Rihanna Joins Jay-Z and H.E.R. in Latest Investment Round of Black-Owned Food Startup Partake
Photo Credit: Courtesy of Partake Foods
Partake Foods — the allergy-friendly food company — has announced a $4.8 million Series A round of financing to focus on expansion plans with business mogul Rihanna as the latest celebrity to join the brand’s investment group.
Other existing and new investors in the company include Jay-Z’s Marcy Venture Partners, singer H.E.R., FF2032, CircleUp Growth Partners, Kevin Johnson’s Black Capital, Seattle Seahawks’ Bobby Wagner, Black Star Fund, and Once Upon a Farm CEO John Foraker.
According to a press release, the Series A financing round builds upon an exceptional year for Partake, whose products can now be found in over 2,700 retail stores — including Target, Whole Foods Market, Sprouts and The Fresh Market.
The brand’s Q1 end goal is to double its number of retail relocations landing in 5,500 doors.
“With this group of strategic partners and added financing, Partake continues our mission of making super delicious and safe food that those with and without dietary restrictions can enjoy,” Denise Woodard — Partake CEO & Founder — said in a press statement. “The demand for thoughtfully-made cookies, snacks and treats is clear, and we are excited to continue to provide plant-based, safe, and crave worthy foods to consumers.”
Partake was originally created to address an existing gap in the food allergy marketplace. Its products have since grown to appeal to multiple consumer segments who are more conscious about their food choices.
As an inclusive BIPOC brand, Partake has shown that its products are not just made to cater to consumers with dietary restrictions, but those who are intentional about eating clean as well.
“We believe that Partake is building a platform for better-for-you snacking,” Aditi Dash — Partner at CircleUp Growth Partners — said in a statement. “Our conviction in the brand is strengthened by data – Partake’s offline and online performance are best-in-class for the category, and we are excited to support Denise’s vision as she builds Partake into a household name.”
According to Forbes, the outlet predicts that Partake’s announcement is a step in the right direction to get more venture capitalists of color to lead the charge for increased access to funding for Black and brown entrepreneurs.
For more information about Partake, visit its website.