March 2, 2017

Boulder Investment Group Reprise (BIGR) has led an $8 million Series A for Boulder, Colorado-based nutritional oat bar maker, Bobo’s.

Founded in 2003, Beryl Stafford and her daughter, nicknamed “Bobo”, began baking small-batch oat bars using basic ingredients. The natural nature of the product, and the small-batch baking process employed in its production has won the company a loyal following.

“Bobo’s represents an evolution of the bar category, marrying a fresh-baked, handmade product with convenient, whole-food nutrition; we believe that to be a powerful combination,” said Duane Primozich, managing partner, Boulder Investment Group Reprise.

Since its beginning, Stafford grew the company organically, taking on debt financing when needed over the years, making this round, which also included Range Light LLC, the first outside capital invested in the company since its launch.

In December 2015 TJ McIntyre was brought on as CEO, and effectively expanded distribution from 2,500 stores to 5,000. However, the company now has its sights set on positioning itself to compete with national giants in the space including Kind and Cliff bars.

“We’re competing in a category that’s very engineered; where products are intimately formulated to land on the 50-yard line of a Nutrition Facts statement, but consumers see Bobo’s as real whole nutrition – something they could make in their kitchen with oats, sugar, and fat,” added Mcintyre told Food Navigator.

To be able to realize its targeted benchmark of exceeding $100 million in revenue, Food Navigator reports that Bobo’s has expanded its team, adding former Kraft and Vosges Haut Chocolate executive Cheryl Christian as VP sales, former executive with Crocs Mark Borden as VP finance, and former Cliff Bar executive Colin Berry as director of food service sales.

BIGR

In September 2016 Boulder Investment Group Reprise (BIGR) announced the closing of its newest fund, BIGR Ventures LP at $55 million following its launch in December 2015 with an initial tranche of $18 million.

BIGR Ventures LP plans to build upon the success of their last fund – Boulder Brands Investment Group (BBIG) that backed EPIC Bar, which was acquired by General Mills – and Suja Juice, which partnered with Coca-Cola. This newest fund will focus on investing in early-stage and startups companies focused on natural and organic foods.

Making investments of between $1 million and $15 million, BIGR Ventures LP had built a portfolio of companies that tap into the strongest driving trends in the food sector. Bobo’s joins: Hope Foods, a producer of a line of organic hummus; Live Beverages, a producer of traditional Kombucha drinks that come in a range of popular soda flavors, and the producer of the first Sparkling Drinking Vinegar; Bonafide Provisions, the top producer of organic bone broth in the U.S. that sources grass-fed beef bones and pasture-raised chicken bones; and REBBL, a beverage company that produces the world’s only line of organic and ethically sourced super herb elixirs.

Founded by Carole Buyers, Duane Primozich, and Bill Weiland – three executives that managed an investment unit of Boulder Brands prior to that company being acquired by Pinnacle Foods for $975 million at the end of last year – BIGR is backed by individual investors, natural food luminaries, and institutional investors, and plans to invest in up to 10 companies in its first five years.

“We’re thrilled to be able to continue the momentum we created with Boulder Brands Investment Group, and carry it forward into Boulder Investment Group Reprise,” said BIGR co-founder, Primozich. “We’ve had the privilege of partnering with some terrific brands and are humbled by the enthusiasm we have received for this next fund.”

-Lynda Kiernan

Lynda Kiernan is Editor with GAI Media and daily contributor to GAI News. If you would like to submit a contribution for consideration please contact Ms. Kiernan at lkiernan@globalaginvesting.com