REDD, the venture-backed energy bar company that’s based in Brunswick, has closed $1.3 million in debt financing, according to a recent filing with the U.S. Securities and Exchange Commission. The company has also named a new CEO, according to the same filing.
The document, filed Nov. 7, shows the company set out to raise $1.5 million in debt, some of which could be convertible to equity, and had so far closed on $1.3 million of that total. Signing the document as the company’s CEO is Emma Fuerst Frelinghuysen. Previously, Peter Van Alstine was the company’s CEO, a position he’d held since 2016 when he joined to help lead a company that Alden Blease had founded while in college and looking for a healthy energy bar.
Van Alstine confirmed for Maine Startups Insider that he left the company in September.
“In terms of my tenure, I am extremely proud of what we accomplished at REDD. We created a great bar with incredible nutritionals, a unique brand and packaging, achieved significant distribution, and sold millions of REDD bars over the last few years,” he said. “With this most recent investment I decided that it was time to pursue other opportunities which I am now doing.”
According to Frelinghuysen’s LinkedIn profile, she took over as CEO in September and is a “food and beverage expert with over 15 years of experience managing and marketing brands – whether nascent, emerging, or established – for Diageo, FreshDirect, and Hain Celestial…”
REDD earlier this year raised $2.2 million in equity financing and relaunched with a new brand.
