USA – Boston’s plant-based snacking brand, Biena Snacks has secured US$8 million in Series B financing led by MAW Investments, to accelerate growth of the brand.
MAW Investments is a private equity firm created by former Snyder’s-Lance executives, including Peter Michaud, former president of the better-for-you division at the company.
According to a Forbes report, other investors participating in this round included sports journalist and influencer Darren Rovell, serial entrepreneur Jesse Itzler, and Sara Blakely, founder Spanx.
Biena closed its Series A financing in 2017, in which the investors also participated.
Founded by Poorvi Patodia in 2012, Biena brands came into the market to bridge the gap in healthy savoury snacks market by presenting plant-based snacks to consumers.
Currently, Biena specialises in crunchy and healthy plant-based snacks, inspired by Patodias’ favourite childhood snack.
Available in two product lines – roasted chickpea snacks and recently developed chickpea puffs, Biena is sold in 15,000 retail locations across the U.S. and is expected to double its year-over-year revenue by the end of 2019.
The new puffed snack range comes in three flavours – Aged White Cheddar, Vegan Ranch, and Blazin’ Hot, and will be available in 3,500 stores in the US by the end of the year.
Peter Michaud of MAW Investments will join Biena’s board of directors, bringing his extensive snack industry experience to the team.
“Biena has been a progressive player in natural snacking since day one, getting ahead of the plant-based trend with their roasted chickpeas while shaking up the market their reinvented cheese puff,” he said.
Peter previously led the sales and marketing portfolio of ‘Better-For-You’ Snacking at Snyder’s-Lance, a US$1billion division which included brands such as Pretzel Crisps, Late July Organic Snacks, Kettle Brand and Eatsmart.
“We’re thrilled to bring Peter and the team at MAW on board. They have an impressive track record of building category-leading snack brands,” said Patodia.
“Our goal is to make it easy for Americans to snack healthier by creating the next generation of nutritious, plant-based snacks.”
MAW Investments, which recently changed its name from MAW Acquisitions LP, also acquired private-label salty snacks company G&S Foods last year for an undisclosed sum after selling Snyder’s-Lance to Campbell Soup.