Rhythm Superfoods closes $6m financing round led by General Mills 301 INC
This is the second round of funding from 301 INC and the CircleUp Growth Fund since early 2016 (click HERE) for the Austin-based veggie snacking brand, which has generated a 16% rise in overall unit sales over the past 12 months and a 34% increase in natural channel unit sales.
The $6m cash injection will allow the brand – which makes roasted kale, kale chips, beet chips and broccoli bites - to boost distribution beyond its current 5,000 stores, expand capacity, support sales and marketing initiatives and drive innovation through new product development, said CEO Scott Jensen.
“With the expanded support and resources of General Mills behind us we have confidence that we will continue to be the leader in developing innovative plant-based superfood snacks for our growing consumer base.”
Sales growth at the company, which has helped to create the 'superfood' snack category and made kale a household name, has been "kinetic" over the past four years, Jensen told FoodNavigator-USA last year.
However, not everything it has touched has turned to gold, notably a line of baked superfood chips, which were launched in 2014 but struggled to make an impact in the salty snacks aisle, which is dominated by some huge players, said Jensen. "We pulled those from the market.”
Check out FoodNavigator-USA next week when we will be catching up with Scott Jensen at the Winter Fancy Food Show
What are the emerging trends in snacks?
From sprouted mung beans to Japanese-inspired onigiri, the snacks market is a hotbed of innovation. But what’s next?
Hear from Peeled Snacks, Dang Foods, Field Trip Jerky, Protes and board advisor and guru Brad Barnhorn at our FREE-to-attend online Snacking Innovation Summit on Feb 15.