District Ventures Capital, InvestEco Capital and Export Development Canada (EDC) have co-led a CAD 9.3 million ($7.4 million approx.) Series C investment in Chickapea.
Based in Ontario, Canada, Chickapea offers a range of organic pastas made with chickpeas and lentils, which is sold across North America.
The brand recently expanded its portfolio with the launch of +Greens, a new ‘veggie-packed’ pasta line offering 24g of plant-based protein per serving.
District, InvestEco and EDC were all existing Chickapea supporters prior to the brand’s latest funding round, and the pasta maker participated in the District Ventures Accelerator programme back in 2017.
The new Series C funds will support Chickapea as it continues to grow in Canada and the US, and expand its product portfolio. The round also attracted the backing of some of the brand’s original angel investors.
“Our initial investment in Chickapea was driven by the insight that consumers were looking for nutritious alternatives to traditional pasta,” said Arlene Dickinson, general partner of District Ventures Capital.
“Four years later, this demand continues to increase and Chickapea continues to provide new ways to enjoy a healthy take on a staple household favourite.”
She added: “The female-founded and -operated company now has the funding needed to scale operations and expand distribution.”
Shelby Taylor, founder and CEO of Chickapea, said: “Chickapea has experienced exponential growth over the past couple of years. There’s no longer the question of whether a substantive market exists for nutritious, high-protein pasta, but rather how to keep up with the growth and demands of that market, and this funding will provide us with the resources we need to continue offering the highest quality, most nutritious and innovative products while living our values.”
© FoodBev Media Ltd 2020
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