Austin, Texas-based Siete Family Foods has raised $90 million to expand its better-for-you Mexican-American food brand, reports Austin American-Statesman. The company says the investment, led by New York-based growth equity firm Stripes, will provide resources needed to continue expansion, including new product development and expanded distribution.
Siete launched in 2014 and sells its grain-free chips, grain-free tortillas, hot sauces, and dairy-free queso in more than 4,400 stores nationwide. The business started when Veronica Garza, the company's president, was diagnosed with multiple autoimmune disorders and decided to change to a grain-free, low-inflammation diet. She began experimenting with family recipes, which eventually led to making tortillas with almond flour. Along with her mother and brother, Garza launched Siete Family Foods, named for seven family members involved with the company.
Siete previously raised about $1 million from friends and family, doubling its staff over the past year to 40 employees. The company plans to double that figure again in 2019, according to the report. Full Story
Related: US Consumers Seek Food Label Clarity; Whole Foods Debuts Digital Dietary Filter.
from Specialty Food News http://bit.ly/2GcOT4r
No comments: