Dried fruit snack brand Rind has closed a $6.1 million Series A funding round led by Valor Siren Ventures (VSV), with follow-on investment from Melitas Ventures.
Established in 2018, Rind produces “skin-on-dried fruit” that it says maximises nutrition and minimises food waste. The brand’s portfolio features varieties such as coconut crisps, coco-melon, straw-peary and tangy kiwi; which are available online and via retailers including Whole Foods Market and Imperfect Foods.
With the funding, US-based Rind plans to accelerate product innovation and enter into adjacent categories; as well as continue to further reduce food waste. The capital will also be used to grow its team and invest in expanded production capacity.
According to Rind, its revenues reportedly grew five-fold in 2020 and sales are expected to more than triple this year as it expands its retail presence to over 3,000 locations. The company claims it divested more than 120,000 pounds of edible peels from landfill in 2020 and aims to increase its impact this year.
A Global Market Insights report projects that the fruit snack market will grow at a compound annual growth rate of 8.4% through 2025.
Matt Weiss, founder and CEO of Rind, said: “This capital will help us build an amazing team and accelerate our growth substantially, which will in turn enable us to continue our efforts to combat unnecessary food waste and childhood hunger.
“We are excited to partner with Valor Siren Ventures whose view of the snacking landscape aligns seamlessly with ours. VSV is a leader in supporting and building brands with an omni-channel and alternative distribution approach and has several large and strategic partners that represent exciting long-term opportunities for Rind.”
Jon Shulkin, partner and fund manager at Valor Siren Ventures, added: “By crafting highly nutritious and functional snacks that help reduce food waste, we believe Rind has the potential to build a great platform that is well aligned to consumer preferences for healthy, sustainable snacks. We look forward to working with Rind to help fuel their growth.”
© FoodBev Media Ltd 2021
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