Clio Snacks Announces Latest Capital Raise to Support Continued Explosive Growth

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Nov 15, 2022, 11:03 ET

Alliance Consumer Growth Led the Round with Participation from Professional Athletes Maria Sharapova and Jayson Tatum; Company Expands Executive Team with Hiring of John Thompson and Rafael Rodas

PISCATAWAY, N.J., Nov. 15, 2022 /PRNewswire/ -- Clio Snacks, a unique, vertically integrated brand that sits at the intersection of yogurt and refrigerated snacking, has announced a strategic capital raise, which was led by long-term partner Alliance Consumer Growth (ACG) and other key partners, including professional tennis player Maria Sharapova and NBA player Jayson Tatum.

Clio will use the funds to further expand its multi-channel retail distribution footprint and continue to build market share, while growing the brand's household penetration, enhancing its manufacturing facilities, and accelerating its position as a category leader in the refrigerated bar segment through product innovations like its new parfait products and multi-pack offerings.

Clio has achieved several notable milestones recently, including: +30% year-over-year revenue growth; innovative new product launches, including Vanilla Almond Granola & Yogurt Parfait Bars, Chocolate Greek Yogurt Bars and Salted Caramel Mini Greek Yogurt Bars; and expanded distribution with premier retailers across a variety of channels, resulting in further solidification of Clio's multi-channel, multi-day part positioning. Coinciding with this latest capital raise, Clio expects to reach profitability in 2023, while maintaining strong gross margins and substantial revenue growth.

"Clio is a long-term partner of ACG and one of the most exciting brands that we've seen. We're thrilled to have led the company's most recent fundraising round," said Julian Steinberg, Co-Founder of Alliance Consumer Growth. "Clio is forging an entirely new category of refrigerated snacks, and the innovation pipeline that they're building is unlike any other available products in the market today."

"This raise is a crucial moment for us during a pivotal year of growth and expansion," said John McGuckin, CEO of Clio Snacks. "We're thrilled to continue to grow our team, expand distribution and debut new product offerings that address the needs of today's consumers. It is a true testament to what we are doing here at Clio."

In addition to completing this latest capital raise, Clio has appointed two new members to its executive leadership team: John Thompson as Chief Financial Officer and Rafael Rodas as Chief Operating Officer.

With a proven track record of success at both privately and publicly held companies ranging in size from $20 million to $250 million in sales, John Thompson is prolific in establishing the proper infrastructure and high-performance teams to support profitable growth. He has more than twenty years of experience in senior finance roles, and fifteen of those were spent working with CPG companies like Quickie Manufacturing and SodaStream. Before joining Clio, Mr. Thompson was the vice president of finance for seven years at SodaStream, a part of PepsiCo and the world's leading sparkling water-making brand, providing the necessary financial acumen and leadership to the organization as it experienced significant revenue growth, gross margin improvement and higher operating income.

Rafael Rodas has more than twenty years of experience in operations and supply chain management, both as an operator and as a management consultant. Prior to his role at Clio, Mr. Rodas led U.S. operations at SodaStream in support of the company's rapid retail and direct-to-consumer growth strategies. Before SodaStream, Mr. Rodas managed the North American operations of Alpargatas S.A., Latin America's largest footwear manufacturer, where he worked to articulate and lead the implementation of the company's direct-to-consumer strategy.

"Clio's future is extremely bright and we have big plans ahead for our brand," said McGuckin. "This momentum in both revenue and retail growth is only further solidifying Clio Snacks as the fastest-growing refrigerated bar brand."

To learn more about Clio Snacks, please visit www.cliosnacks.com.

About Clio Snacks

Clio Snacks was founded in 2015 by Sergey Konchakovskiy, who created the world's first Greek yogurt bar wrapped in a chocolatey coating after discovering a leftover batch of strained Greek yogurt that resulted in a cheesecake-textured snack. He soon realized that, when wrapped in chocolate, this was a delicious, convenient way to enjoy yogurt. Today, Clio is a leading refrigerated bar brand offering handheld Greek Yogurt Bars available in several varieties: Original, Minis, Less Sugar and Granola & Yogurt Parfait. Clio products combine the benefits of whole milk Greek yogurt - which is high in protein and probiotics - with an irresistible cheesecake-like texture and decadent dark chocolatey coating. Available in grocery stores nationwide and online at cliosnacks.com, Clio's portfolio of better-for-you snacks that taste like a treat are empowering consumers to love what they crave. To learn more, please visit www.cliosnacks.com, Instagram or Facebook.

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SOURCE Clio Snacks