General Mills Invests in Rhythm Superfoods Again
Rhythm Superfoods, an Austin-based company known for creating organic and non-GMO plant-based superfood snacks, has closed a $6 million Series D financing round with a lead investment from 301 INC, the new business development and venturing unit of General Mills. Additional investors include Blueberry Ventures and the CircleUp Growth Fund. The round was filled exclusively through CircleUp, the leading investment marketplace for consumer and retail companies.
This is the second round of funding Rhythm Superfoods has received from both 301 INC and the CircleUp Growth Fund since the start of 2016. During that time Rhythm Superfoods has expanded distribution into new markets and channels, added a line of dehydrated Beet Chips to its plant-based, nutrient-dense snacks and grew to become the leading brand of kale chips in the market.
“We are elated with our new investment from 301 INC and look forward to continuing this strategic partnership and seeing what we can accomplish for the brand together,” said Scott Jensen, CEO of Rhythm Superfoods. “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.”
John Haugen, vice president and general manager of 301 INC added, “Rhythm Superfoods is the first company that 301 INC partnered with after launching our strategy in late 2015. Rhythm Superfoods continues to be an innovative company in the better-for-you snack category. Scott and his team have accomplished so much in the year that we’ve been working with them, and we’re excited to continue to help them amplify their existing efforts and differentiate their place in the market as a leader in the plant-based snack category.”
“Scott has done an incredible job of building Rhythm Superfoods into the premier plant-based healthy snacking brand platform and Blueberry Ventures is incredibly excited to partner with 301 INC to support Scott and his experienced management team in this next phase of growth”, added Arif Fazal, founder and managing director of Blueberry Ventures.
"This Series D financing marks CircleUp's third time partnering with Rhythm Superfoods on their fundraising efforts. It's been incredible to see the company establish itself as a clear market leader in better-for-you, healthy snacks with its superior products and authentic brand. We're honored to be an investor and partner," said Ryan Caldbeck, CEO and cofounder of CircleUp.
The additional funding will enable the brand to continue their growth, expand capacity, support sales and marketing initiatives as well as help drive innovation through new product development, all while positioning Rhythm Superfoods as the leader in the plant-based snack space. Their most recent new product debut, Beet Chips, made quite a splash earlier this year, soon after the original 301 INC investment. Rhythm Superfoods is currently available in over 5000 grocery stores nationwide and retails for $3.99 to $4.99 depending on the product.