Hershey’s VC Arm C7 Ventures Invests in Two Emerging Snack Companies
Summary
And as it begins to build its portfolio, the fund has chosen for its first two targets New York-based Blue Stripes Cacao Shop and Ireland-based protein bar startup FULFIL. “As we continue to expand our snacking portfolio, our innovation agenda takes a balanced approach across investing in core brands and experimenting with new business models. With this writing on the wall, Hershey has made a concerted effort to diversify its candy and chocolate business into the rapidly growing snack category. The all-cash deal was indicative of the strategic plan of consolidation in the face of dwindling returns and a need to expand beyond chocolate for new Hershey CEO Michele Buck following Hershey’s rejection of a $23 billion takeover by Mondelez the previous year. “We expect the full Pirate Brands portfolio to be a great fit for Hershey’s growing Amplify business which is targeted toward consumers who are looking for great-tasting snacks without compromise,” said West last year.