Plano-based Stryve Biltong Raises $16.5 Million to Market Emerging Keto-friendly Snack Food

Plano-based Stryve Biltong will put a new $16.5 million investment to work in marketing its high-protein, low-sugar meat snacks.The company, co-founded in 2017 by former NFL player Gabe Carimi in 2017, is getting the backing from investors Meaningful Partners, Pendyne Capital and Murano Group. The new funding is in addition to $10 million the startup landed in September to accelerate manufacturing and brand growth.Stryve Biltong also is building an executive team with consumer products expertise. The company brought on Dr Pepper Snapple Group veteran Jaxie Alt as chief marketing officer in March and added Rx Bar founder Peter Rahal to its board of directors."Stryve is at a really exciting place in its development," Rahal said in a statement, "and I look forward to bringing my experiences ... to the table to help accelerate the brand's growth."Biltong – the healthy, beef jerky-like cured meat snack popularized in South Africa – is quickly gaining traction in mainstream U.S. diets, especially among protein-rich Keto and Paleo programs. Biltong consists of various cuts of air-dried meat that aren't injected with sugary marinades like beef jerky.Jerky snacks are one of the fastest growing categories in the food sector. Research firm Nielsen estimated the category's sales at $2.8 billion in 2017, split among jerky and sticks. It also noted that jerky sales jumped 7% for the year.  Continue reading...