TBJ Gourmet, the maker of a line of spreadable bacon, is turning to crowdfunding to support its growth, reports Philadelphia Business Journal. Formerly known as Bacon Jams, the 6 year-old company is raising capital through crowdfunding site Wefunder to sell its shares to investors and customers. TBJ plans to use the funds to expand into new markets, grow its team, and run targeted social media advertisements, as well as for slotting and appearing in trade shows for demos.
According to TBJ Gourmet CEO Mike Oraschewsky, the landscape is difficult for a small company that's trying to build a brand and a category. The company needs to maintain its base of independents while growing into bigger chains. Seeing the need to diversify its line, TBJ introduced its Boars Reserve Bacon Jam made exclusively for specialty stores. The company is also trying to build its team across the country to let customers know where the products are in stores.
TBJ has a pre-money valuation of $2.5 million, a figure that the company says was under what partners wanted and below food experts' suggestions. The company has close to zero EBITDA but $3 million in total sales, with one-third coming from 2018. Oraschewsky says TBJ wanted to offer a "real value," since the crowdfunding campaign will be targeting those who already love and support the brand, according to the report. Full Story
Related: Carrefour to Launch Project to Increase Organic Farming; Crowdfunding to Exceed $1B in 2018.
from Industry Operations http://bit.ly/2J3QM3U
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