Banza food startup raises $20 million in growth funding

US-based chickpea pasta maker Banza has raised $20 million in a Series B funding round designed to spur growth.

Enlightened Hospitality Investments (EHI) and Prelude Growth Partners led the funding round.

Banza said that it intends to use proceeds to further increase its team size, support marketing efforts and commercialise its product pipeline.

Prelude Growth Partners co-founder and managing partner Neda Daneshzadeh said: “Prelude’s proprietary research indicates that Banza is resonating deeply with Millennials driven by its nutrition-rich and delicious product offering in a category, which has seen very limited innovation.

“Banza also brings a sustainability lens to this space, which is increasingly an important factor in consumers’ purchasing decisions.”

The company also intends to increase investment in its US-based supply chain to support the future growth of the company.

Established in 2014 by brothers Brian and Scott Rudolph, Banza uses chickpeas to produce a wide range of pasta. Its products contain nearly double the proteins of traditional pasta, as well as three times more fibre and fewer net carbohydrates.

Co-founder and CEO Brian Rudolph said: “It’s hard to imagine more impactful partners than EHI and Prelude, given their unique strengths across foodservice, brand building, and team culture.

“Their combined expertise will help us realise our mission of making nutritious, sustainable foods more accessible.”

Banza also announced that it has opened its manufacturing facility in California and partnered with chickpea farmers in the US. This will help meet the growing demand for its products from consumers and retailers.