Chickapea Secures New CAD $4.25M Investment as Protein Pasta Heats Up

High-protein pasta brand Chickapea announced today that it has raised CAD $4.25 million (approximately $3.05 million USD) in a funding round led by food ingredient supplier AGT, as it seeks to expand its distribution footprint across North America.

The round also included participation from Farm Credit Canada’s investment arm, FCC Capital, which will provide expertise across Canada’s food and agriculture sector, as well as InvestEco. InvestEco – whose portfolio also includes The JackFruit Company, LesserEvil and Nada Moo – first invested in Chickapea in 2019.

The fresh funds will also be used to support marketing efforts and innovation. As part of the deal, AGT president and CEO Murad Al-Katib has joined Chickapea’s board of directors.

“This funding round is a testament to the incredible work our team has done and the strong market performance we’ve achieved,” said Shelby Taylor, CEO and founder of Chickapea, in a press release. “We’re thrilled to have the support of AGT Foods, FCC, and InvestEco. Their partnership will be instrumental as we continue to scale our brand, meeting growing consumer demand, expanding our retail presence and exploring new channels.”

Founded in 2015, Chickapea produces a portfolio of organic dried pastas made with two ingredients: chickpeas and yellow peas. Each serving delivers 24 grams of protein and has the taste and texture of traditional wheat pasta, according to the company. The Canadian brand also offers a line of One Pot Meals, which pairs its high-protein pasta with creamy sauces.

The capital infusion comes on the heels of Chickapea’s recent rebrand and reformulation. It recently became the No 1. organic and high-protein pasta brand in Canada, achieving velocity increases of 25% to 50% across retail channels in the U.S. and Canada, per the release.

“Chickapea has been a fantastic partner to work with — always eager to participate in our programs and support key initiatives. It’s been exciting to watch the strong sales growth that’s come from our collaboration,” said Sandra Friesen, National Category Manager at Sobeys, in a statement.

The protein pasta segment has seen an influx of new entrants in recent years, likely driven, in part, by consumer demand for “protein maxing.” Most recently, lupini bean-based pasta maker Brami expanded its presence in the mass and club channels, and Egglife Foods debuted Power Pasta.

According to market researcher Grand View Research, the protein pasta category is expected to surpass $1 billion by 2030, reflecting consumer demand for better-for-you, nutrient-dense takes on pantry staples.