Plant-based snacking brand Biena Snacks has secured $8 million in Series B financing led by MAW Investments. The group was created by the team behind consumer favourite brands such as Snyder’s Pretzels, Kettle Chips and Late July Organic Snacks. The funding will support continued acceleration of the Biena brand, the company has revealed.
Biena closed its Series A financing in 2017, bringing in a powerful group of investors such as Tastemaker Capital, which includes sports journalist and influencer Darren Rovell, serial entrepreneur Jesse Itzler, and Sara Blakely, founder of Spanx.
Founded in 2012 by Poorvi Patodia when the plant-based snacking trend was still in its infancy, Biena specialises in crunchy and healthy plant-based snacks, inspired by Patodias’ favourite childhood snack. The roasting process results in a light and crispy texture that maintains the protein and fibre of the whole chickpea.
Two chickpea-based product lines are currently on offer: Roasted Chickpea Snacks and the recently launched Chickpea Puffs line, which according to Biena is already exceeding sales expectations. The new puffed snack range comes in three flavours – Aged White Cheddar, Vegan Ranch, and Blazin’ Hot, and will be available in 3,500 stores in the US by the end of the year.
The brand, which also recently unveiled a refreshed visual identity for its Roasted Chickpea Snacks, is available in 15,000 retail locations nationwide and is expected to nearly double year-over-year revenue in 2019.
Peter Michaud of MAW Investments will join Biena’s board of directors, bringing extensive snack industry experience to the team. He previously led the sales and marketing portfolio of ‘Better-For-You’ Snacking at Snyder’s-Lance, a $1 billion division which included brands such as Pretzel Crisps, Late July Organic Snacks, Kettle Brand and Eatsmart.
“We’re thrilled to bring Peter and the team at MAW on board. They have an impressive track record of building category-leading snack brands,” said Patodia. “Our goal is to make it easy for Americans to snack healthier by creating the next generation of nutritious, plant-based snacks.”
© FoodBev Media Ltd 2020
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