Led by Enlightened Hospitality Investments,
co-founded by Danny Meyer, the
capital will help fuel the growth of the popular spoon-free,
high-protein oats brand
TEMPE,
Ariz., July 29, 2024 /PRNewswire/ -- Today, Oats
Overnight (OON) announces that it has raised $35M in Series B capital. 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.
"We are thrilled to have EHI as a partner on this next chapter
of growth," says Brian Tate, founder
and CEO of Oats Overnight. "This capital will help us continue our
expansion in the retail channel, further develop our manufacturing
and distribution footprint, and drive new innovation in
collaboration with our community of subscribers."
Enlightened Hospitality Investments is a pioneering investment
firm that fuels growth in people-first organizations. Co-founder
and Managing Partner Danny Meyer along with the rest of the EHI
team brings their unparalleled expertise and experience in
consumer-facing businesses to the venture.
"We are proud to partner with Oats Overnight to join them on
their mission to make nutrition both craveable and convenient,"
says Meyer. "We are impressed by their innovative approach to
product development and ability to commercialize product lines
across digital and retail footprints."
Founded in 2016, Oats Overnight 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.
"Now more than ever, consumers are looking for protein-rich,
craveable food," says Nina McKinney,
Oats Overnight Chief Strategy Officer. "Our model allows us to
create products that meet these expectations faster than ever
before. Working directly with subscribers to fine-tune these
formulas pre-launch ensures our innovation pipeline is always in
line with consumers evolving preferences."
To support iterative product development and its growth, Oats
Overnight has made significant 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. This capital
investment will continue to support the build-out of the company's
manufacturing, fulfillment, and product development
capabilities.
"Controlling the process from procurement to fulfillment has
been a key tenet of our business since inception," says
Vincent Comerford, Oats Overnight
Chief Operating Officer. "Complete ownership of our supply chain
increases resilience while owning manufacturing allows us to
produce high-quality products in an iterative way. This process is
critical for executing our product development strategy."
About Oats Overnight
Oats Overnight is a spoon-free,
high-protein oatmeal that is prepped at night and ready when you
wake up. The company was founded in 2016 by former professional
poker player, Brian Tate in
Tempe, AZ. He created the first
recipes while looking for a better way to fit a nutritional
breakfast into his busy schedule. Over 50 flavors have been created
to date in their owned manufacturing operations in Arizona and Ohio. To learn more about Oats Overnight,
visit oatsovernight.com or @oatsovernight on Instagram.
About EHI
Enlightened Hospitality Investments (EHI) is
a value-added strategic investor formed to leverage the brands,
businesses, and team of Union Square Hospitality Group to identify
growth potential and investment opportunities in both internal and
outside ventures. EHI partners with portfolio companies to provide
strategic direction, operational experience, increased visibility,
and access to relationships, resulting in significant value
creation for all stakeholders. For additional information on
Enlightened Hospitality Investments, please visit www.ehi.fund.
Oats Overnight Contact:
PR@oatsovernight.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/oats-overnight-announces-35m-raise-in-series-b-capital-302208696.html
SOURCE Oats Overnight