Richmond's Nutriati is on its way to becoming the region's next big hit in food startups.
The Henrico-based company, which makes food products from chickpeas, has raised at least $2.9 million in an ongoing funding round.
The raise is capped in SEC filings at $12 million, and so far five investors have participated.
Nutriati converts plant-based foods – mostly chickpeas – into flour, oil and other products used by manufacturers. Its main product is a protein powder, Artesa Chickpea Protein.
Former Altria executive Richard Kelly and Michael Spinelli, previously with Ben & Jerry's and Sabra, founded Nutriati in 2013. Late last year, the 5-year-old startup named Michael Todd as CEO to replace Kelly, who recently transitioned to an advisory role. Todd previously held management roles for Archer Daniels Midland Co. and SunOpta, a natural food ingredients company.
Spinelli recently told Food Navigator-USA that it's focused on emerging categories of plant-based meats and plant-based dairy analogs, including milk, cultured yogurt and gelled structures like tofu and cheeses. He said that chickpea products have relatively neutral flavor, making them a useful base for several different applications.
In 2017, Nutriati landed a $9 million equity raise from investors including NRV, which was followed up in October last year with a $4 million investment round. If the current raise reaches the $12 million target, the food startup will have raised a total of $25 million.
It's not the only food startup in Richmond to find recent success.
Health Warrior, the maker of Chia Bars and other "superfood"-based snacks, was acquired by PepsiCo in October as the first member of "The Hive," a division that grows small brands focused on emerging food trends. The company was founded in 2011 and had raised more than $8 million in funding.
