Awakened Foods, a US business created this year through the merger of Ka-Pop Snacks and Bubba’s Fine Foods, has received a “significant” investment from private-equity firm Clover Vitality.
Awakened Foods is described as a holding company for Ka-Pop Snacks, Bubba’s Fine Foods, and Awakened Food Crafters, a co-manufacturer and private-label business led by CPG veteran and ex-investment banker Dustin Finkel, and Jeff Schmidgall, who was the co-founder and CEO of Bubba’s Fine Foods.
A spokesperson for Awakened Foods said the company would not be disclosing the investment amount when approached by Just Food to clarify if Clover Vitality had taken a stake in the business in return for the capital injection, and only said “it is meaningful progress towards our total raise amount”.
Finkel, who is the chief executive of Awakened Foods, said: “We have shown since our merger in January that Awakened Foods creates synergies and scale to unlock significant, profitable growth aligned with major market trends in natural foods. We will continue to exceed investor expectations by using this investment to drive core portfolio acceleration through innovation and marketing.”
Ka-Pop Snacks, which like the holding company is based in Colorado, produces popped vegan snacks made from the grain sorghum. The snacks are gluten-free, non-GMO and allergen-friendly, with listings in Kroger and Thrive Market.
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Colorado-based Bubba’s Fine Foods makes branded paleo and keto snacks and granola, as well as private-label products. Its branded products are available on Amazon.
Alex Schneider, a co-founder and manager of Clover Vitality, added: “We have followed Awakened and its predecessor brands for years and are excited about its products and growth. We believe Ka-Pop and Bubba’s decision to merge and vertically integrate its production strongly positions it in a rapidly evolving category. We are excited to provide funding to help it further accelerate its growth.”
The funds raised will be used to support marketing campaigns across the group’s business and to “fuel over 20 new innovation items that have, or will launch, this year from our branded business and continue to staff our team to support our growth plans”, the spokesperson added.