Oats Overnight, a Tempe, AZ-based high-protein oatmeal brand, raised $35M in Series B funding.
The round was led by Enlightened Hospitality Investments (EHI) with participation from new investor Sonoma Brands Capital and from existing investors including Impatient Ventures, Singh Capital Partners, Morrison Seger Venture Capital Partners, and BFG Partners
The company intends to use the funds for the expansion in the retail channel, further development of its manufacturing and distribution footprint, and for innovation in collaboration with its community of subscribers. This capital investment will continue to support the build-out of the company’s manufacturing, fulfillment, and product development capabilities.
Led by Brian Tate, founder and CEO, Vincent Comerford, Chief Operating Officer, and Nina McKinney, Chief Strategy Officer, Oats Overnight is a high-protein oatmeal brand. Founded in 2016, the company brings customers directly into the R&D process. Each month, a new product is shared pre-launch with over 250,000 active subscribers and the R&D team communicates directly with customers to understand how the product is received. After the survey results are reviewed, the team decides whether to launch the product, as well as what tweaks to make to the formula. The best of these products end up online, as well as on retail shelves like Walmart, Target, Whole Foods, and more.
To support iterative product development and its growth, Oats Overnight has made investments into its manufacturing facilities. The company opened a new 62,000-square-foot facility in Ohio in 2023 and an 86,000-square-foot facility in Arizona in June of this year.
FinSMEs
29/07/2024