Hippeas, an organic chickpea snack brand, has announced that it has received a $10mn investment from CAVU Venture Partners, to help the company reach its goal of tripling revenues in 2018.
As part of the deal, Brett Thomas, co-founder and managing partner of CAVU, will also join Hippeas’ board of directors.
The cash injection follows an undisclosed investment from Leonardo DiCaprio and Strand Equity Partners earlier this year and will help Hippeas pursues its expansion plans and continued growth in retail.
Just over a year since its July 2016 launch, the pulse-based salty snack brand is already available in more than 100,000 ‘big name’ retail outlets across the UK and the US, including Kroger, Whole Foods and Starbucks.
As a gluten-free, vegan, kosher and non-GMO product, Hippeas have tapped into the high-growth plant-based market and are portrayed as a healthier alternative to other snacks in the food sector.
Consumers eat about four to five snack foods every day, according to Datassential’s MenuTrends Keynote snacking report. Yet many people overestimate the number of healthy snacks they eat per day, instead opting for more salty and crunchy options.
Hippeas salty-tasting yet healthy snacks are hoping to give consumers a tasty yet good-for-you option, whilst utilising the growing awareness of the pulse.
According to Research and Markets, the global chickpeas market reached a volume of 15.4mn tonnes last year.
“Hippeas is redefining plant-based snacking with their tasty organic chickpea puffs and unique branding,” Brett Thomas, co-founder and managing partner of CAVU, who will now also join Hippeas' board of directors.
“Their product reflects the desires of today’s consumer — to eat delicious, convenient snacks that are healthy and have a positive social impact.”
CAVU Venture Partners is an investment firm co-founded by three food and beverage veterans whose portfolio focuses on better-for-you consumer brands.
The firm’s portfolio includes brands such as Vitaminwater, Chef’s cut, Vita Coco, High Brew and Bai.