Venture Capital News: RightRice Closes $5.5M Investment
SAN FRANCISCO, CA, RightRice closes investment from celebrity investors including Ashley Graham, Karlie Kloss, Kris Jenner, Molly Sims, Jillian Michaels +.
RightRice, the delicious breakthrough vegetable rice grain that's packed with the power of vegetables, announced today the closing of $5.5 million in funding with a minority investment led by Strand Equity (Strand). The investment also includes the participation of an influential network of investors in food, retail, music, media, sports and entertainment.
Celebrity investors include Ashley Graham, Karlie Kloss, Kris Jenner, Wesley Pentz (Diplo), Molly Sims, Jillian Michaels and Ryan Tedder. CPG entrepreneurs, founders and industry veterans who invested include Gary Friedman (Restoration Hardware, CEO), David Lee (Impossible Foods, COO), Gary Vaynerchuk (VaynerMedia, CEO), Joey Zwillinger (Allbirds, co-founder), Dave Gilboa (Warby Parker, co-founder), Andrew McInnes (TMWRK, CEO) and Jay Brown (Roc Nation, CEO).
Created by popchips founder and former CEO Keith Belling, RightRice recently launched exclusively in Whole Foods Markets nationwide and on Amazon as one of the first brands ever to launch in collaboration with both Whole Foods Market and Amazon. RightRice is the first-of-its-kind shelf stable vegetable grain with a blend of over 90 percent nutritious vegetables that delivers on both taste and nutrition, and comes in Original and three savory, already seasoned flavors.
"We are thrilled that Seth Rodsky and Strand wanted to lead our round, and that so many tastemakers and industry leaders shared my vision for RightRice. The funding and support of such a talented and influential network of investors will help drive RightRice's growth and mission to transform the rice category," said Keith Belling, the founder and CEO of RightRice.
Strand Equity is a leading growth equity firm investing in the next generation of iconic consumer brands. Strand partners with emerging brands to scale their businesses through its marketing and operational expertise, as well as its extensive network of industry relationships. Current and realized investments include Bai Brands, HIPPEAS, HUM Nutrition, Vita Coco, Dos Toros, Chopt, Youth To The People, and Wander Beauty. Accel Foods also participated in the financing.
"RightRice is redefining a massive category that has seen little or no innovation, and is one of the most compelling brands and product propositions we've seen. We were excited for the chance to invest in Keith, who has proven to be an innovator and category creator," said Seth Rodsky, Co-Founder and Managing Partner of Strand Equity.
"For me, RightRice is more than just a great investment. It's a chance for me to further the movement in plant-based eating. I'm thrilled to support Keith's vision to reinvent a category," said David Lee, COO of Impossible Foods.
For more information, visit www.rightrice.com or checkout @RightRice on Instagram and @eatRightRice on Facebook.
Popchips founder and former CEO Keith Belling loved rice, except for the empty calories and all the carbs. That's what inspired him to create RightRice, a tasty new rice grain that's made from vegetables. It's what we all love about rice, but made even right-er. RightRice is a complete, plant-based protein that's delicious, nutritious, and easy to cook. Every bowl of RightRice has more than double the protein, five times the fiber, and almost 40 percent fewer net carbs than a bowl of white rice. Just like rice, RightRice soaks up your favorite flavors and sauces. Original RightRice is ready to season your own way, or you can try one of our delicious, already seasoned varieties like Lemon Pepper, Spanish or Garlic Herb-all using real herbs and spices, nothing artificial, non-gmo, vegan and a complete source of protein, all with a low glycemic index. RightRice is available exclusively in Whole Foods Markets nationally and on Amazon.com. RightRice launched in 2019 and is headquartered in San Francisco.
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