The Checkout: Quinn Snacks Raises $10M; Stryve Begins Trading After Closing SPAC Deal

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Quinn Snacks Raises $10 Million

Salty snack company Quinn Snacks this week secured $10 million in new funding to support product innovation and advancing its sustainability mission. NewRoad Capital Partners led the funding round, with previous investors Boulder Food Group, Echo Capital and Sunil Thakor also participating. NewRoad operating partner Michele Meyer has joined the company’s board of directors as part of the deal.

“Successful brands require authenticity and a penchant for innovation. Quinn has exhibited both to the highest degree,” Meyer said in a press release. “We believe in Quinn’s mission to provide better transparency to their customers, better ingredients in their products, and a better taste profile than its competition.

The funding news comes after the popcorn and pretzel maker secured a minority investment for an undisclosed amount from The Hershey Company in November. The company also raised $3 million last August, which included capital from the investment arm of the Lissette family, owners of Utz Quality Foods.

Celebrating a decade in business last year, Quinn’s products are currently sold in over 10,000 retailers across natural, mass and conventional retail channels. The company said it has seen 60% year-over-year revenue growth since 2019.

In addition to product innovation, the company said it will use the funding to support its “Be Better. Do Better.” sustainability mission. In April, the company launched Band of Brands, an initiative to unite CPG brands who produce products using ingredients such as cassava, sorghum and sunflower oil cultivated from regenerative growing processes.

“For the past 10 years, I have been on a mission to revolutionize food by telling people exactly where their food comes from, supporting our ag partners, and making better for you snacks for people and their families,” founder and CEO Kristy Lewis said in a press release. “NewRoad completely understands our vision to be a force of good in the snack aisle. We are thrilled to have the support of a group that truly values our mission to be and do better.”

Stryve Begins Trading on NASDAQ After Closing SPAC Deal

Biltong brand Strye this week announced it had closed its previously announced business combination with Andina Acquisition Corp III, a publicly-traded special purpose acquisition company (SPAC). On Wednesday, the newly formed company began trading on NASDAQ under the symbol “SNAX” and officially changed its name to Stryve Foods, Inc.

Stryve first revealed its plans to go public in January. The goal is to eventually evolve beyond meat snacks and become a snacking platform across several categories. Currently the company’s air-dried beef portfolio includes Stryve, Kalahari Snacks, which it acquired in December, Vacadillos, a meat snack brand targeting Hispanic consumers, and ecommerce-focused biltong brand Braaitime. Co-CEO and CMO Jaxie Alt told NOSH in January that a SPAC IPO would be “the perfect way for us to get access to the capital we needed in order to really fund our exponential growth plan.”

Alt and Stryve co-CEO and co-founder Joe Oblas, who continue to run the combined company, said Stryve now plans to deepen its footprint in existing channels, expand its product offerings and grow its ecommerce presence.

“This milestone event brings us one step closer towards achieving our mission of helping Americans snack better and live happier and more fulfilling lives but there is still so much more we can accomplish,” they said in a press release. “As our revenues continue to grow, Stryve’s investments in people, infrastructure and vertical integration will pay significant dividends for the business.”

Foxtrot Reveals Expansion Plans

Chicago-based retailer and café Foxtrot this week unveiled plans to open 50 new locations in the next two years, expanding to cities including New York City, Los Angeles, Boston, Houston and Austin. The news follows the company’s $42 million funding round closed in February as the company seeks to become “the nation’s premier corner store.”

Founded in 2014, Foxtrot currently operates 13 stores in Washington, D.C., Dallas and Chicago. In addition to increasing store count, the new locations will be larger, at double the size of its initial stores, the company said. They will also place emphasis on stocking local and emerging brands as well as offer in-store dining, featuring a wine shop and bar.

“In an increasingly digital world, and especially as we exit the pandemic, we believe retail will continue to thrive if done right — beautiful spaces, tailored to the neighborhood, highlighting local makers and artisans, and providing a friendly, warm gathering space for all,” Foxtrot co-founder and CEO Mike LaVitola said in a press release.

The company also announced it has expanded its private label offerings, which includes products such as granola and potato chips, debuting a new private label ice cream line. The six SKU line of pints available in stores features flavors such as Cookie Dough Sprinkles, Roasted Banana & Caramel and Mint Sprinkle Brownie.

Target Announces First Class of Food & Beverage Accelerator

Target’s accelerator program Target Takeoff this week debuted its first food and beverage-focused cohort. The five-week program, now in its fifth year, had previously focused on categories such as beauty, wellness, pets and baby. The virtual program offers five weeks of curriculum alongside mentorship from leaders at Target, industry experts and alumni of previous iterations of the program.

Justin Savarin, director of accelerators at Target, said in a statement on LinkedIn that the Target accelerator program launched after the retailer’s accelerator and food and beverage teams both noticed “immense growth in the market.”

“[We saw] the Target grocery business growing, new capabilities launching and last but not least, the large opportunity for representation across all categories,” she said.

The 11 brands accepted into the program are plantain and cassava snack maker Artisan Tropic; bagel brand Bagelista; enhanced cookie dough maker Deux; small batch sauce and spice company ESSIESPICE; buckwheat-based snack producer Lil Bucks; Pan’s Mushroom Jerky; thai sauce maker ThaiFusions Co.; internationally inspired bar brand UNiTE; Asian-inspired sparkling water maker Sanzo; gut health drink producer wildwonder; and superfood-infused honey company Zach & Zoe Sweet Bee Farm.