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Rivalz, a food tech startup, closed a $6.1 million seed to accelerate research and development for functional snacks, CEO Peter Barrick tells Axios exclusively.

Why it matters: Investors have a strong appetite for healthy-for-you snacks despite a dip in food tech investment last year.

Zoom in: The round was led by the March Group.

How it works: Sonoma, California-based Rivalz uses AI to develop extrusion techniques that will create nutrient-dense but also tasty snacks.

Rivalz' snacks, primarily made from pea and brown rice protein, have high protein, high fiber and low carbohydrates and include essential vitamins.

The company has subject matter experts in its R&D department to help develop into categories such as sweets and breakfast snacks, Barrick says.

Zoom out: According to Barrick, many brands that describe themselves as functional have the same nutritional profile as legacy brands, which he says are full of empty calories.

Catch up quick: Rivalz has been building a roster of former snack execs to fill its C-suite.

It recently tapped former Kind exec Erica Pattni as CMO. Rivalz also appointed Adam MacLeod — previously in finance roles at Miyoko's and Every Man Jack — as VP of finance.

What's next: Rivalz hopes to expand its snacks nationally and internationally, Barrick says.

It plans to be in traditional and natural grocery stores, mass and club, as well as in schools.

He also hopes Rivalz's snacks will be found in vending machines.

The intrigue: The company hopes to close a lead investor for its Series A by Q4 2025, Barrick says.

With that raise, it would target a food category that's very popular, he says, declining to share details.

Exclusive: Rivalz raises $6.1M seed for AI-designed snacks

The food tech company uses AI in its extrusion processes to develop functional snacks.

an illustration of a lab beaker being stirred with a kitchen fork

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Rivalz, a food tech startup, closed a $6.1 million seed to accelerate research and development for functional snacks, CEO Peter Barrick tells Axios exclusively.Why it matters: Investors <a class="gtmContentClick" data-vars-link-text="have a strong appetite" data-vars-click-url="https://www.axios.com/pro/retail-deals/2023/09/28/consumer-retail-m-and-a-refinitiv-food-beverage-deals" data-vars-content-id="8bb9d529-6d74-4d99-b5d5-73174b577c7e" data-vars-headline="Exclusive: Rivalz raises $6.1M seed for AI-designed snacks" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/retail-deals/2023/09/28/consumer-retail-m-and-a-refinitiv-food-beverage-deals" target="_self">have a strong appetite</a> for healthy-for-you snacks <a class="gtmContentClick" data-vars-link-text="despite a dip" data-vars-click-url="https://pitchbook.com/news/reports/q3-2023-foodtech-report" data-vars-content-id="8bb9d529-6d74-4d99-b5d5-73174b577c7e" data-vars-headline="Exclusive: Rivalz raises $6.1M seed for AI-designed snacks" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://pitchbook.com/news/reports/q3-2023-foodtech-report" target="_blank">despite a dip</a> in food tech investment last year.

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Exclusive: Rivalz raises $6.1M seed for AI-designed snacks

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