Led by Enlightened Hospitality Investments, co-founded by Danny Meyer, the capital will help fuel the growth of the popular spoon-free, high-protein oats brand
TEMPE, Ariz., July 29, 2024 /PRNewswire/ – Today, Oats Overnight (OON) announces that it has raised $35M in Series B capital. The round was led by Enlightened Hospitality Investments (EHI) with participation from new investor Sonoma Brands Capital and from existing investors including Impatient Ventures, Singh Capital Partners, Morrison Seger Venture Capital Partners, and BFG Partners.
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“We are thrilled to have EHI as a partner on this next chapter of growth,” says Brian Tate, founder and CEO of Oats Overnight. “This capital will help us continue our expansion in the retail channel, further develop our manufacturing and distribution footprint, and drive new innovation in collaboration with our community of subscribers.”
Enlightened Hospitality Investments is a pioneering investment firm that fuels growth in people-first organizations. Co-founder and Managing Partner Danny Meyer along with the rest of the EHI team brings their unparalleled expertise and experience in consumer-facing businesses to the venture.
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“We are proud to partner with Oats Overnight to join them on their mission to make nutrition both craveable and convenient,” says Meyer. “We are impressed by their innovative approach to product development and ability to commercialize product lines across digital and retail footprints.”
Founded in 2016, Oats Overnight brings customers directly into the R&D process. Each month, a new product is shared pre-launch with over 250,000 active subscribers and the R&D team communicates directly with customers to understand how the product is received. After the survey results are reviewed, the team decides whether to launch the product, as well as what tweaks to make to the formula. The best of these products end up online, as well as on retail shelves like Walmart, Target, Whole Foods, and more.
“Now more than ever, consumers are looking for protein-rich, craveable food,” says Nina McKinney, Oats Overnight Chief Strategy Officer. “Our model allows us to create products that meet these expectations faster than ever before. Working directly with subscribers to fine-tune these formulas pre-launch ensures our innovation pipeline is always in line with consumers evolving preferences.”
To support iterative product development and its growth, Oats Overnight has made significant investments into its manufacturing facilities. The company opened a new 62,000-square-foot facility in Ohio in 2023 and an 86,000-square-foot facility in Arizona in June of this year. This capital investment will continue to support the build-out of the company’s manufacturing, fulfillment, and product development capabilities.
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“Controlling the process from procurement to fulfillment has been a key tenet of our business since inception,” says Vincent Comerford, Oats Overnight Chief Operating Officer. “Complete ownership of our supply chain increases resilience while owning manufacturing allows us to produce high-quality products in an iterative way. This process is critical for executing our product development strategy.”
About Oats OvernightOats Overnight is a spoon-free, high-protein oatmeal that is prepped at night and ready when you wake up. The company was founded in 2016 by former professional poker player, Brian Tate in Tempe, AZ. He created the first recipes while looking for a better way to fit a nutritional breakfast into his busy schedule. Over 50 flavors have been created to date in their owned manufacturing operations in Arizona and Ohio. To learn more about Oats Overnight, visit oatsovernight.com or @oatsovernight on Instagram.
About EHIEnlightened Hospitality Investments (EHI) is a value-added strategic investor formed to leverage the brands, businesses, and team of Union Square Hospitality Group to identify growth potential and investment opportunities in both internal and outside ventures. EHI partners with portfolio companies to provide strategic direction, operational experience, increased visibility, and access to relationships, resulting in significant value creation for all stakeholders. For additional information on Enlightened Hospitality Investments, please visit www.ehi.fund.
Oats Overnight Contact:[email protected]
SOURCE Oats Overnight
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