NY-based Rind, a producer of healthy snack food that focuses on delicious, all-natural foods, raised US$ 6.1 million in Series A funding on 17 June 2021.
Investors: The funding round was led by Valor Siren Ventures (VSV), an early-stage investor in sustainability, food, food technology, retail, and retail technology, with participation from Melitas Ventures.
Purpose of the funding: The funds raised will be used by the company to accelerate its sustainable and upcycled product pipeline into adjacent categories. It will be invested in expanded capacity to produce delicious, nutrient-dense, zero waste snacks. The investment will allow Rind to hire talent and build a world-class team to support the continued fight against food waste.
About Rind
Founded in 2018 by Ben Cohn and Matt Weiss, Rind preserves the most nutritious part of California grown, non-GMO and organic fruit and snacks that are packed with up to 3x more fibre and vitamins than traditional dried fruit and help fight food waste. Rind has disrupted the dehydrated snack category with its “skin-on superfruit” that maximizes nutrition and helps combat childhood hunger through a newly launched school snacks campaign.
Rind claims that its revenues have increased five-fold in 2020 and expects to more than triple sales this year while expanding its retail presence to over 3,000 locations. Rind has also won placement across several leading D2C omni-channel platforms which has resulted in best-in-class partnerships with the likes of Whole Foods Market, Wegmans, Meijer, CVS, Hungryroot, Imperfect Foods, The Fresh Market, FreshDirect, Giant Eagle, Erewhon and Foxtrot.
What the CEO has to say: “We view the fruit snack space as ripe for disruption. VSV shares our vision for awakening this category with a keen focus on function and sustainability, helping consumers both snack better and do better through the ‘power of the peel’. 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.” — Matt Weiss, Founder and CEO of Rind.
What the investors have to say: “We are thrilled to partner with Rind as they scale their business,” said Jon Shulkin, Partner and Fund Manager at Valor Siren Ventures. “In a short period of time, the Rind team has built an exciting and purpose-driven brand. 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.”
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