Snacking has captured the American consciousness and there’s no way consumers are going to let go. Clio Snacks, creator of the Greek yogurt bar wrapped in chocolate, is supporting this snacking desire by recently closing an $8 million funding round led by investment partner Alliance Consumer Growth (ACG). (AF Ventures, a leading venture capital fund, also participated in the round.)
"People try Clio because of its functional attributes but come back again and again because it tastes so delicious. Clio has disrupted the refrigerated bar and yogurt categories by bringing in new consumers for an indulgent snack or dessert occasion," said Heather Cox, President at Clio Snacks.
According to a press release, this funding comes as Clio Snacks becomes one of the fastest turning brands within the refrigerated bar category, merging functionality with indulgence.
"Clio is at the forefront of the healthier snacking movement with its unique and creative snacking options. The brand has found the perfect balance between indulgence and better-for-you consumption, which is evidenced by its impressive growth in terms of distribution and performance on-shelf. We are thrilled to support Clio's continued growth and look forward to seeing the company evolve as a leader in the fresh snacking category," said Julian Steinberg, Co-Founder and Managing Partner at ACG.
With a strong value proposition, Clio experienced over 100 percent growth over the prior year.
The brand itself saw a growth of 57 percent in distribution, which included inking expansion deals with retail partners such as Whole Foods, Target, and Wegmans. Additional growth was seen in same store sales with existing partners, including Walmart and Costco.
"Offering families a better-for-you, yet indulgent, convenient snacking solution in the now-present grab-and-stay consumption environment, our network of partners are uniquely qualified to support the expansion of Clio's cold-chain footprint as we grow the company to be the independent leader in quality, refrigerated snacking," said Jordan Gaspar, President and Managing Partner of AF Ventures. "We couldn't be prouder to welcome this impressive team into the AF family of brands."
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