Hero Bread will increase its retail reach after raising funds through a Series B.
After its most recent Series B round, Hero Bread’s parent business has raised $47.5 million in capital overall. Hero Labs, Inc. intends to greatly increase the retail distribution of its baked goods that are low in carbohydrates this year.
Hero Bread introduced its sandwich rolls in a highly publicized manner at a few Subway restaurants exclusively, then a year ago, it went nationwide direct to consumer with its sliced bread and Kaiser rolls. The goods have no sugar and zero to one net gram of carbs. Water, guar gum, apple cider vinegar, canola oil, milled flaxseed, wheat protein, modified wheat starch, fava bean protein, and enzymes are among the ingredients in the formulations. Burger buns, hot dog buns, and tortillas are other goods.
The brand expanded into grocery retail late last year and within the first five months on shelves has a repeat purchase rate of 54%, according to the company. Products are available online at hero.co, Walmart.com and Amazon.com, and by the end of May will be sold in 2,300 retail locations across the country, including Sprouts Farmers Market, Albertsons, Tom Thumb, Randall’s, Heinen’s, and Buehler’s Fresh Foods, among others.
“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 Cole Glass, founder and chief executive officer of Hero Bread. “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.”
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Cleveland Avenue, DNS Capital, Union Grove Venture Partners, Composite Ventures, GreatPoint Ventures and The D’Amelio Family Fund, 444 Capital, participated in the Series B round, joining a roster of investors that includes Tom Brady, Kevin Durant and Rich Kleiman’s Thirty Five Ventures, The Weeknd and Lil Baby.
Mom of social media and reality TV stars Charli and Dixie D’Amelio, Heidi D’Amelio, said, “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.” “We’re excited to help them grow and expand even more by providing tasty and easily accessible baked goods that are healthier for you.”