Redd Bar exceeds new round of investment goal by 30%
Courtesy / Redd
Alden Blease, founder of Redd, a Portland-based line of vegan superfood energy bars, announced this week that its second investment round had closed, exceeding its $1.5 million goal by 30%.
Portland-based protein and energy bar company Redd Bar closed a second round of investments last week higher than expected, exceeding its $1.5 million goal by 30%.
In 2016, the company raised $1 million.
Alden Blease, founder and chief creative officer, said the company was raising money “because we’ve had such an incredible increase in business.” Proceeds will be used to increase distribution and support the increased business.
The company recently announced new distribution in Sprouts, Gelson’s, New Seasons and California Whole Foods markets. The vegan protein bar is now found in more than 1,000 stores, including locally in Hannaford supermarkets, Blease said.
This round of investors, led by Dan Nordstrom of Redd Investors LLC, includes Fresh Tracks Capital and CEI Ventures, as well as Chris Licata, former CEO and president of Blake’s All Natural; Scott Case, former managing partner of VMG partners; and Tyler Ricks, president of Noah’s Bagels.
The news release said the investors will not only be contributing money, but “with such and accomplished and respected group, Redd also gains valuable strategic advisors.”
“The key attributes we look for in investors are folks who have been through this journey before and have the scars to prove it,” Redd CEO Peter Van Alstine said in a news release. “When people have been down this road, they can add significant value so we can make few mistakes and execute more consistently.”
Blease began making the bars by hand years ago, and the company as it is now began in 2014. He said in a telephone interview that he originally designed it “to be the best bar on the market.”
“We’ve created a culinary experience out of something that hasn’t been a culinary experience in the past,” he said.
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