Mission Based Snack Brand, QUINN, Secures $10 Million in Series B Round
BOULDER, Colo., July 21, 2021 /PRNewswire/ -- Quinn, a natural foods snack company known for reimagining classic snacks, announced it has secured $10 million in a Series B round of funding led by NewRoad Capital Partners, a growth equity firm with an operator-focused, demand driven investment platform. The round includes a follow-on investment from Boulder Food Group, Echo Capital, and Sunil Thakor. The funding will support growth, product innovation, and the company's Be Better. Do Better.™ sustainability mission centered around advancing agriculture towards more regenerative approaches. In addition, Michele Meyer, an Operating Partner at NewRoad Capital Partners and former President of Small Planet Foods a General Mills' Snacks Operating Unit, will be joining Quinn's Board of Directors.
Established in 2010, only three days after founder Kristy Lewis' son Quinn was born, the company's mission is to use the very best real ingredients backed with a commitment to supporting agriculture and food transparency. Quinn has established itself as a salty snack leader in over 10,000 doors across the natural, mass, and conventional grocery channels as well as e-commerce. Excitement for the brand's innovative snacks, which include both savory and indulgent product offerings, has led to 60% growth in revenue year over year since 2019. Quinn is the #1 driver of growth in the pretzel subcategory and now the 5th largest driver of growth in the entire salty snack category in both the Natural Channel and Whole Foods Market. Not only is their strong pretzel growth in brick and mortar, up 120.8% YoY in MULO, and up 287.7% YoY at Walmart, Quinn has also created a massive following in E-comm with partners like Thrive, Hive and Imperfect Foods.
"We met the Quinn team over a year ago and watched them accelerate their growth through impressive product innovation and key personnel additions," said Chris Ladd, NewRoad Partner. "Quinn is led by a first-class founder, management team and board of directors all of which have led to Quinn's successful national rollout across grocers."
"Successful brands require authenticity and a penchant for innovation. Quinn has exhibited both to the highest degree," said Michele Meyer, NewRoad Operating Partner and Quinn's newest Board member. "We believe in Quinn's mission to provide better transparency to their customers, better ingredients in their products, and a better taste profile than its competition. Quinn is really changing the game in snacks and we couldn't be more excited to help them on their next chapter of growth."
"We are extremely excited to welcome NewRoad and their team into the Quinn family to support this very exciting next phase of growth for the business," said Ben Fenton, Partner at BFG Partners. "Kristy and Quinn have been at the leading edge of this movement towards transparency, traceability and sustainability while delivering on exceptionally tasty and innovative products within snacking."
"For the past 10 years, I have been on a mission to revolutionize food by telling people exactly where their food comes from, supporting our ag partners, and making better for you snacks for people and their families," said Kristy Lewis, Founder and CEO of Quinn. "NewRoad completely understands our vision to be a force of good in the snack aisle. We are thrilled to have the support of a group that truly values our mission to be and do better."
ABOUT QUINN
Quinn is shaking up snacks by delivering industry firsts using only 100% REAL ingredients and through the brand's dedication to transparency and sustainability. They delivered the 1st non-GMO, organic microwave popcorn made with only real ingredients in a patented PURE POP® bag made of compostable paper that is free of chemicals, plastic and heat conducting susceptors; the 1st pretzels on the market made with whole grain, naturally gluten-free sorghum; the 1st gluten-free peanut butter filled pretzel nuggets, the 1st maple almond butter filled pretzel nuggets; and the 1st grain-free, paleo pretzel chips. Quinn's 'Be Better. Do Better. ™' initiative is a commitment to support and seek out agriculture partners who are taking steps to improve their practices, thereby improving our food supply and environment. Quinn has been committed to sustainability since day one, backing up their commitment to transparency with their Farm to Bag™ initiative which gives details about their ingredients, growers and suppliers right on their website.
ABOUT NEWROAD CAPITAL PARTNERS
NewRoad Capital Partners, LLC, is a growth equity capital firm based in Rogers, AR, that invests in proven and innovative technologies, products, and services that serve existing, unmet needs in the marketplace. Founded on the core values of the entrepreneurial spirit, purpose and humility, NewRoad focuses on investing in and acquiring demand-driven businesses in the Retail and CPG and Business Services industries with an emphasis on Supply Chain and Logistics, marketing, human capital, franchising and consumer-facing healthcare. For more information visit: https://newroadcp.com/.
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SOURCE Quinn Snacks
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