Jacked!, a Richmond company that makes jackfruit jerky, is in the running for an accelerator program from Whole Foods Market.
“We are waiting to hear back,” said founder Julien Reininger. “We are in the semifinals right now. If we make it to the finals, we get to go into a pitch competition.”
Whole Foods, which is owned by Amazon.com Inc., started the Local and Emerging Accelerator Program (LEAP) last year. The initiative helps local food consumer packaged goods producers gain access to Whole Foods. Winners of the pitch competition are given mentors and products can be sold in Whole Foods stores. The company works with the food businesses to scale and grow.
“Our first cohort of nine local producers successfully graduated from last year’s inaugural program, and three have already launched in select Whole Foods Market stores,” said Alyssa Vescio, senior vice president of merchandising at Whole Foods.
Whole Foods is set announce the finalists for the pitch competition by early June, and the competition will take place later in the month. The cohort for the Local and Emerging Accelerator Program will be announced in July.
“We sent them samples, and they let us know that we were in the semifinals,” Reininger said. “They go through a multistage review process.”
Reininger started Jacked! while a student at Virginia Commonwealth University. He developed a vegan burger as part of an undergrad program. That effort failed, but he saw demand for plant-based jerky. While earning his master’s in product innovation through VCU’s da Vinci Center for Innovation, Reininger developed his jackfruit jerky. Jackfruit comes from a tropical tree and has a meaty texture.
After graduation, Reininger launched a GoFundMe campaign and raised around $9,000. The product is sold in Richmond at Ellwood Thompson’s and Northside Gourmet Market and in Bon Air at Good Food Grocery and Perk! Coffee & Lunchbox. Reininger also sells the products online and at several retail locations across the country.
Since graduating in December, Reininger has worked full-time to get the business up and running. He admits it has been challenging moving from a school project to a real business. The company, he said, is growing about 25% a month.
“I think the biggest thing is once I graduated was managing cash flow,” Reininger said. “I need to understand where we can put our money and what money we have to keep reserved for expenses.”
Even if Jacked! does not win the accelerator program, Reininger is confident he can grow the company. He is developing a network of contacts and believes it is only a matter of time before he lands a national account.
“We want to grow the business and have the brand be nationally recognized,” Reininger said. “We’re really looking and trying to find a big-box retailer like Whole Foods, Wegmans, Sprouts. These all have products similar to ours.”
Reininger said one of his short-term goals is to diversify the product line. He can see plant- based burgers, sausages and other products being made out of jackfruit. He is experimenting on some products and working with his father, who has a culinary background.
“We work closely together in the development process but also manufacturing,” Reininger said.
He said he had no idea how many other producers are in the semifinal. He receives an email every couple of weeks from Whole Foods and gets an update on the competition. Reininger said he is grateful that Whole Foods gives access to small producers like himself.
“We are hoping that we will find out some good news in the next few weeks,” he said.
