Jay-Z has spent the week basking in the glory of becoming Hip-Hop's first billionaire. Now, the music mogul is looking to put his money in the right place. He is investing $1 million in vegan food company Partake Foods.
The black-owned business was founded by former Coca-Cola sales director Denise Woodard. It focuses on healthy, allergy-friendly foods. She got the idea for the company when her daughter was diagnosed with a variety of allergies, making it difficult to find fun snacks and cookies they could have.
“When I left my career at Coca-Cola in 2017, I literally sold cookies out of my car for six months, demoing every day and meeting store managers and customers," Woodard said in a press release.
"Our products can now be found in over 300 stores, and we expect to finish this year … in over 1,000 stores. We are so excited to collaborate with the MVP and Factory teams, as they both bring a wealth of knowledge in brand building and scaling consumer companies.”
Jay-Z invested the $1 million through his Marcy Venture Partners, which he founded with managing director Larry Marcus. A number of venture capital firms joined Jay in investing in the company.
"Partake has the ingredients to build a mass market brand: compelling values, a great tasting product, and a tenacious and experienced operator" Marcus said.
"We are honored to back Denise and the team and help grow their business."
The New Jersey-based company was created in 2016 and sells mostly on Amazon and in stores like Whole Foods and Wegmans. They primarily sell vegan cookies, but are expanding to include other healthy but tasty treats.
The key to their brand is that they make food products without the top eight allergens, peanuts, tree nuts, eggs, wheat, milk, soy, fish and shellfish.
"Our products are deliciously made for just about everyone – from those with restrictions to those who simply want to eat more healthfully," Woodard says on her website.
"We're a family who understands the challenges that come with finding safe, healthy snacks and the importance of bringing people together through food."
