Rihanna and Jay-Z Invest in Vegan Cookie Company Partake
WOC-owned vegan cookie company Partake has just announced the close of a Series A funding, securing over 4.8 million dollars in investment from celebrities like Jay-Z's Marcy Ventures Partners (MVP) and Rihanna. Other investors include Kevin Johnson of Black Capital, Seattle Seahawks linebacker Bobby Wagner, Black Star Fund, John Fraker, and CircleUp Growth Partners.
Over half of Partake's funding is coming from Black investors, which CEO and Founder Denise Woodward said was very intentional, continuing by explaining, “I feel very passionate about continuing to increase wealth in the Black community wherever possible and so having investors on board that understand those missions and goals is really important to me."
As Forbes reported, this investment by Rihanna marks her first investment beyond her own personal ventures, which include Fenty Beauty, Savage x Fenty, and a Fenty fashion line under the LMVH umbrella of brands. This round of funding will help Partake expand into over 5,000 Target stores by the close of 2021. Currently, Partake's five vegan and gluten-free cookie varieties are available in 2,700 Targets nationwide.
Reflecting upon her journey as an entrepreneur from where she now stands as the first woman of color to raise over $1 million dollars for a food startup, Woodward spoke of Partake's humble beginnings, saying, “I sold cookies out of my car up and down the street in New York every single day; I drove to natural food stores and did demos every single day . . . there’s so much of a longer grind,” she says. “I say that to say that if I can figure this out and get here, anyone can.”