Beanfields Snacks, a celebrated Los Angeles-based bean and rice tortilla chip brand, announces its partnership with Mark Rampolla, Bruce Friedman and Powerplant Ventures, a plant-centric venture fund. Mark Rampolla is the founder of ZICO Coconut Water, which changed the better-for-you beverage industry and was acquired by The Coca-Cola Company in 2013. Bruce Friedman is a successful media investor and operator now moving into the health and wellness industry. Powerplant Ventures is a Los Angeles-based venture fund committed to propelling the plant-based movement, founded by Rampolla and Veggie Grill Founders T.K. Pillan and Kevin Boylan.
This acquisition will excel the growth of Beanfields through the investment team’s cumulative expertise, robust networks and operating experience in the industry. Additionally, Beanfields has launched an equity and revenue-sharing partnership with local Los Angeles nonprofit Homeboy Industries, a gang intervention, rehabilitation and re-entry program founded by Fr. Greg Boyle.
Beanfields was founded in 2011 by Reed Glidden, his wife Liza Braude-Glidden and his brother Roy Glidden. The brand launched with a philosophy that business can be used as a driving force for doing good. This mission is reflected in Beanfields' roster of plant-based, non-GMO snacks that deliver great taste with simple ingredients that are better for people and the environment. The brand’s commitment to social impact and "chipping in" perfectly aligns with Powerplant Ventures’ mission of investing in world-changing, plant-centric companies that deliver better nutrition in more sustainable and ethical ways.
"I could not be happier that we found partners in Mark and Bruce that not only share our mission to remake the food industry but that also share our values about doing so in a socially responsible way," said Reed Glidden.
"The Beanfields team has built a great brand, rooted in deep social values, that makes some of the best tasting, most nutritious chips on the planet," said Mark Rampolla, co-chairman of Beanfields. "Fr. Greg Boyle and the Homeboy Industries team are extraordinary at creating paths to jobs for people that desperately need and want them. We’re trying to help both these organizations scale their impact together."
"At Homeboy Industries, we are dedicated to providing our clients—previously incarcerated, gang-involved individuals and high-risk youth—an invaluable opportunity to transform their lives so they can become contributing members of our society," said Tom Vozzo, CEO of Homeboy Industries. "We are honored that Beanfields—a socially consciousness company with a commitment to giving back—will be entering into an ongoing revenue-sharing partnership with us. This innovative ownership structure will allow us to continue to scale the impact of our work and serve the community."
Source: Powerplant Ventures press release