The Western New York Impact Investment Fund has made an investment of $500,000 in Ru’s Pierogi, LLC, a manufacturer and distributor of specialty pierogi based on the Lower West Side of Buffalo, N.Y. The fund will have a minority ownership stake in the company.
“The Western New York Impact Investment Fund is pleased to announce our partnership with Ru’s Pierogi, a specialty pierogi manufacturer and distributor with promising market potential. Ru’s Pierogi is a key part of the revitalization of Buffalo’s Lower West Side, a neighborhood where more than 40 percent of residents live in poverty, according to the U.S. Census Bureau’s 2015 American Community Survey,” said Thomas. P. Quinn, chief executive officer, Western New York Impact Investment Fund. “Our investment in Ru’s Pierogi will spur needed employment and job training opportunities as the company continues to grow, which aligns with the mission of our fund,” he added.
Read more about Ru’s Pierogi here.
Established by Zack Schneider in 2014, Ru’s Pierogi offers traditional pierogi with a contemporary twist. With flavors like Asian pork, goat cheese, cheddar potato and chicken wing, its pierogi are available at the company’s Lower West Side headquarters as well as Tops, Wegmans and several regional restaurants. The investment by the Western New York Impact Investment Fund will help advance the growth of Ru’s Pierogi as it works to increase its manufacturing capacity and expand to more grocery stores and retail locations.
“Aside from making delicious food, one of our goals when starting Ru’s was to help transition an underserved neighborhood,” said Mr. Schneider. “Around 90 percent of our workforce comes from the surrounding community. We’re proud that people from all over WNY and beyond visit Ru’s and get a taste for not only our pierogi, but the local flavor as well. As Ru’s continues to grow, we look forward to expanding our footprint and helping the local community to thrive. Thanks to the Western New York Impact Investment Fund, that will happen sooner than we anticipated.”
The seed fund Launch NY invested in Ru’s Pierogi last year.
“As Ru’s first institutional investor, our goal was to help position the company to attract additional capital,” said Marnie LaVigne, president & CEO of Launch NY. “We are so pleased that our mentorship, business support services, and seed capital are being joined by participation from our ecosystem partner, the Western New York Impact Investment Fund, to fuel Ru’s growth.”