Colorado-based Bobo’s, the natural food company and maker of hand-baked oat-based snacks, has announced the close of $5.5 million in Series B1 funding led by Boulder Food Group (BFG).
The funding will be used to expand capacity at the new Loveland, Colorado bakery and support retail expansion while driving growth into additional channels. The brand’s Loveland facility opened in January 2019 and generated a 50 percent staffing increase to accommodate the growing demand for Bobo’s hand-baked bars. The increased capabilities of this location will be instrumental in allowing the brand to properly scale the production of their oat-based products. Also, funds will be allocated to developing innovation in the coming year, helping to cement the brand’s position as a leader in healthy snacks.
Boulder and Los Angeles -based BFG is a venture capital fund which seeks to partner with early-stage food and beverage consumer product companies. BFG was founded by Tom Spier, a Co-Founder of EVOL Foods (acquired by Boulder Brands) and COO of Bear Naked (acquired by Kellogg’s).
With the assistance of current investors, Ridgeline Ventures and BIGR Ventures, Bobo’s grew 70 percent in 2017, 45 percent in 2018, and anticipates a 40 percent growth in 2019 with this round of financing.
“BFG is thrilled to partner with Bobo’s who has become a staple in the Colorado community and beyond, providing a delicious product the entire family can enjoy without compromising on taste or ingredients,” says Tom Spier of BFG. “We are proud to join other Boulder-based partners and support Bobo’s in bringing their craveable, wholesome oat-based snacks to homes across the country.”
Bobo’s CEO TJ McIntyre added, “We are proud to add Boulder Food Group to our group of great PE partners. They’ve invested in some of the fastest-growing brands in natural foods, and we look forward to benefiting from their insights. Also, Tom Spier loves Bobo’s first and foremost for our taste and quality, and that’s exactly why we are so excited about this partnership. He and I have known each other for many years, and we are both psyched to finally and formally work together.”
