Food ingredients supplier AGT Foods has announced its investment in the Canadian pasta company Chickapea.
AGT Foods led a funding round of C$4.3m ($3.1m) in Chickapea, which included contributions from FCC Capital, the investment branch of Farm Credit Canada.
InvestEco, an existing backer, also participated in this funding round, reinforcing its involvement with the pasta alternative brand since 2019.
Chickapea, based in Ontario, stated that the funds will primarily be utilized for marketing initiatives, product development, and expanding distribution throughout North America.
Founded in 2015 by Shelby Taylor, Chickapea specializes in organic dried pasta made from chickpeas and yellow peas. Their product offerings include popular formats such as penne, spaghetti, lasagna, spirals, and elbows.
Taylor expressed enthusiasm, stating, “We are thrilled to have received the investment from AGT Foods, FCC, and InvestEco.”
She added, “Their partnership will be instrumental as we continue to scale our brand, meeting growing consumer demand, expanding our retail presence, and exploring new channels.”
As part of this transaction, Murad Al-Katib, president and CEO of AGT Foods, has joined Chickapea’s board of directors.
Al-Katib emphasized that Chickapea has “immense potential,” remarking, “AGT is excited to partner with Chickapea, and I am eager to bring our expertise and resources to help scale this incredible brand in the North American market.”
Furthermore, Chickapea indicated that this investment aligns with a period of “major momentum” for the brand.
The company has witnessed “velocity increases of 25-50% across retail channels in both Canada and the US this year,” according to their statement.
In 2021, Chickapea announced a Series C funding round worth C$9.3m, aiming to bolster its expansion throughout North America.
The company also graduated from the District Ventures Capital (DVC) accelerator in Toronto, where DVC led the round, alongside Export Development Canada.
