Editor’s note: This story -our Startup Spotlight – is an exclusive part of WRAL TechWire’s Startup Monday package.
ASHEVILLE – Poppy Handcrafted Popcorn Inc. has closed its first-ever funding round, securing $3 million from 19 investors.
The funding was disclosed in a securities filing earlier this month, and the company’s CEO Susan Aplin told WRAL TechWire on Monday that the proceeds from the sale will be used to expand.
That includes doubling the company’s existing manufacturing footprint in Asheville and investing more than $2 million in new equipment and technology that will enable the company to increase production capacity of its flavored popcorn products by at least six times.
The funding is coming after the company, which was founded in 2014 by Virginia Frank, has experienced 150% or greater year-over-year demand growth in each of the prior few years.
“We’ve raised the capital for expansion,” said Aplin in an interview. “We’re more than doubling the size of our facility space, and also investing over $2 million in equipment, new equipment, to automate and implement technology innovation across our processing and production.”
Once the equipment is installed, the company will be able to expand production and manufacturing capacity by at least six times, Aplin noted.
Configo Health to relocate to Asheville, raises $2M for growth in Western NC
More jobs coming, too
“We’re also going to be hiring talent from around the industry,” said Aplin. “We’re a job creator in Buncombe County,” she added. “We expect to create many new jobs over the next three years in Asheville and in the surrounding area.”
Currently, the company employs 62 workers. But the company is ready for growth, now that the capital is raised.
“I’ve been involved in three startups that we took to exit,” said Aplin. “We’ve been building out our team and augmenting in places that we really need in order to help the company scale,”
Already, the company’s products have nationwide reach, with sales channels in all 50 U.S. states, including at hotels, gift shops, and other hospitality industry shelves, as well as at grocery stores, including Whole Foods and other specialty food stores, too.
“The differentiator is truly the overall quality and flavor intensity of this popcorn,” said Aplin. “The best popcorn that you’ll ever eat, and we’ll stand by that.”
Frank, the company’s founder, remains with the company and leads the product development process for new flavors and innovations, Aplin said.
Configo Health announced last year that the company would relocate its headquarters to Asheville following raising $2 million in capital.
