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Elizabeth welcomes Tom Spier, founder and managing partner of Boulder Food Group, a VC firm focused on consumer packaged goods. Tom shares his journey from an early employee at BareNaked to selling the company to Kellogg's, and then co-founding Evolved Foods before transitioning to investing. Tom provides some great insights on building successful CPG brands, the importance of innovation, strong supply chains, and surrounding yourself with the right people. He also shares advice for navigating the ups and downs of entrepreneurship, tips for making a great first impression, and going for your idea with gusto. Say Hi To Elizabeth and Purely Elizabeth: Website | InstagramTom: Boulder Food Group Mentioned:OlipopBobo's Vacation Mineral Sunscreen
Upon viewing Mid-Day Squares’ Instagram page for the first time, you might be wondering why the brand’s three founders are so prominently featured and look more like modern pop stars and streetwear models than the owners of a food brand. However, the portrayal of Lezlie Karls Saltarelli, Nick Saltarelli and Jake Karls as millennial celebrities is part of a thoughtfully curated social strategy and a purposeful business model that has helped Mid-Day Squares become one of the hottest brands in CPG. Launched in 2018, the Montreal-based brand, which markets a three-SKU line of refrigerated snack bars described as “everything a chocolate bar isn't, and everything a protein bar wishes it was” is carried throughout Canada and is rapidly expanding distribution in the U.S. at retailers including Sprouts and Whole Foods. Backed by a total of $8 million in funding, including financing from investment firms Boulder Food Group and Selva Ventures, Mid-Day Squares expects to generate $10 million in revenue in 2021 and has a goal of reaching $100 million in sales within three years. The brand’s fast growth and vision has already attracted the interest of The Hershey Co., which reportedly saw its offer to acquire the company rebuffed by its founders. In an interview featured in this episode, Karls Saltarelli, Saltarelli and Karls spoke about how Mid-Day Squares has achieved its rapid start and upward trajectory, including lessons from prior entrepreneurial endeavors, as well as the keys to its unique and compelling social strategy and why a commitment to clean ingredients and consistent communication with the brand’s consumers gave the brand a solid foundation on which to build. They also explained why a business therapist has been vital to their development as co-founders and leaders, why vulnerability and love are cornerstones of the brand and why they plan to keep the company independent. Show notes: 0:40: Interview: Lezlie Karls Saltarelli, Nick Saltarelli and Jake Karls, Co-Founders, Mid-Day Squares -- The co-founders sat down with Taste Radio editor Ray Latif for an expansive conversation, including why “transparency is Mid-Day Squares' currency,” as well as how data validated the initial concept, why it took some convincing to get one of the founders on board and the reasons behind the brand name. They also discussed how they incorporated lessons from other startups into Mid-Day Squares, the influence of “Shark Tank” in their social efforts and why they identified non-traditional grocery sets for snack bars as key to their retail strategy. Later, they explained how they present their vision to investors, why they turned down an offer to sell the company and shared their plans for the brand’s next stage of development. Brands in this episode: Mid-Day Squares, Perfect Bar, Reese’s, Flow Hydration, Hydrant, 5-hour Energy, Kind Snacks, RXBAR
Welcome to episode 53! We speak with Nik Ingersöll about entrepreneurship, freedom and creating a meaningful life. Nik was born and raised in the rural farmland of Western Nebraska on a dirt road across from fields of sheep, cattle, horses and straw. He grew up in a family without a lot of money, no college fund and no fallback plan. At the age of 13, he decided his plan was to go to California for college and start a business. And if you listen to the episode, you'll understand that Nik far exceeded his dream :) Nik is Co-Founder & Chief Marketing Officer of Barnana. He personally designs everything for the brand and its packaging. Barnana has received numerous accolades from top press for the product, growth and mission to end food waste. The Company also boasts some top tier investors on-board including Boulder Food Group, Brad Feld, Mark Rampolla, Finn Capital Partners, Verde LLC and others. Find Nik on IG: @ingersollnik and Twitter: @ingersollnikCheck out Nik's awesome podcast, The Nik Ingersöl Show anywhere you listen to podcasts. Deyus Life is a show about interesting people and interesting conversations. Have a question or want to be featured on the show? Email deyuspod@gmail.com or visit deyuspod.com. We read and respond to EVERY email - including yours.
Today I’m joined by Dayton Miller, Managing Partner at Boulder Food Group. In this episode, we talked about investing in better-for-you brands, breaking into food and beverage, the four variables Dayton looks for in a startup, and where the category is heading next. About Dayton: Dayton previously co-founded Function, a venture-backed health and wellness beverage company, which Dayton built from idea-conception to $20 million in retail sales until its acquisition by Sunsweet Growers, Inc. Prior to Function, Dayton was an executive in the strategy group at The Walt Disney Company where he worked for over seven years focusing on mergers & acquisitions and operating strategy. Dayton began his career as an analyst in investment banking and spent time as a management consultant for Bain & Co. Dayton serves on the Board of Directors for the Harvard Business School Alumni Association of SoCal and also serves on the Leadership Council of the Fulfillment Fund, an LA non-profit focused on underprivileged youth and education. Dayton was born and raised in Baltimore, MD where he attended McDonogh School. Dayton received his BA from Vanderbilt University and his MBA from Harvard Business School. More from Fitt Insider >> Fitt Insider is a weekly newsletter and podcast about the business of fitness and wellness. From product launches and funding news to game-changing innovation, Fitt Insider provides listeners with insights and analysis on this ever-evolving industry. Join your peers and colleagues from companies like Equinox, Apple, Peloton, Goldman Sachs, Nike, and ClassPass by subscribing. Website: http://insider.fitt.co
It’s remarkable to think that Caulipower made its market debut just three years ago. Since its launch in January 2017, the vegetable-forward brand, best known for its gluten-free, cauliflower crust pizzas, has developed into one of the fastest-growing food companies in recent memory. Caulipower, which also markets cauliflower-based tortillas and cauliflower-crusted chicken tenders, generated $45 million in revenue in 2018 and an estimated $100 million last year. Despite having no experience in the food industry prior to launching the company, founder and CEO Gail Becker has grown Caulipower into the fastest growing frozen pizza brand in America, available in over 25,000 retailers and 5,000 restaurants across the U.S. and Canada. In an interview included in this episode, Becker spoke about the swift rise of Caulipower and why she felt compelled to leave behind a successful career to start the brand. She also discussed the value of taking risks, how she identified and partnered with early-stage investors and why humility is critical for success. She also explained why Walmart was the right fit for Caulipower early into its development and why she believes in the power of food to unite disparate communities. Show notes: 2:46: Gail Becker, Founder/CEO, Caulipower -- NOSH editor Carol Ortenberg met with Becker at Caulipower headquarters in Los Angeles where the entrepreneur spoke about her inspiration to launch the brand and how supportive partners were key to its fast start. She also explained why investment firm Boulder Food Group chose to “bet” on her and how she rewarded the initial support, why she feels like “the most grateful and fortunate person on earth” and her experience as a judge in NOSH Live’s Pitch Slam competition. Later, she discussed how her family is involved in Caulipower, breaking traditional “rules” for packaging and retailing of a food brand, why she believes a “first to market advantage is everything” and how she handles growing competition. Becker also spoke about why brands should avoid making consumers feel bad about food choices, why working at her father’s store as a five-year-old taught her “everything” she needed to know about the food business and the reason that she is always wearing green clothing.
From better-for-you to permissible indulgence, snack SKUs have ballooned in recent years. The Colorado investment firm tells BakeryandSnacks what makes a brand worthy of investment.
From better-for-you to permissible indulgence, snack SKUs have ballooned in recent years. The Colorado investment firm tells BakeryandSnacks what makes a brand worthy of investment.
Attracted to recent high-dollar acquisitions, consumer demand for healthy and sustainable options, and the opportunities created by a diversifying retail landscape, the number of investors flocking to the food and beverage industry continues to grow exponentially as does the amount of capital they are betting on increasingly earlier stage companies.
Attracted to recent high-dollar acquisitions, consumer demand for healthy and sustainable options, and the opportunities created by a diversifying retail landscape, the number of investors flocking to the food and beverage industry continues to grow exponentially as does the amount of capital they are betting on increasingly earlier stage companies.
August Vega is a “go big or go home” kind of entrepreneur. The founder and CEO of MALK, a super-premium brand of organic nut milks, Vega cut her teeth in the beverage business selling her wares at farmers markets in Houston. From the outset, Vega had lofty ambitions: she wanted to develop MALK into a billion-dollar brand. “I believe that we are in control of our own destiny, and why shoot for a low bar?” she said in an interview included in this episode. “It is a high bar… but we’re seeing a pretty big evolution in the plant-based space, not just from a dairy perspective, but in meats -- it’s everywhere. And I think there’s potential.” Since launching the brand in 2014, Vega has maintained that focus and made strides toward her goal. MALK is sold nationally at Whole Foods and carried at a variety of mainstream grocers and mass retailers, including HEB and Target. In an interview included in this episode, Vega spoke about the origins of MALK and why she envisioned it as a billion-dollar brand from the outset. She also explained why data has been critical to the company’s development and the variety of ways it sources sales information and consumer feedback. Vega also discussed how MALK considers innovation and investment and talked about how she navigated the company through a particularly challenging period. Show notes: 1:09: Steeped in Specialty Coffee -- The hosts kicked off the episode with a discussion about innovative and interesting coffee brands featured at the recently held Specialty Coffee Association Expo. Among notable brands viewed at the annual trade show, hosted in Boston from April 11-14, were Steeped, a maker of bagged coffee grounds, and Elemental Beverage Co., a manufacturer of commercial appliances that chill fresh-brewed coffee in 60 seconds. The hosts also chatted about the latest issue of BevNET Magazine, which includes feature articles on the premium water category, powder beverages and craft beer as well as a comprehensive listing of functional beverages marketed in the U.S. 14:59: Interview: August Vega, Founder/CEO, MALK -- Recorded at Natural Products Expo West 2019, Vega spoke about the coincidental ties between MALK and a fictional brand featured in “The Simpsons” and how dairy allergies in her family and dissatisfaction with nut milk brands led her to create MALK. She also explained why MALK doesn’t use the word “milk” on packaging or marketing, why data drives much of its business and innovation strategy and why Boulder Food Group is the right investment partner for the company. Later, she discussed the controversy surrounding MALK’s use of high pressure processing as a safety step and how she addressed concerns about the products, and what she views at the near future for the brand. Brands in this episode: MALK, Steeped Coffee, Sudden Coffee, Blume, Roasterie, Atomic Coffee Roasters, Izzy CBD, Elemental Beverage Co., Essentia, Core, C4
Dayton Miller, Managing Partner of Boulder Food Group, joins host Scott Curry to share how his venture capital firm assesses potential investments amongst the titanic shift in consumer mindset and buying behaviors underway in food and beverage, and offers his red flags for entrepreneurs.
If you want to get the attention of Boulder Food Group (BFG), a venture capital firm that recently launched a new $100 million fund, having a memorable package design is a good way to start. Launched in 2014 by industry veterans Tom Spier and Dayton Miller, BFG has made early-stage investments in several innovative and socially conscious food and beverage brands, including Chameleon Cold-Brew, Caulipower, Birch Benders and MALK. In an interview included in this episode of Taste Radio, Spier explained why visual appeal is a key factor in BFG’s investment criteria and paramount to the success of young brands. “If you can deliver the right visual representation -- and then also the taste and the price -- you can steal a disproportionate amount of category share with that combination,” Spier said. “But if you’re lacking the visual appeal, that gets to be a lot more difficult. So we really do try to identify brands that really are beautiful, unique, memorable -- brands that are going to get a consumer to stop in a store, take a look, pick it up and, hopefully, buy it.” Also in our interview, Spier and Miller discussed their backgrounds in food and beverage, how BFG curates its portfolio and what they view as the value-added nature of the firm. They also spoke about why BFG likes “to scale into [its] investments” and shared their perspective on innovative concepts and what brands need to bring to the table in an investor meeting. Show notes: 1:40: Post-Show, Now Is The Time for More Expo-sure -- The hosts reflected on Expo West 2019, and discussed the importance of brands to maintain momentum from the show, particularly if they launched new products at the event. Also: Mike re-enacted a spicy adventure and spoke about a couple new cascara products featured at Expo West. 10:03: Interview: Tom Spier & Dayton Miller, Managing Partners, Boulder Food Group --- As part of our interview, recorded at Expo West 2019, Spier and Miller spoke about Boulder Food Group’s investment philosophy and how it evaluates and identifies synergies with entrepreneurial brands. They also discussed the environment for food and beverage investment and how it has evolved in recent years, and the data that can make or break an investor pitch. Brands in this episode: Fire Cider, Fermenting Fairy, Riff Cold Brewed, Up to Good, Chameleon Cold-Brew, Olipop, MALK, CAULIPOWER, 4th and Heart, Birch Benders
Today, we're talking with Ben Fenton of Boulder Food Group about the do's and don'ts if you're looking for outside investment for your food or beverage company. Ben is a VP over at BFG, which if you're not familiar with this firm, is a venture capital group that partners with early stage food and beverage brands, and they partner with some brands like Barnana, Birch Benders, Chameleon Cold-Brew and plenty more. In this episode, you'll learn: What firms like BFG consider potential red flags when assessing potential brand partners Which metrics on your income statement are the most important to investors What founder attributes make you more marketable to VC's ...and plenty more. If seeking outside funding is on the horizon for your company, you'll have plenty to learn from Ben in this episode.