the company now has a valuation

of $20 billion, the New York Times DealBook reported, citing

sources on Thursday.

The report also added that Chobani was expecting to generate

$3.8 billion in net sales this year, a 28% increase from the

prior year.

Private food brands, including Chobani, Mike's Amazing and

Duke's, have been taking away market share in the U.S. from some

of the larger conglomerates, including Unilever ( UL ), as

they expand across the U.S.

Chobani has been expanding beyond its core yogurt business

to attract a broader consumer base. The company also launched

other high-protein products like protein shakes in 2024.

The privately held firm acquired coffee brand La Colombe for

$900 million in 2023, and earlier this year, it bought

plant-based food maker Daily Harvest.

(Reporting by Anshi Sancheti in Bengaluru; Editing by Tasim

Zahid and Anil D'Silva)