Laird Superfood, a producer of all-natural, functional superfood products, has raised $32 million through a private funding round led by co-working startup WeWork. This round brings Laird’s total funding to $43 million to date.
Headquartered in Sisters, Oregon, Laird Superfood was co-founded in 2015 by big wave surfer and entrepreneur Laird Hamilton. Born out of his personal regimen, the innovative company has a mission to provide simple, thoughtfully formulated, and clean superfoods to consumers.
Included in the company’s product portfolio are turmeric-infused coconut waters, ultra-caffeinated coffee, ‘performance mushroom’ that the company states harness the power of various fungi, and nutrient-dense creamers for coffee, tea, and smoothies infused with medium chain triglycerides (MCT) oils.
The company, which has declined sharing its revenue data, began selling its products primarily online for the first two years after launching. Today, its products are sold in more than 1,000 grocery and retail stores across the U.S., and sales soared by 260 percent between 2017 and 2018.
Unlikely Connection
It is unusual that the lead of a funding round for a natural superfood company would be another startup in an unrelated space. However, in September of last year, WeWork launched its Creator Fund, a venture fund to invest in startups that have a role in advancing “the future of work”. Although it has not been made clear if this investment is indeed through this new fund.
Under the terms of the round, Laird Superfoods’ products will be made available to WeWork members at select locations throughout the U.S., and Arik Benzino, WeWork’s ‘Chief We Officer’ for the U.S., Canada, and Israel, will join Laird Superfoods’ board of directors.
“Laird Superfood products give you the fuel you need for a productive life,” said Benzino. “Their holistic approach to life balance is aligned with our mission and vision here at WeWork. We could not be more excited to support this amazing company’s growth and at the same time make their incredible products available to our WeWork members and employees.”
High Performance
With the growing popularity of diets such as the Keto diet, startups offering products infused with MCT oil are gaining investor capital
Similar to Laird Superfoods, Bulletproof 360 maker of science-based, high-performance foods and beverages, and the name behind Bulletproof Coffee which mixes single-origin Rainforest Alliance Certified black coffee with grass-fed butter, announced in August 2018 that it had raised $40 million through a Series C led by CAVU Venture Partners. The round also included Trinity Ventures, an early investor in Starbucks and Jamba Juice, and Silicon Valley Bank.
This round came little more than a year after CAVU led a $19 million Series B for the company in May 2017, which also included Trinity Ventures.
Riding a wave of consumer interest and investor backing, Laird Superfoods plans to use the funds it raised to boost product development, acquisitions, expand its team, and to meet the company’s significant growth goals.
“We are incredibly grateful to our investors and the community for their continued support,” said Paul Hodge, CEO and co-founder of Laird Superfood. “Our expansion will enable us to grow our product offerings, make room for even greater innovation and double down on our presence in the industry. This growth will add a great number of jobs in Sisters and the surrounding communities, across a variety of departments, and allow us to continue to stimulate our local economy.”
-Lynda Kiernan