The major food corporation’s stake in kale chip company Rhythm Superfoods is the latest addition to its growing plant-based portfolio.
On Tuesday, 301 Inc.—the venture capital fund of food corporation General Mills—announced it led a $6 million investment round in kale chip company Rhythm Superfoods. General Mills first invested into the company in 2016 through a $3 million investment round, the funds from which Rhythm Superfoods used to help launch its new line of beet chips. “We are elated with our new investment from 301 Inc. and look forward to continuing this strategic partnership and seeing what we can accomplish for the brand together,” Rhythm Superfoods CEO Scott Jensen said. The company currently has several lines of vegetable-based snacks, including roasted lacinato kale chips in innovative vegan flavors such as Zesty Nacho and Smoky Bacon. In 2015, 301 Inc. also led an $18 million investment round for vegan company Kite Hill. Most recently, General Mills made another leap into the lucrative plant-based industry by way of filing a patent for a project to explore creating dairy-free products—including yogurt, milk, and mayonnaise—using a variety of beans and legumes such as fava beans, lentils, and adzuki beans.