TikTok's D'Amelio family expands into food with new investment
D'Amelio Brands, the company founded by TikTok stars Charli and Dixie D'Amelio and their parents, is getting into food with a forthcoming snack line and $5 million in new funding for Fifth Growth Fund.
Why it matters: Combined, the family's TikTok accounts top more than 400 million followers, with Charli currently having the second most-followed account on the app.
Details: The company's foray into food will be via a snack brand, called Be Happy Snacks, though the exact first product is to be determined, says CEO (and dad) Marc D'Amelio.
- The company has partnered with Trusted Influence to help with various aspects of creating and getting its products off the ground, as well as an unnamed large retailer through which the snacks will be available.
- Fifth Growth Fund is investing at the existing $100 million valuation of D'Amelio Brands.
What they're saying: "One of the things we've always wanted to do is have a product category that crosses over generations," says D'Amelio.
- With food, the family hopes to eventually put out products that incorporate family recipes, such as those of Marc's Italian mother, he adds.
Flashback: The D'Amelios announced their company last September, along with $6 million in seed funding from the likes of Fanatics CEO Michael Rubin, entrepreneur Richard Rosenblatt, and Apple senior vice president of services Eddy Cue.
- It debuted its first brand, D'Amelio Footwear, earlier this year.
Between the lines: While it's selling its footwear direct to consumer, the D'Amelios decided to partner with a retailer for its snacks because "food just seemed to be something that would not be as successful going exclusively direct-to-consumer," explains D'Amelio.
The intrigue: Beverages are currently an extremely popular food category among social media stars, but the D'Amelios opted not to go that route in part because of Charli's ongoing endorsement deal with Dunkin' Donuts, says Marc.
- However, he says the family would consider launching its own beverage if a good opportunity comes up.