Eastern Standard Provisions has completed a $13.5 million venture funding round with participation from Mondelēz International’s venture arm SnackFutures, bringing its total funding to date to $14.3 million, according to a form filed with the Securities and Exchange Commission last week.
In addition, the documents, dated December 22, indicate that the Waltham, Massachusetts-based pretzel maker has an additional $6.45 million in outstanding capital to potentially be raised. Tapan Shah, Head of Venture Capital for SnackFutures, was listed on the form as a director.
Founded in 2019 by Boston restaurateur Garrett Harker, Eastern Standard Provisions specializes in artisanal soft pretzels, Belgian waffles and a selection of branded sauces, mustards and pretzel toppings, which have become popular food service options for breweries and taprooms. By the end of Eastern Standard Provisions’ first year in business, its pretzels were available in more than 350 beer-centric venues, Harker said during his keynote address to the Massachusetts Brewers Guild’s conference last month.
The craft beer community played a role in inspiring Harker to create the brand, an offshoot of his now-closed Eastern Standard restaurant, which was located in Boston’s Kenmore Square neighborhood steps from Fenway Park.
“I started thinking about the opportunities to leverage our Eastern Standard brand outside of the conventional restaurant setting,” Harker said at the conference. “I was also completely captivated by the intensely loyal following you all enjoy, the fervency that people who drink craft beer demonstrate.”
The company offers its fresh baked goods direct-to-consumer in a variety of gift boxes and subscription options, also selling frozen pretzels in Fresh Thyme and select northeastern Costco stores, according to the brand’s social media accounts.
SnackFutures, Mondelēz’s incubator and investment arm, which also launched in 2019, has to-date invested in Israeli food tech brand Torr, functional food brand Uplift, and chocolate brand Hu. Mondelēz International went on to acquire Hu Products in January 2021. The venture arm has not disclosed the other companies in its portfolio. SnackFutures has also incubated upcycled cacao fruit bites brand Ca Pao and veggie chip maker Dirt Kitchen Snacks.
Eastern Standard Provisions did not respond to a request for comment on this story. SnackFutures was unavailable for comment by the time of publication.
The new investment in Eastern Standard fits with Mondelēz International’s strategy of prioritizing baked goods. In November’s Q3 earnings call, CEO Dirk Van de Put said the company continues “to advance our strategy of strengthening our leadership in core categories through our acquisition and divestment approach complemented by strong integration playbook.”
Editor’s note: Brewbound managing editor Jessica Infante provided additional reporting to this story.