Those of us with food allergies are used to scanning over grocery store shelves and automatically bypassing anything that might contain our allergens. While some of us may have more options to choose from than others, Partake Foods wants to ensure that the options are limitless for everyone. The company pulled in $11.5 million in Series B funding on Tuesday to further its growth within the consumer packaged goods (CPG) food industry.
Partake’s main focus is on inclusivity, ensuring people with allergies can safely enjoy all kinds of food. In line with this goal, the company resolved to build out a team of investors that reflects inclusivity as well. The majority of investors in this round help build Black, brown and women-led ventures, and many of them are members of these underrepresented groups. Some of Partake’s latest investors include CAST US Fund, Fearless Fund and Jay-Z’s Marcy Venture Partners.
“I set my sights this fundraise on building a round that represented Partake’s vision and values of championing inclusivity, opportunity and diversity within the CPG food industry and beyond,” Denise Woodard, founder and CEO of Partake, told Built In via email. “Inclusivity is at the heart of Partake’s mission and this fundraise signifies how we are continuing to champion radical inclusivity, while also lifting as we climb.”
The company has come a long way since its start in Woodard’s kitchen back in 2016. She developed a line of soft cookies and baking mixes that are non-GMO, vegan and free of the most common allergens and gluten. Partake began as a way for Woodard to offer snacks that could be both safe and delicious to her daughter Vivienne, who was diagnosed with several food allergies.
“I left my corporate job determined to create tasty, allergy-friendly treats that everyone could enjoy — not just those with dietary restrictions,” Woodard said. “While building the brand, I worked long hours and burned through personal savings to make my dream a reality. From selling cookies store-by-store out of my car and clearing out my 401(K) to selling my engagement ring to bootstrap Partake, my entrepreneurial spirit never wavered.”
Woodard’s dedication has been paying off. The company has grown from one full-time employee in 2020 to 20 this year. Partake has also scaled its business significantly over the past two years. The company recorded 200 percent growth last year and 100 percent growth this year. Today, 9,000 retail stores across all 50 states and Washington, D.C. sell Partake’s products, including Whole Foods Market, Walmart and Kroger.
The company’s new funding will help increase its capacity, expand distribution in retail and other channels as well as grow its team. As Partake works to scale and create operational efficiencies, the company is currently hiring a marketing coordinator, a financial planning analyst, a sales planning manager and a technical services manager.
