Monogram Capital Partners and Meaningful Partners have each made recent investments of $10 million in the meat snack category.
Country Archer Jerky
In July, Los Angeles-based Monogram Capital Partners made a $10 million investment in Country Archer Jerky, the current top selling and fastest growing jerky brand in the natural grocery channel. The deal was structured as a follow-on investment to Monogram’s initial capital commitment made in March 2016.
Known for its “better-for-you” jerky, bars, and meat sticks, Country Archer produces its product lines using only 100 percent grass-fed and antibiotic-free/hormone- free turkey.
As one of the only vertically integrated emerging meat snack brands, Country Archer recently outranked Krave as the top-selling jerky brand in its category, after experiencing year-on-year growth in sales of 157 percent, according to SPINS data. The company has also outpaced the next 15 brands combined in absolute dollar growth year-on-year.
The brand is nationally distributed through Starbucks, and has gained distribution through 1,500 7-11 stores. Its distribution footprint continues to expand into key regions through Costco, and is expanding into the Canadian market.
“Country Archer’s relentless focus on quality as one of the only vertically integrated self-manufacturers in the space has set the brand apart from other meat snack competitors, cementing its position as the brand of choice for retailers and customers alike across channels,” said Monogram Capital Partner Founder and Partner, Jared Stein. “We couldn’t be more excited to expand our partnership with Eugene and his team as the company enters this next phase of growth and innovation.”
Stryve Biltong
Maybe I’m late to the game. Have you heard of biltong? This is the first time I’m learning about this food.
Mission-driven investment firm Meaningful Partners has led a $10 million funding round for Stryve Biltong. Privately owned holding company Murano Group, along with additional unnamed investors also participated in the round, which was a first for the company that has been self-funded to this point.
Co-founded only last year by Ted Casey, the founder of Dymatize; Joe Oblas and TJ Humphrey’s, the founders of Prosupps; and Gabe Carimi, current Stryve CEO and former NFL first-round draft pick, Stryve is a pioneer in bringing biltong to the U.S. market.
Originally from Botswana, South Africa, Zimbabwe, and Namibia, biltong is similar to jerky in that is it a meat protein snack food, however, it is made from thinly sliced meat, and is produced without heat or cooking, and often without sugar. Slicing USDA-graded top round steak very thinly, the company naturally preserves its products with vinegar and salt, then air dries them for three weeks. This process results in a snack that has 36 grams of protein per 2.25-ounce bag, only one gram of sugar, and is free of nitrates and MSG.
“This first round of funding is a major accomplishment for our young brand and a huge step towards bringing awareness about our amazing product to the U.S.,” said Joe Oblas, co-founder of Stryve Biltong. “This investment serves as a strong endorsement of our company and the tremendous potential of our brand.”
The potential for Stryve has been reflected over the past year through the brand’s distribution, which has expanded rapidly and now includes CVS, GNC, Vitamin Shoppe, Central Market, Walmart, and others.
“This will be a huge opportunity for us to keep up with our significant product demand and scale our business to make biltong more accessible everywhere in the U.S.,” said Gabe Carimi, CEO of Stryve Biltong. “We’ve already shown tremendous growth since we started in the summer of 2017 and we’re ready to take our expansion to the next level.”
The Meat of the Matter
Jerky snacks are one of the fastest growing categories in the food sector, reports Food Dive. Jerky saw sales exceed $1 billion last year, and is expected to see annual growth of 4.2 percent through 2022, according to IBIS World, reports NOSH.
This growth will largely rest on consumer demand for convenience, high-protein, low-sugar snacks that are minimally processed and offer new and innovative flavors – all facts that are not lost on Country Archer or Stryve Biltong.
“People are always talking about not getting enough protein in their diet and this is huge among women. Studies show many women don’t get enough protein which can lead to other health problems and half of the people over 50 don’t get enough protein. This means that many consumers turn to protein snacks when they are looking for something satiating,” Paige Brown, director of marketing at Stryve Biltong told FoodIngrientsFirst.
“Snacking is on the rise and our existing products and innovation pipeline are well-aligned with the growing demand for healthy and convenient prep-free protein,” said Country Archer CEO and Co-founder Eugene Kang. “We’re acquiring key accounts that are committed to growing with us, and I’m confident in our team, business model and shared values with Monogram Capital.”
-Lynda Kiernan