AUSTIN, TEXAS — Siete Family Foods has raised $90 million in new funding through a minority investment led by Stripes Group, a New York-based growth equity firm. Founded in 2014, Siete Family Foods produces a range of grain-free tortillas and tortilla chips, plant-based queso, and hot sauces that are sold in more than 4,400 retail outlets across the country. The latest funding will be used to support new product development and distribution. The company also plans to expand its staff from 40 full-time employees to nearly double that in 2019.
The business was launched by brother-and-sister team Miguel and Veronica Garza and their mother, Aida. Veronica Garza, who had been diagnosed with multiple autoimmune conditions, had adopted a low-inflammation, grain-free diet to manage her symptoms but missed eating tacos and fajitas, the culinary staples of her family’s culture. Experimentation in the kitchen led to the development of an almond flour tortilla, an instant hit among friends, family and the Hispanic community.
“This investment is going to provide us the resources to keep expanding, while remaining true to our core values as a family and company,” said Mr. Garza, the company’s chief executive officer. “Customers are going to be seeing even more of Siete as we continue to innovate and develop new products in our growing line of better-for-you Mexican-American food.”
Karen Kenworthy, Stripes Group partner, added, “Siete’s celebration of family and Mexican-American heritage has created a truly organic brand ethos that connects to a broad audience. Siete is special — it’s not often you come across a team driven by such unique values rooted in family, inclusivity, innovation and a broad commitment to bringing the consumer better-for-you alternatives. We’re looking forward to joining Siete on this exciting journey as they build an iconic Mexican-American brand platform for today’s generation.”