January 15, 2016

Austin-based organic and plant-based snack company, Rhythm Superfoods, closed on a $3 million Series C round of funding led by 301 Inc., General Mills’ venture capital unit, and including the CircleUp Growth Fund. Founded in 1999, Rhythm Superfoods sells snacks including kale chips and broccoli bites at a price point of between $2.49 and $4.99 through 5,000 retail stores, according to the Austin Business Journal. This round will enable Rhythm Superfoods to expand its distribution network beyond its 5,000-store network and to develop new products.

Following the closing of the round, Rhythm Superfoods’ CEO, Scott Jensen told FoodNavigator-USA that the round will fund the company’s development of a new dehydrated beet snack launching this winter, as well as support the company existing products. However, the round will also benefit Rhythm Superfoods through access to expertise in food safety, supply chain logistics, and R&D that will come from General Mills.

Riding the wave of popularity being seen by the ‘superfood’ snack segment, Rhythm Superfoods has experienced meteoric growth in recent years, and is expected to see growth of nearly 100% in 2015-2016, according to Jensen. And having already secured shelf space in Kroger, Publix, Stop & Shop, and Whole Food markets, the brand launched in the produce department of Target stores earlier this month.

“We are thrilled with our new investment from 301 INC and looking forward to what this strategic partnership will help us accomplish in the months to come,” said Jensen in a recent release. “With the support and resources of General Mills behind us we have confidence that we will continue to be the leader in developing innovative plant-based superfood snacks for our growing consumer base."