Quinn Closes Series D Financing with The Hershey Company

Rhea-AI Summary

Quinn, a natural foods snack company, has secured additional Series D funding from The Hershey Company (NYSE: HSY) and existing investors. This investment aims to enhance distribution and product innovation. Founded in 2010, Quinn has experienced a 65% revenue growth this year, establishing itself as the leading pretzel brand in the Natural Channel. Hershey's investment aligns with its commitment to sustainability and diversity, as well as supporting female entrepreneurs. Quinn's innovative snack products include gluten-free and organic options, underlining its dedication to ingredient transparency.

Positive

• Quinn achieved 65% revenue growth year-over-year.
• Established as the leading pretzel brand in the Natural Channel and Whole Foods Market.
• The investment supports distribution and product innovation.

Negative

• None.

LOUISVILLE, Colo., Oct. 28, 2020 /PRNewswire/ -- Quinn, a natural foods snack company known for reimagining classic snacks, announced it has closed additional Series D funding including an undisclosed minority investment, from The Hershey Company (NYSE: HSY), as well as existing investors. The funding will support new distribution and product innovation.

Established in 2010, only three days after founder Kristy Lewis' son Quinn was born, the company's mission is to use the very best real ingredients backed with a commitment to supporting agriculture and food transparency. Today, Quinn has established itself as a salty snack leader in the natural channel with distribution in over 7,500 stores nationwide. Excitement for the brand's innovative snacks, which include both savory and indulgent product offerings, has led to 65% growth in revenue this year over last year and has elevated Quinn to the leading pretzel brand in the Natural Channel and Whole Foods Market. 

The investment comes as venture funding for female founders experienced its lowest quarterly total in three years, according to Pitchbook Data. Furthermore, women-led companies receive only 2.2% of all venture capital and only 7% of Fortune 500 companies, including The Hershey Company led by Michele Buck, currently have female CEO's. Buck and Hershey have built a reputation for their sustainability and diversity and inclusion practices, and the company was recently recognized as one of 'America's Most Just Companies' By Forbes and Just Capital. 

"Quinn shares Hershey's commitment to sustainable business practices, inclusivity, listening to consumers, and being transparent about how their products are made and what goes into them," said Steve Voskuil, Hershey Chief Financial Officer. "Its emergence as a leader in natural foods is impressive, and we look forward to supporting their next phase of growth."

"We are thrilled to have the support of Hershey, a company that is leading the way in gender equality by fostering an inclusive work environment and closing the pay gap," said Kristy Lewis, Founder and CEO of Quinn. "The Quinn team and I are honored to be backed by a company leading change in our space." As Quinn rapidly expands distribution and sets future strategic goals, timing couldn't be better. "Hershey's keen eye for category disrupting brands and building them into household names makes them an invaluable partner. After 10 years of creating a solid foundation to build from, we are looking forward to the next chapter in our story."

ABOUT QUINN
Quinn is shaking up snacks by delivering industry firsts using only 100% REAL ingredients and a dedication to transparency. They delivered the 1^st microwave popcorn in a patented PURE POP BAG® made of compostable paper free of chemicals, plastic and heat conducting susceptors made with organic, non-GMO organic kernels;  the 1^st pretzels on the market made with whole grain, gluten-free sorghum;  the 1^st  gluten-free peanut butter filled pretzel nuggets, and the 1^st grain-free paleo pretzel chips. Since the company was founded, Quinn has been a thought leader in ingredient transparency through its Farm-to-Bag™ Initiative. Their new Be Better. Do Better.™ mission, www.quinnsnacks.com/mission-be-better-do-better, is rooted in advancing soil health and identifies opportunities for farmers to integrate crops into Quinn's supply chain using regenerative farming practices.

ABOUT HERSHEY
The Hershey Company is headquartered in Hershey, Pa., and is an industry-leading snacks company known for bringing goodness to the world through its iconic brands, remarkable people and enduring commitment to help children succeed. Hershey has approximately 16,000 employees around the world who work every day to deliver delicious, quality products. The company has more than 80 brands around the world that drive $8 billion in annual revenues, including such iconic brand names as Hershey's®, Reese's®, Kit Kat®, Jolly Rancher®, Ice Breakers®, SkinnyPop®, and Pirate's Booty®. For more than 125 years, Hershey has been committed to operating fairly, ethically and sustainably.  Hershey founder, Milton Hershey, created the Milton Hershey School in 1909 and since then the company has focused on helping children succeed. To learn more visit www.thehersheycompany.com

Contact:
Liz Chatfield
Quinn
liz@chatfieldpr.com

Jeff Beckman
jbeckman@hersheys.com

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SOURCE Quinn Snacks

FAQ

What is the significance of Hershey's investment in Quinn?

Hershey's investment in Quinn supports their growth in distribution and product innovation, highlighting a commitment to sustainability and supporting female entrepreneurs.

How much revenue growth did Quinn experience this year?

Quinn experienced a 65% revenue growth this year compared to the previous year.

What market position does Quinn hold in the snack industry?

Quinn is the leading pretzel brand in the Natural Channel and Whole Foods Market.

When was Quinn founded?

Quinn was founded in 2010.

What type of snacks does Quinn specialize in?

Quinn specializes in natural foods snacks, including gluten-free and organic options.