Mondelēz International has announced a majority investment in Undercover Snacks, the US manufacturer of chocolate-covered and frosted quinoa crisps, as it seeks to expand its presence in the better-for-you snacking market.
Announced on 30 October 2026, the investment will support Undercover’s growth and distribution while allowing the company to retain its existing management structure and operate as a standalone business within Mondelēz International’s North America Ventures division.
The agreement reflects growing interest among established food manufacturers in snack products combining familiar indulgent flavours with alternative ingredients and dietary attributes.
Expanding production and distribution
Founded in 2016 by Diana Levy, Undercover Snacks developed its product range around crispy quinoa coated in chocolate. The company initially focused on creating gluten-free snacks before expanding into a wider range of flavours and formats.
Its products are now available at more than 25,000 retail locations across the United States, including Walmart, Target, Whole Foods Market and Kroger, alongside e-commerce and foodservice distribution.
A significant element of the company’s growth has been its partnership with United Airlines, which has distributed more than 175 million Undercover snack units to passengers since 2023.
Undercover has also invested in its own quinoa-crisping operation and manufacturing facilities in East Hanover, New Jersey. Its products are certified gluten-free and manufactured at a dedicated facility free from peanuts and tree nuts.
Under the proposed ownership arrangement, Diana Levy will remain chief executive, while Michael Levy will serve as President and Chief Operating Officer. Both will retain a significant minority shareholding and positions on the company’s board.
Financial terms of the investment have not been disclosed.
Opportunities in better-for-you snacking
The investment adds another specialist snack manufacturer to Mondelēz’s North America Ventures portfolio, which also includes Perfect Snacks, Tate’s Bake Shop and Hu Chocolate.
For Undercover, the agreement provides access to Mondelēz’s established sales, distribution, procurement and consumer research capabilities, potentially allowing the business to expand into additional markets and develop new products.
For retailers and snack distributors, the development illustrates how alternative ingredients are increasingly being incorporated into products positioned within traditional indulgent snacking categories.
Quinoa-based products offer manufacturers an opportunity to differentiate snack ranges through texture, ingredient composition and dietary suitability without moving entirely away from familiar chocolate-based formats.
The partnership also highlights the importance of manufacturing capabilities and established retail distribution when smaller snack brands seek to increase their scale.
For Mondelēz, the investment provides an established specialist brand and production operation through which to pursue further growth in better-for-you confectionery and snacks.
