Investors Advantage Capital and Rand Capital have just made a major bet on a new space in the frozen food industry.
On June 13, the two investors announced that they had provided the bulk of $3.3 million in financing of Grainful, an Ithaca, New York based company specializing in frozen, healthy oat products.
Grainful, which seeks to market globally-inspired, healthy and bold tasting oat dinners at affordable prices, has enthused nutritionists and taste testers alike with their unique, high protein and fiber product line. In, 2013, their four co-founders identified a niche in the food market for oats, which they believe to be flavorful, healthful, and unfortunately underutilized. Everyone knows about the health benefits of oats and how they make heart healthy contributions to your breakfast. But why stop there? Why can’t they be served for dinner too? With a passion for active and healthy living, the group founded Grainful, with the goal of imaginably taking Ithaca’s homegrown oats and transforming them into delicious and fun frozen dinners.
The leadership of CircleUp Funds, which coordinates funding of early stage brands, has expressed their excitement about their new partnership. They are confident that Grainful’s exceptional product quality, as well as the exceptional customer experience which their products engender, will further enhance the company’s popularity and marketability, which they expect will lead to even more affordable prices for the product line.
Grainful’s oat-based frozen entrees include vegetable, chicken, Thai curry, bean and chili dishes, as well as a line of shelf-stable dinners. Their meal kits can transform a meat or chicken dish into a healthful and exciting dinner experience, creating a myriad of opportunities to spruce up your evening meal.
Who would have guessed that steel-cut oats could be used a base for dinner? And that they would be popular too? Advantage Capital, under Managing Director Ryan Brennan and SVP Mark Scheffel and Rand Capital certainly are, and from the looks of it, they may be on to something.