Mondelēz Backs Pretzel Co Eastern Standard Provisions

Lukas Southard

Eastern Standard Provisions has completed a $13.5 million venture funding round with participation from Mondelēz International’s venture arm SnackFutures, according to a form filed with the Securities and Exchange Commission last week.

In addition, the documents, dated December 22, indicate that the Waltham, Massachusetts-based pretzel maker has an additional $6.45 million in outstanding capital to potentially be raised. Tapan Shah, Head of Venture Capital for SnackFutures, was listed on the form as a director.

Founded in 2019, Eastern Standard Provisions specializes in artisanal soft pretzels, belgian waffles and a selection of branded sauces, mustards and pretzel toppings. The company offers its fresh baked goods direct-to-consumer in a variety of gift boxes and subscription options, also selling frozen pretzels in Fresh Thyme and select northeastern Costco stores, according to the brand’s social media accounts.

SnackFutures, Mondelēz’s incubator and investment arm which also launched in 2019, has to-date invested in Israeli food tech brand Torr, functional food brand Uplift, and chocolate brand Hu. Mondelēz International went on to acquire Hu Products outright in January 2021. The venture arm has not disclosed the other companies in its portfolio. SnackFutures has also incubated upcycled cacao fruit bites brand Ca Pao and veggie chip maker Dirt Kitchen Snacks.

Eastern Standard Provisions and Mondelez did not respond to a request for comment on this story.

The new investment in Eastern Standard fits with Mondelēz International’s strategy of prioritizing baked goods. On its November’s Q3 earnings call, executives said the company plans to continue to utilize acquisitions and investment as a means of strengthening their hold in core categories. The multinational snack company completed the integration of European packaged croissant and baked snack company Chipita in Q3, a move that was designed to accelerate growth in biscuits and baked snacks.

In May, Mondelēz announced it was looking to offload its chewing gum business. This month, the company shared its plans to divest its chewing gum business to European gum and confectionery maker Perfetti Van Melle Group for $1.3 billion in an effort to focus on its snack and bakery brands.

Shah previously told NOSH in September 2021 that his goal for the venture firm was to partner and invest in alternative snack brands that are better-for-you and create innovative products for consumers.