Food Innovator Hero Bread™ Announces Series B Fundraise and National Retail Launch in 2,300 Stores
Following incredibly strong consumer response, Hero Bread™ will expand distribution, first in Sprouts Farmers Market, followed by Albertsons in addition to other large retailers and continued availability online at hero.co and Amazon
SAN FRANCISCO, May 2, 2023 /PRNewswire/ -- Today, on the heels of their Series B fundraise, bringing total funding to date to $47.5M, Hero Bread™ is announcing the national retail launch of their revolutionary better-for-you bread and baked goods. Driven by a massive 54% consumer repeat purchase rate in the first five months on grocery shelves, Hero Bread™ is expanding distribution from 23 to 2,300 grocery retail stores with further growth expected in the back half of the year.
Amidst the challenging fundraising environment with many investors slowing their deployment of capital, strong sales of Hero Bread™ online and in regional grocery retailers demonstrated huge momentum to investors. The proceeds from the raise will be used to accelerate expanded availability of Hero Bread's groundbreaking product line in grocery retail as well as support future product innovation. Cleveland Avenue, DNS Capital, Union Grove Venture Partners, Composite Ventures, GreatPoint Ventures and The D'Amelio Family Fund, 444 Capital, invested in the round, bringing total funding to date to $47.5M.
"444 Capital is joining Hero Bread™ and fellow like-minded investors to revolutionize the baking category and help people on their journey to lead healthier lives," said Heidi D'Amelio, mother of social media and reality TV stars Charli and Dixie D'Amelio. "We look forward to supporting their continued expansion and growth by making better-for-you baked goods not only accessible but delicious."
Hero Bread™ disrupted the bread and baked goods category when it launched in 2021 and has been able to parlay rapid growth selling direct to consumers online into success in the retail channel. Hero Bread™ has previously been available on Amazon.com, where both the Hero Classic White Bread and Hero Classic Burger Buns quickly rose to become #1 Amazon best-sellers. Since launching direct to consumer sales in April 2022 at hero.co, 74% of purchasers have made a repeat purchase and 87% of the over 6,000 reviews to date rate Hero Bread™ products 5 out of 5 stars. In late 2022, Hero Bread™ launched for the first time in the retail channel and the repeat purchase rate is already 54% in the first five months on the shelves, with sales velocity surpassing expectations.
"This new funding will be essential to expanding our reach and fueling product innovation so we can further our mission of creating game-changing bread and baked goods," said Founder and CEO of Hero Bread™, Cole Glass, "Our early performance in the direct-to-consumer and grocery retail channels signaled to investors the incredible demand and quality of our products, so our priority going forward this year is accelerating availability to meet consumer demand both online and in retail."
Now, driven by massive product demand, Hero Bread™ is announcing its first natural channel distribution and first national retail launch at Sprouts Farmers Market, followed by launches in regional grocers Albertsons (across Texas & Louisiana), Tom Thumb, Randall's, Heinen's, and Buehler's Fresh Foods, in addition to other large retailers. By end-of-May, Hero Bread's most popular products will be available in 2,300 grocery stores across 32 states. Find Hero Bread™ at a retailer near you: www.hero.co/retail.
Consumers craving delicious bread and baked goods can continue to find Hero Bread™ products at all Just Salad and Freebirds World Burrito locations. Visit hero.co/find to find Hero Bread™ products at a restaurant or grocery store near you. For additional details on what Hero Bread™ is cooking up next, follow @hero on Instagram and Twitter, and @EatHeroBread on Facebook.
About Hero Bread™
Hero Bread™ is a San Francisco-based food innovation company, on a journey to help make humans more healthy and happier by evolving the joyful experience of bread and baked goods. Hero Bread™ products are just as delicious as the original but with 0-2g net carbs, 0g sugar, fewer calories and more protein and fiber per serving than the traditional version. Led by Founder and CEO Cole Glass, Hero Bread™ is backed by a roster of institutional strategic investors as well as seven-time Super Bowl champion Tom Brady, Kevin Durant and Rich Kleiman's Thirty Five Ventures, Diamond-selling artist The Weeknd, and multi-platinum artist Lil Baby. Hero Bread™ products are available via the company's website at hero.co, as well as Amazon.com, WalMart.com and in 2,300 retail locations across 32 states. Visit hero.co/find to find Hero Bread™ products at a restaurant or grocery store near you.
SOURCE Hero Bread
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