General Mills Invests More in Rhythm Superfoods
General Mills' food incubator 301 Inc. has led a $6 million funding round for Rhythm Superfoods, a startup best known for its kale chips. The fund initially invested in Rhythm about one year ago, leading a $3 million round. The funding has helped Rhythm double its production capacity and improve distribution and marketing. It started producing chips at a factory closer to its supplier farms in Mexico, added dehydration equipment to make more chips, and is working on a series of new products with the help of food scientists at General Mills.
Rhythm surpassed $10 million in sales in 2016, and is expected to top $20 million this year. It became popular for kale snacks, but has since expanded into snacks made from broccoli and beets. It has products in about 8,000 stores, including Whole Foods Market, and another 8,000 Starbucks locations, reports Bloomberg. Full Story
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