PepsiCo has swooped into the River City to acquire plant-based food startup Health Warrior.
Health Warrior was founded in 2011 and uses "superfoods" like chia seeds and pumpkin seeds as a base in snack bars, protein powder and muffins. Fortune first reported the deal, terms of which were not disclosed.
The deal is PepsiCo’s first investment under “The Hive,” a division of the company created this year to grow small brands focused on emerging trends.
Health Warrior's products – its most popular being Chia Bars – are sold at more than 12,000 retailers in the U.S. In 2015 it posted $9.9 million in revenue, earning it Richmond's highest spot (No. 205) on the Inc. 5000 list.
The startup raised $5 million in equity funding last year, according to SEC filings, in a round that began in September 2016. It also raised $3.3 million from investors in 2014.
PepsiCo North America Nutrition president Seth Kaufman told Fortune that it could use seeds as a platform to go beyond the bar category.
Health Warrior CEO Shane Emmett will continue at that post at the startup's Richmond headquarters.
