General Mills is the lead investor in a $3 million financing round for a Texas company known for its kale chips and other natural and organic snacks.
The investment in Austin-based Rhythm Superfoods comes from 301 Inc., a business development arm of General Mills that last fall said it would begin making venture capital investments in fledgling food companies.
“Rhythm Superfoods is a remarkable, breakthrough brand with a truly differentiated product offering in the snack category,” said John Haugen, vice president and general manager of 301 Inc. The investment was announced Wednesday.
Rhythm, founded in 2009, makes shelf-stable snacks that also include roasted kale, Broccoli Bites and baked “superfood chips,” which are made with such ingredients as flaxseed, quinoa and pea protein, as well as corn flour.
The company says its products are in 5,000 stores nationwide and retail for $2.49 to $4.99.
Golden Valley-based General Mills aims through its 301 arm to create partnerships where young companies can access capital and tap General Mills’ knowledge of production, marketing and other issues.
If a venture target succeeds, it could present an acquisition opportunity for General Mills.
By Mike Hughlett
Source: Star Tribune
Schumacher will replace Alan Jope, who announced his decision to retire last September, less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.
Globally, plant-based ice creams have doubled their share of the market over the last five years, according to Tetra Pack. Pea protein and coconut milk are leading the way, but Tetra Pak cites data showing that oat-based ice cream launches have doubled in the previous year.
A myriad of so-called eco-labels are being rolled out across various F&B products, but with no gold standard or strict rules governing precisely what the logos mean and what methodology is behind them, concerns are growing that they will confuse consumers and ultimately be counterproductive.
