Last updated on August 5th, 2019 at 03:59 pm
Boulder, Colorado-based Bobo’s has closed $5.5 million in Series B1 funding led by BFG (Boulder Food Group), as well as current investors Ridgeline Ventures and BIGR Ventures. Bobo’s grew 70 percent in 2017, 45 percent in 2018, and anticipates 40 percent growth in 2019; this round of financing will continue to support the brand’s rapid growth.
Bobo’s is a natural food company and maker of freshly-baked whole grain snacks.
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 production of its oat-based products. In addition, funds also will be allocated to developing innovation in the coming year, helping to cement the brand’s position as a leader in healthy snacks.
Bobo’s also announced that Tom Spier, founder and managing partner of BFG, will be joining its board of directors. Spier brings a wealth of knowledge of the natural foods space to the brand and his expertise will be critical in the next phase of growth.
“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,” Spier said. “We are proud to join other Boulder-based partners and support Bobo’s in bringing their cravable, 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’re 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.”