CHICAGO – Riceworks, a manufacturer of gluten-free rice snacks, has received a seven-figure investment from Decathlon Capital Partners and additional equity raised from affiliated sponsors as part of the transaction. Chicago-based Riceworks plans to expand the distribution of its products in the United States and Canada as well as introduce new product lines.
“This investment is a revenue-based finance arrangement,” said Jeff Posner, chief executive officer of Riceworks. “Riceworks is not required to give up equity or ownership for growth capital. Instead, the investment will be repaid through Riceworks’ future revenue.”
The branded rice snacks include chips as well as bars containing omega-3 fatty acids. The chips are available in the flavors of sea salt, salsa fresca, sweet chili, wild sea salt and black sesame, and wild black japonica. The bars are available in the flavors of apple cinnamon, blackberry and strawberry. All the products contain whole grain rice and no artificial flavors or preservatives. Riceworks products are available in more than 7,500 locations, including grocery stores, warehouse clubs and convenience stores in the United States and Canada.“With a skilled, well-respected leadership team, ownership of two process patents in North America, Europe and Asia, and a pipeline of delicious new products, Riceworks has created a strong platform for continued growth as a significant player in the expanding natural healthy snack segment,” said Kevin Grossman, vice president of Decathlon Capital Partners, a revenue-based funding investor with offices in Park City, Utah, and Menlo Park, Calif.