JAY-Z invests $1 million in black-owned vegan cookie company
The music mogul continues to expand his business portfolio in the plant-based food industry.
Fresh off the news that JAY-Z’s billionaire status has officially been confirmed, the rap mogul continues to build up his brand and expand his business portfolio.
As reported, the legendary rapper and businessman’s venture capital firm Marcy Venture Partners (MVP) led a $1 million seed funding round with a company that specializes in making vegan cookies.
The company, Partake Foods, is a Black-owned start-up that makes health-conscious food products and specializes in producing food items that are free of the United State’s top eight allergens.
According to reports, other notable investors in Partake Foods’ first major round of funding include The Factory, Backstage Capital, SoFi Venture, and Chuck Muth (a Beyond Meat executive).
The investment is not the first time Hov has backed a plant-based company. He recently invested in Impossible Foods’ fifth equity funding round along with a slew of other celebrities. In total, the company, known for its meatless hamburger patty, raised a total of $300 million.
Previously, along with his wife Beyoncé, JAY-Z co-owns 22 Days Nutrition, a company designed to encourage others to commit to a 22-day vegan challenge.
“The benefits of a single plant-based meal a day can have such a profound impact on our health and the environment,” Beyoncé and JAY-Z said in a joint statement on the 22 Days Nutrition website.
The couple, who primarily eats mostly plant-based, have been vocal enthusiasts of the vegan lifestyle, with Beyoncé famously adapting a strict plant-based diet to prepare for her historic performance at Coachella in 2018.
Partake Foods was founded in 2016 by former Coca-Cola national sales director Denise Woodard. The decision to start her own company was directly inspired by her daughter developing a severe allergy to several foods.
“I couldn’t figure out how to make a gluten-free, corn-free, egg-free cookie, so I went to buy one, but couldn’t find any,” Woodard shared with People at the time.
The cookies that Partake Foods makes are completely vegan and are free of peanuts, tree nuts, eggs, milk, soy, gluten, fish and shellfish, as well as are non-GMO, free of artificial flavors, and free of preservatives.
As reported by Entrepreneur, Partake Foods can be found in over 300 stores and are expected to more than triple that number by year’s end.
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