Hershey, the US confectionery giant, has announced its investment in Rob’s Backstage Popcorn, a local snack brand founded by the Jonas Brothers and The Naked Market e-commerce platform.
Hershey participated in a $7 million Series A funding round, which was led by Palm Tree Crew, the venture firm of Norwegian DJ Kygo, and included support from UTA Ventures, the investing arm of United Talent Agency. A number of celebrities, including Priyanka Chopra Jonas, Ryan Tedder, Mindy Kaling, and Joe Haden, also invested in the company.
Harrison Fugman, Co-founder of The Naked Market, said, “Within 12 months since launching [Rob’s], we’ve gone into 8,000 stores. Our core focus is to continue scaling the brand via retail-first strategy, and complementing that with new ways to enhance that unique Rob’s experiences.
“We’ve achieved it through a variety of ways, whether it be Instagram Reels competition, in which participants catch popcorn with their mouths to win a Tesla, to fun engagement with the Jonas Brothers at their MGM residency in Las Vegas.”
This is not the first time that Hershey has invested in a popcorn business. In 2017, Hershey acquired 100% of SkinnyPop for $1.6 billion to “strengthen” its position “in the snacking aisle.”
In April 2022, Hershey also invested in Fulfil, an Irish snack bar maker, and set up a new North America venture with the company’s founder, Barry Connolly. Hershey is a minority shareholder in Fulfil.
Additionally, Hershey has been expanding its range of snacks with deals in savory snacks and low-sugar confectionery. In 2021, the company bought two domestic suppliers of pretzels, Dot’s Homestyle Pretzels, and Pretzels Inc., for a combined $1.2 billion.
Hershey’s investment in Rob’s Backstage Popcorn and other snack brands demonstrates the company’s commitment to expanding its portfolio and presence in the snacking market.
