Chickpea snack brand Hippeas has secured $50 million from global investment fund The Craftory.
Hippeas launched in 2016 with a line of organic chickpea puffs and has since expanded its portfolio to include chickpea-based tortilla chips. Both lines are USDA organic, certified gluten-free and vegan. The brand’s products are available in the US and UK in retailers such as Kroger, Target, Whole Foods and Waitrose.
With the capital, Hippeas intends to boost innovation, expand production and increase distribution. The financing consisted of direct investment, as well as secondary purchases of shares from existing Hippeas shareholders including Cavu Venture Partners.
“Hippeas has grown from a disruptive start-up to a true challenger brand in very competitive snack categories with innovative products, delicious flavours and nutritional offerings that consumers want – the brand has the potential to become a household name with its loyal millennial fanbase,” said Livio Bisterzo, Hippeas founder and CEO.
“The pandemic has been very difficult for many brands; Hippeas has been fortunate to have seen strong growth and we are delighted to have partnered with The Craftory as we head into 2021,” he continued.
In addition to the funding, Greg Buscher has been appointed CFO of Hippeas, while César Melo – a former president of global chocolate at Mondelēz – has joined the company’s board of directors.
The US start-up will join The Craftory’s portfolio that also includes NotCo, a plant-based food-tech firm.
Elio Leoni Sceti, co-founder and chief crafter at The Craftory, said: “Hippeas offers zero compromise of flavour and texture, no need to change consumer habits nor expectations, while also being healthier and more sustainable than the more traditional alternatives – that’s a great proposition and a proven recipe for success. We look forward to amplifying this bold CPG challenger as they positively disrupt the status quo.”
Keep up to date with the plant-based industry by subscribing to FoodBev’s latest title, The Plant Base, launching March 2021.
#US #chickpeas #Hippeas #TheCraftory #snacks
