The Naked market, a food and beverages startup based in San Francisco, has raised $27.5 million in Series A funding to create a new market of consumer products for Millenials.
The funding round was led by Integrated Capital with participation from Great Oaks Venture Capital, Pacific Tiger Group, Sope Creek Capital, and Clearco. This brings the total funding raised by the startup to $33.5 million. Jeffrey Yam, Executive Director at Hong Kong-based Integrated Capital, referred to the firm’s participation by stating:
“The Naked Market has built a unique portfolio model that allows the team to hone in on multiple snack products that not only lead with superior flavor and better ingredients, but are at the forefront of trends as they emerge. The technology and infrastructure they have built to create and scale multiple brands is something we believe will catapult them to being the next big incumbent in the food and beverage sector.”
The Naked Matter was founded back in 2019 to create better-for-you food brands specifically designed for the needs and tastes of millennial consumers. So far, the startup has developed and launched 5 unique brands: Flock Chicken Chips, AvoCrazy, Project Breakfast, Rob’s Backstage Popcorn, and Beach House Bowls. Harrison Fugman, Co-Founder and CEO of The Naked Market, said in this regard:
“While the demand for better-for-you products that meet a variety of dietary needs is at an all-time high, most consumers rarely see the full range of options available to them because big box brands tend to churn out items based on their legacy infrastructure and not today’s consumer needs.”
The startup uses a proprietary data tool that collects data from platforms like Shopify, Amazon, and search engines to determine which products have the most potential to catch the attention of Millennials in the United States. The funding will allow the startup to continue developing this tool while also boosting in-house incubation efforts, scaling existing brands, and focusing on acquisitions.