Austin snack maker pulls in new source of funding

Sep 27, 2013
Austin Business Journal

Austin snack maker Beanitos has reeled in an undisclosed equity infusion from Chicago-based CapX Partners


CapX Partners is Beanitos' first institutional lender with a line of credit to fund an investment in manufacturing equipment, officials said in a statement Thursday


CapX typically invests $2 million to $20 million in targeted companies, suggesting that the line of credit would fall within that range


Last year, Beanitos executives said the company planned to locate about 60,000 square feet for a production facility. A future Beanitos plant could employ more than 100 workers, co-founder Doug Foreman said.


The company previously collected investment from two experienced retail and marketing players: Clayton Christopher, founder of Austin-based beverage companies Sweet Leaf Tea Co. and Deep Eddy Vodka; and 2x Consumer Products Growth Partners, a Chicago-based venture capital firm specializing in emerging consumer goods. As part of their investment agreements, Christopher and 2X Consumer Products Managing Partners Sharon Kieffer and Andrew Whitman will join Beanitos' board


More recently, CapX provided an equipment lease line of credit that will fund Beanitos' new production line to meet its projected production demands, officials said


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