Wednesday, 21 October 2020

MA Portfolio Snackible raises Bridge Round

 


MA Portfolio Snackible raises Bridge Round

Snackible, a healthy snacks company catering to one of the fastest-growing verticals in the FMCG sector by offering a range of products that are nutritious, tasty and affordably priced, has raised a bridge round from Mumbai Angels Network and other existing investors.

Started in 2015 as an online-first company, Snackible aimed to alter and revolutionize the finger food and munchies industry in India by introducing healthy and tasty snacking options. In 2018, they raised an angel round from Mumbai Angels and others. Snackible now has over 42 SKU’s and has served over 1,50,000 online orders.

Snackible aims to use the funds of this Pre Series A round in marketing and brand building, to build their team, and scale their infrastructure to absorb the anticipated growth in the coming quarters. The company is already in talks with a few institutional investors and is aspiring to raise a larger round in the next 12-18 months.


Aditya Sanghvi, Founder & CEO of Snackible shared, “The health food segment within FMCG has been growing quite rapidly in the last couple of years and with the COVID crisis we have seen a huge consumer behavior shift towards healthier eating habits. We believe Snackible is at the cusp of building a strong health-focused FMCG snack brand. This fundraise will help us invest capital in the right areas to build scale in the coming quarters. Mumbai Angels has been an investor in our business for over 2 years and it is great validation to see them participate in the following rounds as well.”


MA Investor Rishabh Dugar remarked “It’s a wonderful thing to see such a positive endeavor to make our lives healthy with bite-sized snacks. The world revolves around munching nibbles not just to eat better but to destress as well. It directly impacts our health. Snackible has taken a significant and prolific challenge: to help us eat better, move better and live better, one snack at a time.”


Nandini Mansinghka, Co-Promoter and CEO, Mumbai Angels Network commented “We have seen increase in demand from VC funds and the next level strategic players in the companies which is creating an environment where healthier food and beverages options are more affordable, accessible and engaging to young adults. We are delighted to see our portfolio company raising their Pre Series Round A from existing and new investors.

About Mumbai Angels Network: 

Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 500+ members strong, across 9 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune, Jaipur, Chennai) & 25+ cities across the globe. The network today has one of the strongest portfolios in the country with 150+ companies, 70+ exits plus next round investments.

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