(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)