Investor appetite continues for food startups.

Ripple Foods has grabbed the attention of food entrepreneurs and venture firms for its development on dairy-free milk, marking the latest in a run of food investments.

Emeryville, Calif.-based Ripple Foods, formed by Adam Lowry and Neil Renninger, is working on a milk-like drink made from plants that it says offers more protein than almond- or rice-based milk.

“We’re going after the alternative dairy market,” said Mr. Renninger. “Right now there aren’t any real quality products out there in the alternative dairy space.”

Amid an investor feeding frenzy for food startups, Ripple Foods has picked up $13.6 million in Series A funding, The Wall Street Journal has learned.