CHICAGO — Riceworks, a better-for-you snack-maker, received a seven-figure revenue-based investment from Decathlon Capital Partners. The investment will allow Riceworks to expand its distribution in the United States and Canada and introduce new product lines. A spokesperson for Riceworks couldn’t provide more detail on the investment amount when contacted by CSP.
“Riceworks is not required to give up equity or ownership for growth capital,” said Jeff Posner, chief executive officer of Riceworks. “Instead, the investment will be repaid through Riceworks’ future revenue.”
Riceworks, based in Chicago, produces gluten-free snacks with whole-grain rice that contain no artificial flavors or preservatives. Products include chips in five flavors and Omega-3 bars in three flavors, and are available in more than 6,300 locations across the United States and Canada.
“With a skilled, well-respected leadership team, ownership of two process patents in North America, Europe and Asia, and a pipeline of delicious new products, Riceworks has created a strong platform for continued growth as a significant player in the expanding natural healthy snack segment,” said Kevin Grossman, vice president of Decathlon Capital.
The company also received $1.25 million in equity raised from affiliated sponsors.
“Consumers have enthusiastically embraced the delicious, real and wholesome snacks developed by Riceworks,” said Rick Letizia, president and chief operating officer of Riceworks. “This additional funding supports the company’s aggressive plans to expand distribution into new geographies and open multiple new distribution channels.”
Based in Park City, Utah, Decathlon Capital Partners provides growth capital for companies seeking alternatives to traditional equity investment through customized revenue-based financing solutions.
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