In just the last year, natural food company Bobo’s has moved into a new baking facility and added over 100 employees to accommodate its immense growth.
The Boulder-based company announced another major milestone this week, closing a $5.5 million Series B round led by Boulder Food Group, as well as current investors Ridgeline Ventures and BIGR Ventures.
Bobo's launched in 2003, baking handmade snacks and oat bars out of a Boulder kitchen. Since then, the company has developed 16 flavors of Bobo’s bars, six flavors of oat bites, four nut-butter filled bars and four toaster pastries. These gluten-free, vegan, kosher and non-GMO certified snacks can be found at grocery stores across the country.
The funding will be used to expand capacity at the company's new Loveland bakery and support further retail expansion, Bobo's said in a release.
The Loveland facility opened in January 2019 and partly houses Bobo’s 162 total employees. Increased capabilities at this location will allow the company to scale production of their oat-based products and allow for additional innovation in the healthy snack market.
Lead investor Boulder Food Group is a venture capital fund that seeks to partner with early stage food and beverage consumer product companies. It was founded by Tom Spier, co-founder of EVOL Foods, which was acquired by Boulder Brands, and COO of Bear Naked, acquired by Kellogg’s.
As part of the round, Spier will join Bobo's board of directors.
“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 in a statement. “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.”
As Bobo's continues to grow, the company said it is hiring for a handful of administration and production roles at the bakery. Prior to this round, Bobo's raised an $8 million funding round in 2017.
