Beanfields, the Los Angeles, California-based brand of better-for-you chips, announced Friday the closing of its Series B capital financing round.
Funding in this round came from lead investor PowerPlant Ventures, as well as NRV, Western Technology Investment.
After a record-breaking 2018, Beanfields will use this funding to support the launch of its new innovation items, deepen revenue in the existing SKUs, build team infrastructure, and increase operation runs to maximize the brand’s options by the end of 2020.
“We are so honored to have had a flood of interest in this round leading to a meaningful oversubscription, which is a testament to the love Beanfields is receiving from consumers, retailers and investors alike, CEO Arnulfo Ventura said.
Beanfields experienced 12 consecutive months of year-over-year sales growth, including eight consecutive record-breaking sales weeks in the latter part of 2018, following Ventura’s arrival. January 2019 brought the highest monthly sales in Beanfields’ history with triple-digit percentage growth.
“Our work is only beginning and now for the first time we are showing a glimpse into the potential of this exciting, innovative and bold brand,” Ventura said.
Beanfields, founded in 2010, is on a mission to replace unhealthy snacks with delicious, sustainable and nutritious chips. Beanfields chips are made with only beans and brown rice—loaded with better ingredients, full-on flavor and crunch, without fillers. Each serving contains 4 grams of protein and 4 grams of fiber leaving you feeling satisfied, fueled and energized.
Source: Beanfields Snacks