SkinnyDipped: A Sweet Success Backed by Star Power

SkinnyDipped, a pioneer in the world of better-for-you snacks, has successfully secured $12 million in Series A funding, bringing the company’s total funding to $35.1 million. This promising financial move is geared towards introducing its offerings to more retailers and expanding its product categories.

The funding round saw contributions from Hollywood stars, global musicians and prominent athletes. Notable names include Amy Schumer, Mark Wahlberg, Kevin Durant, Steve Aoki and Post Malone, among others. What made this funding round stand out was its reliance solely on individual contributors rather than traditional investment vehicles.

Founded by mother-daughter duo, Val and Breezy Griffith, SkinnyDipped had its origin in the 2016 AF Ventures (formerly AccelFoods) cohort. Their mission was simple but profound: to offer snacks with reduced sugar, non-GMO ingredients and devoid of artificial sweeteners. Their journey commenced with a range of flavors with almonds, such as Lemon Bliss, primarily focusing on direct-to-consumer (DTC) sales.

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Now headquartered in Seattle, SkinnyDipped has broadened its horizon beyond just almonds. The company now offers seven almond varieties and has ventured into cashews, peanuts and even a line of better-for-you cups and bites. 

Apart from its DTC approach, SkinnyDipped products are now on the shelves of over 25,000 retail stores across the US, including well-known retailers like Kroger, Target and Walmart. With the latest influx of funding, the company is hoping to secure shelf space at other leading retailers including Costco and Publix.

Since its inception, SkinnyDipped has seen an impressive growth trajectory, even weathering the storm of the pandemic. In the expansive US nut snack market, valued at over $10 billion, SkinnyDipped differentiates itself from traditional competitors. With an emphasis on low sugar and high protein, it caters to the health-conscious consumer.

Griffith expressed pride in SkinnyDipped’s extensive and varied distribution network, telling TechCrunch, “We have a strong, diverse distribution. Two things that stand out are our ability to innovate, which is done in-house by my mom, and that our brand can do well no matter where it is. That shows we appeal to a broad market and consumer base. It is not just grocery, but club business, gyms and coffee shops.”

She observed the prevailing sentiment of unpredictability in the snack and broader food industry, noting the evolving investor priorities from rapid growth to early profitability. For brands like SkinnyDipped, profitability is a journey that requires the right combination of scale, capital and creative marketing.

This most recent funding round not only propels SkinnyDipped’s retail growth plans, but also allows the company to support charitable organizations, amplify marketing efforts and continue its tradition of innovation in the upcoming months.

“Our journey to this milestone has been challenging, energizing and full of passion from all involved,” Griffith said in a press release. “But the real gift has been my discovery of just how much consumer, industry and investor sentiment exists for SkinnyDipped, for which I’m so grateful and proud. Our eclectic and diverse portfolio of investors blows my mind — from A-list artists to uber-athletes — there’s just this crazy love for the brand across the board.”