Union Kitchen Raising $20 Million Series A Fund to Support Members Growth
FOR IMMEDIATE RELEASE
April 28, 2022
WASHINGTON — Union Kitchen announces fundraising efforts for a $20 million Series A fund to support their Accelerator members. The Food Business Accelerator launched in 2012 and has supported the growth of businesses including Compass Coffee, Snacklins, Caribe Juice, and Mas Panadas. Through the launch of this fund, Union Kitchen will provide capital support to brands who are in the process of raising Series A funding, an expansion of previous investment opportunities.
“Its purpose is to invest in D.C. brands, particularly Union Kitchen companies that have grown into larger companies, $1 million-plus in revenue, and are busy raising Series A or venture capital money. What we’re trying to do is help them be successful,” Cullen Gilchrist, CEO said. “What we’re doing is investing in brands that we’ve committed to, bought into. Our goal is to bring in both a combo of larger investors committed to our mission and this region but also stakeholders in this region that may be smaller investors.”
Union Kitchen has currently raised $10 million from several investors and is seeking support from individual investors as well as larger companies. Union Kitchen plans to close the fund by the end of the year.
The Series A fund will allow Union Kitchen to expand its' support to meet capital needs of members, like Mas Panadas. Founder Margarita Womack built out her own production facility in 2019 and is now in the process of building out a second facility, tripling her manufacturing footprint this year. Mas Panadas currently produces 20,000 empanadas daily and will add a third production shift to keep up with increased demand and new sales accounts.
The launch of this Series A fund will provide Accelerator members like Mas Panadas and Snacklins with further resources to support their growth as they scale and saturate national markets. This is a large part of a greater expansion plan from Union Kitchen, including the new 30,000 sq. ft. manufacturing facility opening this Summer in Eckington. Union Kitchen will also open 2 new retail stores in 2022, including one in Barracks Row.
About Union Kitchen
Union Kitchen is a Washington-based food business Accelerator that strives to empower local food founders by offering expertise and support from launch to scale. Since 2012, Union Kitchen has supported more than 120 brands through its four-phase Accelerator and on average launches products seven times faster than the national average. In addition to its Accelerator, Union Kitchen has six store locations throughout the DMV with products made locally and throughout the nation, plus everyday essentials.