The investment makes Nutrabolt Bloom’s largest investor. This investment is part of a larger $90 million financing that also includes veteran CPG investor Clayton Christopher and consumer investment firm Amberstone.
Bloom debuted as a direct-to-consumer business and has since evolved into an omni-channel company anchored by its popular Greens and Superfoods product. Bloom currently claims the #1 spot for Greens brand in the U.S. and boasts impressive growing over its short history.
The US greens category has experienced impressive growth in recent times. According to data from SPINS, sales of Greens in the mainstream retail channel grew by 145% in 2023 vs 2022, totally $116.6 million for the 52 weeks ending December 31, 2023. In the Natural Channel, SPINS recorded an additional $41 million in sales.
According to a press release from the companies, the investment will provide strategic growth capital to fuel and accelerate many key areas of Bloom’s business —namely demand-generation activities, product innovation and expanding internal capabilities to support the growing business.
“We are very excited to partner with Mari and Greg, two outstanding entrepreneurial founders, during the next phase of their company’s growth,” said Nutrabolt’s Chairman and CEO Doss Cunningham. “They’ve built an incredibly strong brand and business over the past 4.5 years, yet there is still tremendous whitespace to pursue in the form of new product platforms and distribution opportunities.
“It’s rare to find people like Mari and Greg who are so passionate about a lifestyle that they decide to make it their life’s work and create a business around it, but that is what happened here,” Cunningham added. “Beyond their impressive growth and category leadership, it was their authenticity and love for the space that attracted Nutrabolt most to this opportunity.”
The Bloom co-founders remain the majority shareholders. As part of this investment, Doss Cunningham will represent Nutrabolt on Bloom’s Board of Directors. Clayton Christopher will also join the Bloom board.
'Scale effectively, fuel sales growth and accelerate innovation'
Greg LaVecchia, co-founder of Bloom Nutrition, said the company is “thrilled” to partner with Nutrabolt for its next stage of growth. “Their expertise and resources as industry leaders will enable us to scale effectively, fuel sales growth and accelerate innovation. This is a significant leap forward, and we could not be more excited to embark on this next phase of growth together,” he said.
Llewellyn added that the company’s goal has always been to “help everyone ‘bloom’ into their best selves through nutritious and delicious supplements. It’s an incredible honor to have Nutrabolt join us in extending our mission further”.
Jeffries LLC served as financial advisors to Nutrabolt with Goodwin Proctor LLP and Polsinelli acting as legal counsel to the company. Intrepid served as financial advisors to Bloom Nutrition with Buchalter and Giannuzzi Lewendon acting as legal counsel.