Investment house The Craftory has made a $50m investment in US-based organic chickpea snacks maker Hippeas.

Craftory’s financing includes direct investment in the snacks firm, as well as secondary purchases of shares from existing HIPPEAS shareholders, including CAVU Venture Partners.

The Craftory co-founder and chief crafter Elio Leoni Sceti said: “I am delighted to add HIPPEAS to the Craftory’s great portfolio of cause-driven brands.

“If ever a category has been left behind by the zeitgeist it’s this one. The consumer agenda in snacking has fundamentally changed and HIPPEAS stands out as a clear leader.

“HIPPEAS offers zero compromise of flavour and texture, no need to change consumer habits nor expectations while also being healthier and more sustainable than the more traditional alternatives – that’s a great proposition and a proven recipe for success. We are happy to welcome Livio and the HIPPEAS team to the Craftory family.”

The investment will be used by HIPPEAS to expand production capacity and distribution.

HIPPEAS made its debut in 2016 in the US and the UK by introducing a line of organic chickpea puff products. In 2019, the company launched its chickpea-based snack, HIPPEAS Organic Tortilla Chips.

The company claims that its products are USDA Organic, certified gluten-free, and vegan.

HIPPEAS products are currently available at 50,000 stores, including Starbucks, Whole Foods, Target, CVS, Wegmans, Stop & Shop, Kroger, Albertsons, Safeway, Thrive Market, and Amazon.com.

HIPPEAS founder and CEO Livio Bisterzo said: “HIPPEAS has grown from a disruptive start-up to a true challenger brand in very competitive snack categories with innovative products, delicious flavours and nutritional offerings that consumers want – the brand has the potential to become a household name with its loyal millennial fanbase.

“The pandemic has been very difficult for many brands; HIPPEAS has been fortunate to have seen strong growth and we are delighted to have partnered with The Craftory as we head into 2021.”