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
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