Poppy Handcrafted Popcorn, Inc. announced the closing of its $3 million Series A funding round, led by JACS Capital, the family office of former GE CEO and investor Jeff Immelt. The company also announced that Jeff Immelt has been appointed to its advisory board and Chris Renno would be joining the board of directors.
The all-natural gourmet popcorn company has completed the Series A funding round under the leadership of Co-CEOs Susan Aplin and Ginger Frank, who is also the brand’s founder. The funding comes at a critical time of growth for the company, which has experienced 150% YOY demand growth each year since 2018.
The funding round will allow Poppy to more than double the company’s existing manufacturing space and invest more than $2 million in new equipment and technology. The planned expansion will increase production capacity by at least six times and add new jobs in the local WNC economy.
“Poppy is at a strategic inflection point, and we are thrilled to partner with JACS Capital on the company’s future.” said Aplin. “Jeff and Chris bring significant experience and we are excited to have the opportunity to work with them.”
Mr. Immelt, former chairman and CEO of GE, and former executive chairman of athenahealth, has been named to Barron's "World Best CEO's" three times. Since then, he has been a lecturer on systems leadership at Stanford Business School and has worked directly with innovative companies in the healthcare, IoT, industrial automation, and clean tech industries. Mr. Immelt brings immense experience to the Poppy Handcrafted Popcorn team.
“Part of our mission at JACS is to invest in local entrepreneurs. We are big fans of this dynamic Co-CEO team with Ginger and Susan,” Immelt said. “Poppy has been redefining what is possible with quality and flavor in the gourmet popcorn sector for years. We believe that our experience in operations and selling can help Poppy reach its full potential.”