Mondelēz International has made a majority investment in Undercover Snacks, the better-for-you snack company known for chocolate-covered and frosted quinoa crisps.
The investment is intended to help Undercover accelerate product innovation, distribution, and long-term growth while preserving the entrepreneurial culture that has driven the company since its founding.
Undercover will continue operating as a standalone business within Mondelēz International’s North America Ventures unit alongside brands including Perfect Snacks, Tate’s Bake Shop, and Hu Chocolate.
Founder Diana Levy will continue leading Undercover as CEO, while Michael Levy will focus on growth, strategy, and operations as President and COO.
Diana and Michael Levy will retain a significant minority stake and remain members of Undercover’s board.
Undercover was founded in 2016 after Diana Levy sought to develop a snack her family could enjoy following celiac disease diagnoses for two of her three daughters.
The company developed crispy quinoa snacks covered in chocolate and has since expanded into additional flavors and formats.
Undercover products are now sold in more than 25,000 retail locations, including Whole Foods Market, Target, Walmart, Kroger, CVS, Walgreens, Sprouts, and Albertsons.
Its products are also available through Amazon and other e-commerce channels.
Undercover has developed significant exposure through its relationship with United Airlines, which has distributed more than 175 million Undercover units as complimentary main-cabin snacks since 2023.
The company operates its own production facility and quinoa crisping operation in East Hanover, New Jersey.
Centerview Partners served as exclusive financial advisor to Undercover, while Goodwin Procter served as legal counsel.
Mondelēz generated approximately $38.5 billion in net revenue in 2025 and sells snacks across more than 150 countries.
KEY QUOTES:
“We are incredibly excited to partner with Mondelēz and begin the next stage of Undercover’s journey.”
Diana Levy, Founder And CEO Of Undercover Snacks
“Combining its world-class capabilities in sales, distribution, marketing, procurement and consumer insights with Undercover’s innovative products, entrepreneurial culture and passionate team creates tremendous opportunities to accelerate our growth.”
Michael Levy, Executive Chairman And Lead Investor Of Undercover Snacks
“This is an incredible milestone for all of us at Undercover, but we really view it as just the beginning.”
Diana Levy, Founder And CEO Of Undercover Snacks
