Austin-Based Siete Family Foods Raises $90 Million in Funding

AUSTIN, TEXAS — Siete Family Foods, an Austin-based, better-for-you Mexican-American food brand, has raised $90 million in new funding through a minority investment led by Stripes Group, setting the stage for brisk expansion this year.

Siete is a major player in the consumer packaged goods industry and one of the fastest-growing natural food brands in the country, as described by the firm's officials. The company founded in 2014 has increased its distribution tenfold over the last three years and doubled its staff within the last year, Siete officials said.

Officials said the latest funding deal, advised by Aspect Consumer Partners, will be used to support Siete’s continued growth, particularly in staffing, new product development and distribution. Siete employs 40 full-time staff members and plans to nearly double that again in 2019. Siete products, including grain free chips, grain free tortillas, hot sauces, cashew queso and an expanding lineup of heritage-inspired products, can be found in more than 4,400 stores across the country. They are also available for purchase online at sietefoods.com.

“We have been close to the Garzas and the Siete story for two years, starting first as loyal customers, fans and friends," said Stripes Group Partner Karen Kenworthy. “Siete’s celebration of family and Mexican-American heritage has created a truly organic brand ethos that connects to a broad audience. Siete is special—it’s not often you come across a team driven by such unique values rooted in family, inclusivity, innovation and a broad commitment to bringing the consumer better-for-you alternatives. We’re looking forward to joining Siete on this exciting journey as they build an iconic Mexican-American brand platform for today’s generation.”

Siete was founded in 2014 by siblings Veronica and Miguel Garza and their mother Aida Garza. After being diagnosed with multiple autoimmune disorders, Veronica Garza adopted a grain-free, low inflammation diet in order to alleviate and manage her symptoms. Veronica began experimenting with grain free recipes her entire family of seven (siete) could enjoy, developing the almond flour tortilla, Siete’s first product.

To this day, stemming from those familial roots, the company is still family-owned and operated by all seven members of the Garza family.

“We are passionate about making food that brings people together," said Miguel Garza, Siete Family Foods co-founder and chief executive officer. "This investment is going to provide us the resources to keep expanding, while remaining true to our core values as a family and company. Customers are going to be seeing even more of Siete as we continue to innovate and develop new products in our growing line of better-for-you Mexican-American food.”

Veronica Garza, Siete Family Foods co-founder, president and chief innovation officer, amplified on the company's family roots: “Siete started in my home kitchen as I began to experiment with making healthier food options that my family and I genuinely enjoyed eating,” she said. “My family has put everything into creating Siete, and we are so grateful for this investment and the opportunity to share the foods that we love to impact even more people. ”

For more information, visit sietefoods.com.

Courtesy image

About Siete Family Foods

Based in Austin, Texas, Siete Family Foods makes delicious, grain free Mexican-American food. All of the brand’s products are gluten free and dairy free. Siete is family-owned and operated by all seven (siete) members of the Garza family. They are passionate about making and sharing real food that brings families together around the table. Siete is on a mission to bring people together to experience the flavors and traditions that brought the Garza family together on their journey to health. The brand's products can be found in thousands of grocery stores across the United States and are also available online at sietefoods.com.

About the Stripes Group

Stripes Group is a leading growth equity firm that brings a unique, entrepreneurial approach to investing in high-growth SaaS and Consumer businesses around the world. For over a decade, Stripes has been partnering with market-defining companies to provide them with the support they need to accelerate growth and achieve their long-term vision. Stripes' mission is to have a culture, set of resources and expertise that provide entrepreneurs with an unparalleled advantage in markets that are evolving rapidly due to changes in technology and consumer behavior. For more information on Stripes Group, please visit www.stripesgroup.com.

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