AUSTIN, TEXAS — HumanCo, a mission-driven holding company focused on backing and building health and wellness brands, has acquired a majority stake in grain-free foods maker Against the Grain. Financial terms were not disclosed.
Additionally, HumanCo has raised $35 million in bridge round funding.
The Austin-based enterprise was established by Jason H. Karp, a co-founder of Hu Kitchen and Hu Products, which was acquired earlier this year by Mondelez International, Inc. Its roster of investors and advisers include Indra K. Nooyi, former chairman and chief executive officer of PepsiCo, Inc., and Brian Kelley, who previously led Keurig Green Mountain Inc. and was a president at The Coca-Cola Co.
HumanCo’s portfolio includes its special-purpose acquisition company, HumanCo Acquisition Corp., and two acquired brands, Coconut Bliss and Monty’s. Earlier this year, HumanCo founded Snow Days, a brand reimagining frozen comfort food.
Against the Grain is a family-owned producer of pizzas, bread, rolls, bagels and baking mixes formulated with tapioca starch and buckwheat flour.
“The health and wellness sector is growing rapidly for good reason — all humans want to live healthier lives on a thriving planet,” Mr. Karp said. “At a time when doing so has become more confusing and more difficult for most, HumanCo wants to accelerate this movement and make it easier for everyone. With this recent round of funding, we have gained an incredible and diverse amount of institutional knowledge and resources that will benefit our existing and future brands within the HumanCo family. As the newest brand to join our portfolio, Against the Grain is perfectly positioned to build on its impeccable reputation, while preparing for its next stage of growth. As a family-owned business that leads with transparency and sustainability, Against the Grain is a great fit for HumanCo that will further accelerate our mission and growth.”
The HumanCo team intends to work with Against the Grain founders Nancy and Tom Cain to accelerate sales, marketing and innovation while providing operational expertise and expanding the brand’s footprint.
“We look forward to this exciting next stage of growth with the addition of HumanCo’s extensive sales and marketing capabilities and broad-based operational expertise,” Mr. Cain said. “As a family-owned company in our small corner of Vermont, the decision to join HumanCo was not taken lightly. Of the many partners we could have chosen, HumanCo stood out because their mission and values are very much aligned with ours. We are fortunate to have found a partner that understands the importance of our commitment to creating the highest quality foods, and that shares our dedication to giving back to our community.”
HumanCo also plans to use the proceeds from its fundraising to support its other brands, hire additional team members and identify new companies that align with its mission. Participating in the funding round are existing investors Brian Sheth and Scarlett Johansson, along with new investors 8VC, JAZZ Venture Partners, Mark Hyman, Indra Nooyi, Kurt Seidensticker, Nick Green, Walter Robb, Patrick O’Shaughnessy, Shawn Mendes, Venus Williams, Andy Roddick and Brooklyn Decker, Cindy Crawford and Rande Gerber, and others.