Allergy-friendly snack company Partake Foods has secured $4.8 million in a Series A round of financing, with a minority investment from Lotus Bakeries’ corporate venture fund FF2032.
With the capital, Partake plans to focus on retail expansion and new staff hire. The news reportedly builds on a successful year for Partake and follows a 2019 fundraiser that helped accelerate growth.
Other participators in the round include Marcy Venture Partners, singer Rihanna, CircleUp Growth Partners and Black Start Fund. Chuck Muth, chief growth officer of Beyond Meat and current investor, will be joining the company’s board.
Partake was founded in 2016 by Denise Woodard after her daughter was diagnosed with multiple food allergies. The company first launched three cookies in 2017 and has since introduced seven new flavours, a new soft-baked cookie line, as well as a baking mix.
All of its products are free of the top eight allergens (wheat, tree nuts, peanuts, milk, eggs, soy, fish, and shellfish), and are vegan, non-GMO and gluten-free.
Currently, Partake products can be found in 2,700 stores including Target and Whole Foods Market and the company is now looking to double this number of retail locations by the end of Q1.
“With this group of strategic partners and added financing, Partake continues our mission of making super delicious and safe food that those with and without dietary restrictions can enjoy,” said Denise Woodard, Partake CEO and founder.
Partake marks the third company to join the FF2032 investment portfolio, along with UK cracker brand Peter’s Yard and US vegan snack manufacturer Love Corn.
Woodard added: “Lotus Bakeries’ rich traditions and commitment to healthy and accessible snacking are a welcome complement to Partake ‘s mission of providing daily moments of joy to every consumer.
“In addition, their global footprint, experience in scaling businesses, and aligned values make them a wonderful partner, and we welcome them on board as an investor in this next stage of growth.”
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