Venture capital firm Boulder Food Group cashed in last week when Nestle bought organic coffee brand Chameleon Cold-Brew as the food giant sought to expand its coffee offerings.
Financial terms were not disclosed, nor would BFG share how much it made on the deal. Founder Tom Spier said the firm was the lead and only investor. Securities and Exchange Commission records show that raised $4 million in August 2015.
“We certainly feel really good about it,” Spier said.
The brand was one of the first investments for BFG, which began fundraising in 2014 and secured $33.3 million, according to SEC documents. It has made nine picks so far, including , and Quinn Popcorn (now Quinn Snacks).
Its most recent investment was in L.A.-based Caulipower, a maker of frozen pizzas and crusts made with cauliflower rather than wheat flour, which appeal to gluten-free consumers. BFG put $2 million toward the nascent brand, which is in 6,500 retailers nationwide after launching in March of this year.
Chameleon, too, grew quickly after its infusion of cash from BFG. The brand can be found in more than 10,000 U.S. retailers and last year sold more than 4 million bottles, beverage industry publication BevNET reported.
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