General Mills adds Tio Gazpacho to 301 Inc.s investment portfolio

General Mills adds Tio Gazpacho to 301 Inc.'s investment portfolio

General Mills' US investment vehicle 301 Inc. has invested in Tio Gazpacho, a US maker of chilled, ready-to-drink vegetable soups.

Tio Gazpacho yesterday (29 March) closed a US$1.25m series A funding. It also includes investments from other private investors.

Tio Gazpacho uses recipes crafted with organic ingredients to create their chilled soups that are available in three flavors: Gazpacho Clásico (vine-ripened tomato, green pepper, and cucumber), Gazpacho Verde (kale, spinach, avocado, and mint) and Gazpacho de Sol (yellow tomato, yellow pepper, and carrot).

"Tio Gazpacho offers a new soup experience with its refreshing and vibrant high quality ingredients served in a drinkable and portable bottle," said John Haugen, vice president and General Manager of 301 Inc. "We strongly believe in brands eager to make a difference in the marketplace and are thrilled to work with Tio Gazpacho to maximize its success within the food industry."

Austin Allan, founder and CEO of Tio Gazpacho, said the partnership with 301 Inc. "now opens the door for a larger audience to access our wholesome, organic, plant-based soups".

"We're looking forward to the insights and experience that General Mills can offer to our brand and we believe our mission and their expertise will ultimately lead to unprecedented success for the Tio brand," he added.

The 301 Inc. unit changed direction in October last year when General Mills decided it would centre on providing capital to emerging food brands to create "breakthrough innovation in the food space" instead of focusing on developing products in house.

Since then the firm has invested in US snack maker Rhythm Superfoods and earlier this month US cottage cheese maker Good Culture.

Click here for our two-part interview earlier this month with 301 Inc.'s VP and general manager John Haugen.

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