The $170 million startup behind Better Bagel says it's on a mission to be the 'Beyond Meat of carbs'
Summary
But instead of plant-based meat, its using bagels.BetterBrand, which makes low-carbohydrate, high-protein Better Bagels, closed a $6 million Series A funding round, it said on Wednesday. The valuation is similar to what Facebook and Tesla achieved when they raised Series A funding, the startup said in a press release.BetterBrand attracted several investors in its latest round, including Verso Capital, which led the round, as well as returning investors including Gaingels Fund and Seven Seven Six, Reddit co-founder Alexis Ohanians venture capital firm.The Better Bagel contains 90% fewer carbs than a traditional bagel, BetterBrands website says. Its particularly focused on making products that are lower in refined carbs, which are processed and generally contain fewer nutrients, such as fiber, than unprocessed ones.Instead, each bagel contains between 24 and 26 grams of protein. The company already sells bagels in stores from Whole Foods to Foxtrot, and it plans to release new products later this year.Many startups are downsizing or folding altogether as funding dries up. But Yang told Insider that keeping costs low and having a clear plan to increase sales made BetterBrand an easy sell to venture capitalists.