General Mills invests in gazpacho brand

by Monica Watrous
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Tio Gazpacho chilled vegetable soups
Tio Gazpacho is a maker of chilled, ready-to-drink vegetable soups made with organic ingredients.

NEW YORK — Tio Gazpacho, a maker of chilled, ready-to-drink vegetable soups, has closed a $1.25 million Series A funding round led by 301 Inc., General Mills’ business development and venturing unit. The round was raised on CircleUp, a San Francisco-based investment marketplace for emerging consumer and retail companies, and includes investments from other private investors in CircleUp’s marketplace, and from the Growth Fund, an investment fund managed by CircleUp.

Made with organic ingredients, Tio Gazpacho varieties include Gazpacho Clasico, featuring vine-ripened tomato, green pepper and cucumber; Gazpacho Verde, with kale, spinach, avocado and mint; and Gazpacho de Sol, which combines yellow tomato, yellow pepper and carrot. Products are available throughout the New York area and are expected to expand into other market areas soon.

Austin Allan, Tio Gazpacho
Austin Allan, founder and c.e.o. of Tio Gazpacho

“We’re looking forward to the insights and experience that General Mills can offer to our brand and we believe our mission and their expertise will ultimately lead to unprecedented success for the Tio brand,” said Austin Allan, founder and chief executive officer of Tio Gazpacho. “Our partnership with 301 Inc. now opens the door for a larger audience to access our wholesome, organic, plant-based soups.”

Previously this year, 301 Inc. invested in Good Culture, an Irvine, Calif.-based maker of sweet and savory organic cottage cheese, and Rhythm Superfoods, an Austin, Texas-based producer of plant-based, nutrient-dense snacks, including kale chips and beet chips.

John Haugen, 301 Inc., General Mills
John Haugen, v.p. and general manager of 301 Inc.
“Tio Gazpacho offers a new soup experience with its refreshing and vibrant high-quality ingredients served in a drinkable and portable bottle,” said John Haugen, vice-president and general manager of 301 Inc. “We strongly believe in brands eager to make a difference in the marketplace and are thrilled to work with Tio Gazpacho to maximize its success within the food industry.”
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