BOSTON — Biena Snacks has secured $8 million in Series B financing led by MAW Investments, a private equity firm created by former Snyder’s-Lance executives.
Founded in 2012, Biena produces plant-based snacks, including roasted chickpeas and extruded puffs. Products are available in 15,000 retail locations nationwide, and the company said it is on pace to double year-over-year revenue in 2019.
Poorvi Patodia, founder and chief executive officer of Boston-based Biena, said the latest round of funding will support the brand’s growth momentum. Peter Michaud of MAW Investments will join Biena’s board of directors. Previously, he led the sales and marketing portfolio of better-for-you snacking at Snyder’s-Lance, Inc., which included brands such as Pretzel Crisps, Late July, Kettle Brand and Eatsmart. Campbell Soup Co. acquired Snyder’s-Lance last year.
“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 with their reinvented cheese puff,” Mr. Michaud said. “We have grown some of the top snack brands in the country, so supporting Biena — a leader in plant-based snacks with a strong growth trajectory — was an opportunity we couldn’t miss.”
Earlier this year, Biena launched baked chickpea puffs in such flavors as aged white cheddar, vegan ranch and Blazin’ Hot. Ms. Patodia said the product already is ahead of growth projections and distribution targets. The snack will be available in Whole Foods Market nationally in September.
“We’re thrilled to bring Peter and the team at MAW on board,” Ms. Patodia said. “They have an impressive track record of building category-leading snack brands. Our goal is to make it easy for Americans to snack healthier by creating the next generation of nutritious, plant-based snacks. MAW’s category expertise will be invaluable as we build on our growth momentum as a brand.”