Stryve Foods Is Going Public Through SPAC
Stryve Foods is going public on the Nasdaq under the ticker “SNAX” with an expected $170 million enterprise value. Private investors, including celebrities Channing Tatum and Charger's quarterback Justin Herbert purchased $42.5 million at $10 per share into the transaction that will result in approximately $67 million gross cash proceeds to Stryve.
Tatum said, “People are searching for healthier, better tasting options for the way they snack, and Stryve products raise the bar for quality and taste. I’m thrilled to be an investor and look forward to supporting their mission to help America snack better, and on a personal note, I love their products, which I enjoy when I’m training, camping, or just hanging at home.”
Herbert added: “Stryve is the kind of healthy, high-protein snack that I look for to fuel my pre- and post- workout. I’m excited I’ve joined forces with a brand that creates a product that’s not only good for you, but delicious, too.”
Stryve’s co-CEO and CMO, Jaxie Alt, says the company was fundraising when the team met with Andina, they realized a SPAC IPO was “the perfect way” to gain access to money for working capital and marketing.
“Based on our rapid sales growth over the last two years and excitement with our PIPE investors, we expect the public to react very favorably to our public listing,” Alt said. She expects Stryve’s business to double in 2021 with an anticipated 180% growth rate.
“Our Stryve squad of social influencers and a strong PR plan of media outlets are helping spread the word for us,” Alt said. “We are in over 20,000 retail doors right now and that will grow exponentially this year across channels from premium online grocery to the dollar channel. We are the leader in air dried meat in America with our brands, and this year we will absolutely cement that market share position.”
“Look at Greek yogurt, 20 years ago when Chobani entered, that was ‘specialty’. Now Greek yogurt is bigger in America than regular yogurt [because of] higher protein, less sugar, and great taste. That’s what we offer as well and we believe in the years ahead, air dried meats will overtake traditional jerky, which is lower [in] protein and full of sugar and artificial ingredients.”
“We are on a mission to help Americans snack better, and we do see ourselves as an emerging healthy snacking platform,” Alt said. “For us, that begins in the meat snacks category, and we plan to enter other healthy verticals as well down the road.”