NEW YORK — Danone Manifesto Ventures, the corporate venture arm of Paris-based Danone, has acquired a majority stake in Harmless Harvest. Financial terms were not disclosed.

Founded in 2009, Harmless Harvest is a maker of organic coconut water and coconut-based yogurt alternatives. The company expects to generate more than $100 million in sales this year, doubling revenue from 2017. The company is committed to sustainable agriculture and formed the Regenerative Coconuts Agriculture Project in partnership with Danone in 2019.

Danone Manifesto Ventures in 2017 led a $30 million capital growth round in the company, alongside Mousse Partners and other investors. With the latest transaction, it acquires a majority ownership. Under terms of the agreement, Harmless Harvest will continue to operate independently, led by chief executive officer Ben Mand, and will receive financial, strategic and operational support from Danone.

The new investment will provide additional resources and capabilities to accelerate Harmless Harvest’s growth and sustainability initiatives, while supporting Danone’s efforts to increase plant-based sales globally to €5 billion by 2025. Harmless Harvest is the first US investment to become majority owned by Danone Manifesto Ventures, which launched in 2016.

“It has been a privilege to be part of the Harmless Harvest success story over the past few years, as the company has continued to grow, innovate and pioneer more responsible business practices,” said Laurent Marcel, CEO of Danone Manifesto Ventures. “We are thrilled to further the partnership with a group of people who aim to be harmless to the planet and society and share our vision of a healthy and sustainable food system. We look forward to continuing our partnership with Ben and his talented leadership team and supporting their inspiring ambitions.”