RightRice raises $5.5m led by Strand Equity and celebrity investors

By Mary Ellen Shoup contact

- Last updated on GMT

RightRice raises $5.5m led by Strand Equity and celebrity investors

Related tags: Rice, Whole foods, strand equity, Investment

RightRice, the brainchild of Popchips co-founder Keith Belling, has closed a $5.5m minority investment led by Strand Equity and a roster of celebrity investors and industry veterans, including Impossible Foods, COO David Lee, and celebrities Karlie Kloss, Kris Jenner, Ashley Graham, Molly Sims, Jillian Michaels, and Wesley Perez.

A number of industry veterans aside from David Lee also participated, including Joey Zwilliger (allbirds, co-founder) and Dave Gilboa (Warby Parker, co-founder).

"It was really a great validation to see these individuals, who have access to pretty much anything, like the product that much and want to invest in it,"​ Belling told FoodNavigator-USA.

Seth Rodsky, Strand Equity co-founder and managing partner, was Belling's first call when it came to raising capital for the brand. Strand Equity has invested in a number of companies within CPG (Van Leeuwen​ ice cream, Oatly, Hippeas, and Banza) including Belling's first food brand Popchips. 

"Our job is to find either category creators or hidden treasures, and I think this is a combination of both.​ This was a chance to invest in a category creator," ​Rodsky told FoodNavigator-USA. 

"Like he did with Popchips, Keith has cracked the code between taste and nutrition."

RR Veggie Blend.Horizontal (1)

RightRice launch and investment plans

Launched exclusively at Whole Foods nationwide and on Amazon​ last month, veggie-based RightRice (made up of over 90% vegetables and 10% rice), will be ramping up branding and marketing initiatives at Whole Foods and on Amazon.

"It cooks like rice in about 10 minutes, and the culinary options are endless,"​ the company said. 

While it has only been on shelf for less than three weeks, the reception to RightRice has been very positive, according to Belling. 

As one of the most consumed foods, rice has fallen out of the American diet somewhat with more consumers attributing the starchy food to weight gain​ and empty calories. 

Belling created RightRice to help consumers "enjoy rice again"​ by making a lower carb, higher fiber, and higher protein alternative (made from lentils, chickpeas, and green peas) that tastes, looks, and cooks like conventional rice. 

"The number of people who feel rice is one of those beloved foods is really high, but I was really surprised by how many people have been eating way less rice,"​ said Belling. 

According to Belling, the focus for RightRice in the short term will be on executing its distribution partnerships and velocities with Whole Foods and Amazon.

"We want to lean into launching with Whole Foods and Amazon​ [before expanding distribution to other retailers]. Our focus today is how do we execute incredibly well with these partners?"

Related news

Related products

show more

Deliver wholesome products with sustainable ingredients.

Deliver wholesome products with sustainable ingredients.

ADM advances regenerative agriculture | 24-Jun-2022 | Infographic

Learn how the plant-based movement continues to inspire an evolution in consumer eating habits, and how ADM’s NutriStem™ ingredients with their vertically...

Sustainable solutions from farm to finished product.

Sustainable solutions from farm to finished product.

ADM advances regenerative agriculture | 24-Jun-2022 | Insight Guide

Consumers view sustainability more holistically than ever and see it as a moral imperative for companies to take action to protect environmental and social...

Your roadmap to carbon neutral flour has arrived.

Your roadmap to carbon neutral flour has arrived.

ADM advances regenerative agriculture | 24-Jun-2022 | Product Presentation

ADM's net carbon neutral milling network and regenerative agriculture projects help lower your supply chain emissions on flour sourcing. Download...

Vanilla, the sustainable taste of home.

Vanilla, the sustainable taste of home.

ADM advances regenerative agriculture | 24-Jun-2022 | Infographic

Explore how ADM’s responsible global sourcing and formulation know-how is used to develop world-class tasting and sustainable vanilla solutions for deliciousness...

Related suppliers

Follow us

Products

View more

Webinars