SnackNation Raises $12 Million In Series B Funding
3L Capital Leads Investment for Better-for-You Enterprise Snack Delivery Service to Expand Distribution and Enhance Consumer Insights and Data Analytics Platform
LOS ANGELES, May 30, 2018 /PRNewswire/ -- SnackNation, the award-winning nationwide tech-enabled snack delivery service, today announced the company has secured $12 million in Series B Funding. The Investment was led by 3L Capital. The round brings SnackNation's total venture funding to $22.5 million.
With this new round of funding, SnackNation plans to expand its current enterprise network while opening-up new distribution channels such as hospitality and transportation. The company also plans to scale its direct-to-consumer (at-home) business and further position itself as the go-to marketplace for emerging CPG brands.
SnackNation curates and delivers great tasting snacks and innovative brands to America's most prestigious companies. A similar curation also is available for home delivery. Customers include Microsoft, MailChimp, Soothe, and many more. SnackNation also gathers comprehensive data on snacking, consumption and other market research that helps fuel its product selection and rotation.
Currently, SnackNation serves hundreds of thousands of people in thousands of offices and homes in all 50 states across America. The company has grown to over 150 employees since its founding three years ago and expects to experience continued growth as it extends its reach to additional distribution outlets.
"At SnackNation, we're creating a 21st century retailer by connecting today's top emerging CPG brands with consumers during their most engaged moments," says Sean Kelly, CEO of SnackNation. "With retail shelf space shrinking and people spending less time in brick and mortar grocery stores, creating new brand-consumer access points – especially with better-for-you products – is essential. We are fired-up to be working with 3L Capital to create a world where everyone has access to healthier snacks and drinks at work and at home."
"SnackNation is a smart marketplace and unquestionably the leader in providing better-for-you snacks to the workplace and home," says Dave Leyrer, Founding Partner at 3L Capital. "Not only is SnackNation feeding the very best snacks to workers and consumers nationwide, but it's also providing unparalleled market research for all players in the food and beverage industry, that's going through unprecedented disruption."
According to a 2016 Mintel Study, 94 percent of adults snack at least once daily and half of adults snack two-to-three times per day. No other meal category impacts a person's overall diet and subsequent health like snacks do.
All SnackNation curated brands must pass a rigorous vetting process that includes an ingredient review, tasting panel data and must adhere to a strict SnackNation Unacceptable Ingredient Protocol.
ABOUT SNACKNATION
SnackNation is a tech-enabled snack delivery service that serves today's most innovative, best-tasting, and emerging CPG brands to high value consumers at their most engaged moments. SnackNation exists to inspire more conscious food decisions. Founded in 2014, the company curates and delivers great tasting, better-for-you snacks to half a million people in thousands of member offices nationwide- places like Microsoft, MailChimp, Soothe, and many more. SnackNation is committed to fighting hunger outside the office too. Last year the company donated more than a million meals to families in need through its partnership with Feeding America, and is on track to donate two million more by the end of 2018. To learn more, visit SnackNation.com.
ABOUT 3L CAPITAL
3L Capital LLC focuses on expansion-stage investments in the technology, media and consumer sectors. 3L portfolio companies typically have a data advantage that is core to their business model, either in how data is used to create a better product or captured to provide insights. The firm is based in Los Angeles and New York.
SOURCE SnackNation
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