Sector News

General Mills takes stake in kale chip maker

January 14, 2016
Food & Drink

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

Related News

May 8, 2021

European S3FOOD: 14 new projects receive grants to digitally innovate food production

Food & Drink

This month, the second S3FOOD voucher call selected 14 innovative SME-driven projects all across Europe. These projects will receive funding to develop and adopt innovative digital solutions.

May 8, 2021

Kerry’s global taste reports pins nostalgia, exploration and health as key trends

Food & Drink

The Global Taste Trends report maps out the key taste linked to trends across the US and Canada, Mexico, Latin America, Europe and the Asia Pacific Middle East and Africa highlighting how they vary and travel across these regions.

May 8, 2021

Cargill expands gourmet chocolate offerings with Leman Decoration acquisition

Food & Drink

The acquisition significantly broadens Cargill’s offerings in the decorations space, enabling the company’s cocoa and chocolate business to better serve gourmet customers in Europe and worldwide.

Send this to a friend