New York-based Rand Capital Corporation has teamed up with Buffalo Angels, LLC and few independent investors to pump $720,000 in Grainful, a privately-held food company.
Grainful manufactures frozen entrées from oats in the breakfast category and is currently extending the products to lunch and dinner to target the rapidly growing natural and organic segment within the frozen category.
Funding from the investment will be used for sales, marketing and product development activities to establish the Grainful brand in the northeast and expand its geographical footprint to key markets throughout the US.
Rand's executive vice president Daniel P. Penberthy said, "Without the leadership of the new Buffalo Angels, LLC investment fund Rand's $150,000 co-investment would not have been possible. Over the last year its members have both financed and assisted this young company in its early growth, and provided strong due diligence which resulted in the first investment out of their new $1.2 million Buffalo Angel fund. These same investors will also continue to mentor, assist, and advise this venture and is pleased to provide the funds needed to close out this financing."
"Several members of the Buffalo Angels initially invested in Grainful in 2013 and we've been impressed with the reception that their product has received from retailers, distributors and consumers over the past year. We are glad to participate in this investment round that will fund the company's growth," said Jack McGowan, Executive Director of Buffalo Angels, LLC.
Developed by chef Jeannine Sacco, the company claims its products are all-natural and steel cut.
Grainful sells its products to retailers throughout the northeast, including Wegmans, Kings Food Markets and others.
