PORTLAND, ORE. — Honey Mama’s, maker of refrigerated cocoa truffle bars, has closed a $10.3 million Series A funding round led by Amberstone, a San Francisco-based investment firm. The company plans to use the proceeds for brand building, emerging channel development and product innovation.
Portland-based Honey Mama’s was founded in 2013 by former bakery owner Christy Goldsby. The bars feature a base of raw honey, unrefined coconut oil, cocoa and Himalayan pink salt, plus such flavor combinations as lavender and rose petals, tahini and tangerine oil, and Vietnamese cinnamon and cayenne. The products are free from refined sugar, soy, eggs, dairy, gluten and grains, and are available in more than 3,000 retail locations nationwide and online at honeymamas.com.
“Consumers are truly joyous when they experience our one-of-a-kind bars that prove wellness can go hand in hand with indulgence,” Ms. Goldsby said. “The only question then becomes what flavor is their favorite. Our mission to change how people think and feel about indulgence is at the center of everything we do. From day one, Amberstone has brought a shared belief in this objective — Honey Mama's is altering the food conversation and they see we are onto something big.”
In recent months, Honey Mama’s introduced a brand refresh, expanded its presence in the natural channel and extended its footprint to emerging online marketplaces and conventional grocery stores. In July, the company completed a nationwide expansion with Whole Foods Market. Honey Mama’s expects to close the year with “dramatic revenue growth,” said Jared Schwartz, chief executive officer.
The Series A funding was completed in two phases, including $5.8 million last year and a follow-on round of $4.5 million in August.
“It is becoming abundantly clear that consumers understand and appreciate the attributes that are core to the Honey Mama's brand — clean, simple ingredients delivering a nourishing and delicious product — which is reflected in category-leading velocities on-shelf,” said Alexander Bernstein, managing partner at Amberstone. “In the time since we first invested, the team has executed a brand refresh, introduced incremental new product offerings, achieved national expansion, and is now launching into the leading conventional food retail chains across the country.
“We are thrilled to have the opportunity to deepen our commitment to Honey Mama's as they continue to build a category-defining brand.”