After previously investing in Chilean plant-based meat producer NotCo, London and San Francisco based investment house The Craftory is adding Hippeas to its progressive portfolio. The organic chickpea snack brand will be backed with $50 million to boost innovation, expand production and increase distribution.
The Craftory is a consumer venture capital fund which prizes itself on a particularly anti-corporate and anti-traditional VC outlook, and counts Bezos Expeditions, of Jeff Bezos – CEO of Amazon – as one of its founders. The financing consisted of direct investment and secondary purchases of shares from existing HIPPEAS shareholders.
After debuting in Q2 of 2016 in the US and the UK, the healthy chickpea snack brand has gone from strength to strength, with actor and climate crusader Leonardo Di Caprio a previous investor. The latest investment fund will also allow HIPPEAS to amplify its positive impact, by supporting local Feeding America food banks across the country and donating food and aid in disaster relief efforts. Interestingly, chickpea plants naturally release nitrogen back into the soil, therefore giving a positive natural effect back to the Earth.
“HIPPEAS has grown from a disruptive start-up to a true challenger brand in very competitive snack categories with innovative products, delicious flavors and nutritional offerings that consumers want – the brand has the potential to become a household name with its loyal millennial fanbase,” said Livio Bisterzo, HIPPEAS Founder and CEO. “The pandemic has been very difficult for many brands; HIPPEAS has been fortunate to have seen strong growth and we are delighted to have partnered with The Craftory as we head into 2021,” he continued.
Elio Leoni Sceti, Co-Founder of The Craftory, commented, “I am delighted to add HIPPEAS to the Craftory’s great portfolio of cause driven brands. If ever a category has been left behind by the zeitgeist it’s this one. The consumer agenda in snacking has fundamentally changed and HIPPEAS stands out as a clear leader.”