A Bandon-based premium cheesemaker took home the top prize at the 2021 Oregon Angel Food competition. The event also saw three emerging companies awarded prizes and the announcement of a new partnership between event organizer Oregon Entrepreneurs Network and investor Black Founders Matter.
Face Rock Creamery was awarded the $220,000 investment from this year’s event. The money will be used to help the growing business expand its facility and get its products into more markets, said founder Gregory Drobot.
“Being located in Bandon, Oregon, a town of just over 3,000 folks, many times we feel like we're on an island and outside of the economic buzz of the larger cities in Oregon,” said Drobot in a written statement. “I am very proud that this money will be invested in a rural business, to fund growth through more local hires, and increased manufacturing.”
The business produces specialty cheeses using milk sourced from the greater Southern Oregon area.
Four food and beverage startups were finalists for OregonAF this year, an event organized by the Oregon Entrepreneurs Network. The event is not only meant to highlight locally made products but also help train would-be or new angel investors how to evaluate and back food and beverage companies.
Stew Yaguda, volunteer investment director for OregonAF, said investing in a food and beverage company is a specific type of endeavor. Many local investors have a background in technology, either hardware or software, and it’s a different market.
OregonAF had nearly 30 individual investors pool their money into the final pot. Also included was $50,000 from the state’s Oregon Growth Fund.
Evaluation for the competition consisted of speaking with founders, product tasting, mystery shopping and studying financials, according to organizers. Face Rock’s products are available in Costco, Kroger, Safeway and Whole Foods.
In addition to the grand prize, the event named three winners for a newly created Emerge Initiative between OEN and Black Founders Matter.
Leslie’s Lumpia, Khalsa Salsa and Kämä Hard Coffee each received $5,000 in non-dilutive grant funding to be used for business development. Sponsors of this award include News Seasons Market, Prosper Portland, Columbia Bank, Market of Choice and Oregon Section Institute of Food Technologists.
The Emerge Initiative is designed to level the playing field for founders of color who might not have the generational wealth of other entrepreneurs to be able to tap into “friends and family” rounds that usually help a business start, said Black Founders Matter Managing Director Himalaya Rao-Potlapally in a written statement.
OEN will support Emerge Initiative awards at each of its events including OregonAF, and Angel Oregon Tech.
“We’re honored that Black Founders Matter trusts OEN to provide an ongoing platform for the Emerge Initiative and will do the work of helping raise funds, engaging early-stage founders of color, and providing robust support to awardees,” said OEN Executive Director Amanda Oborne in a written statement.
