Mondelez International has backed a round of funding at US pretzel maker Eastern Standard Provisions.
Approached by Just Food, the Cadbury owner confirmed it had made the investment through its innovation and venture arm SnackFutures but declined to comment further.
Massachusetts-based Eastern Standard Provisions was set up in 2018. The company’s product range includes soft pretzels, Belgian waffles and flavoured sugars. Its products are on sale at retailers including Costco, Bristol Farms and Gelson’s Markets.
Just Food has asked Eastern Standard Provisions’ management team to comment on the investment from Mondelez and the funding round. According to Pitchbook, the latest round amounted to US$13.8m.
Mondelez set up SnackFutures in 2018 to work with start-ups and help the group launch its own brands.
The unit has invested in US prebiotic functional foods business Uplift Food in 2019 and Israel snacks start-up Torr a year later.
Mondelez also backed US free-from snacks maker Hu Master Holdings in 2019 before buying the business outright in 2021.
The same year, the US snacks giant launched an accelerator scheme, CoLab, to work with emerging businesses in what the Oreo maker called “well-being snacks”.
