Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Drinks | Retail | Videos
Processed Foods
Savory Snacks
Return to: FBR Home | Processed Foods | Savory Snacks

General Mills’ 301 Inc leads $3m funding round for Rhythm Superfoods

Published 14 January 2016

General Mills’ new business arm 301 Inc. has led the Series C funding round of $3m for snack foods manufacturer Rhythm Superfoods.

flax seeds

The funding, which was filed through the CircleUp platform, will be used by Rhythm Superfoods to expand its distribution network beyond its current 5,000 stores.

The cash injection will also provide Rhythm Superfoods with access to resources and technical expertise of General Mills.

301 INC vice president and general manager John Haugen said: "Rhythm Superfoods is a remarkable, breakthrough brand with a truly differentiated product offering in the snack category. We're thrilled to help them scale their vision and amplify their existing efforts with an investment of not only capital, but the tremendous resources that General Mills can offer. We look forward to helping this exceptional brand reach new heights."

Rhythm, which was established in 2009, produces shelf-stable snacks such as roasted kale, Broccoli Bites and baked superfood chips which are made from ingredients such as quinoa, flaxseeds, pea protein and corn flour, reports Star Tribune.

Last year, General Mills's 301 Inc., partnered with CircleUp marketplace to launch an investment fund to aid food startup businesses. CircleUp is an online platform which helps connect consumers and retail brand entrepreneurs to certified investors. With its team of experienced private equity personnel, CircleUp identifies brands with a promising future during their early lifecycle stages and posts their profiles on its site to notify investors in order for them to research and understand the investment potential of the brands.

In October 2015, General Mills embarked on a new journey with the launch of its 301 Inc., a new business venture unit that intends to focus on building partnerships with emerging food brands to come up with groundbreaking innovation in food sector.

Image: 301 Inc funds Rhythm Superfoods. Photo: Courtesy of Viacheslav Blizniuk/FreeDigitalPhotos.net.