CAPE TOWN - A US company is on a mission to make biltong the next big thing and secured R140 million to do just that.
The Texas-based company is called Stryve Biltong and has its products on a number of well-known shelves including Walmart and CVS. According to their press statement, Stryve Biltong received an investment from Meaningful Partners, an investment firm, and Murano group, a privately-owned holding company, among others.
Stryve Biltong said that they sell beef that is cured, as well as chicken and turkey bites and beef and turkey sticks.
Stryve sells its US-produced biltong for about $8 for a 64-gram pack. This translates to about of R1 800 per kilogram, according to Business Insider SA.
The company describes its biltong as a clean ingredient and a paleo friendly alternative to traditional beef jerky that is high in protein with little to no carbohydrates, sugar, or nitrates and additives.
FIRST ROUND INVESTMENT
It is the hope that this R140 million investment will help the company build awareness for biltong in the US market, the business said. They also hope to update their manufacturing and distribution facility.
"This will be a huge opportunity for us to keep up with our significant product demand and scale our business to make biltong more accessible everywhere in the U.S.," stated Gabe Carimi, Stryve Biltong CEO.
"We've already shown tremendous growth since we started in the summer of 2017, and we're ready to take our expansion to the next level."
The funding builds on an exceptional year for Stryve, which saw a rapidly growing roster of customers including CVS, GNC, Vitamin Shoppe, Central Market, Walmart, and more. This funding is a significant catalyst for Stryve to become the leading brand in biltong.
Jake Capps, Founder of Meaningful Partners, added, "We are excited to have the opportunity to partner with the outstanding team at Stryve Biltong. They have a differentiated and phenomenal tasting product that is truly good for you in a fast-growing snack category. We have great confidence that the team will continue to grow Stryve to become a leading meat snack company offering specialty products, including biltong, to grocery, mass, club and convenience stores nationwide who are seeking a healthy snack alternative with a clean label and incredible taste."
"This first round of funding is a major accomplishment for our young brand and a huge step towards bringing awareness about our amazing product to the US," stated Joe Oblas, co-founder of Stryve.
"This investment serves as a strong endorsement of our company and the tremendous potential of our brand."
Stryve is founded by "three uber fit guys", according to their website. They say that they know the snack struggle is real. "Getting pumped and eating well should go hand in hand, but it isn’t easy when “healthy” often comes with a loss of flavor or satisfaction."
According to their website, Stryve provides snackers with tasty options to leverage everyone’s personal goals.
-BUSINESS REPORT ONLINE