Clio Snacks, the fresh snacking brand behind the world's first Greek yogurt bar wrapped in chocolate, announced today the close of an $8 million funding round led by long-term investment partner Alliance Consumer Growth (ACG). AF Ventures, a leading venture capital fund, also participated in the round. This funding comes as Clio Snacks becomes the fastest-turning brand within the refrigerated bar category, merging functionality with indulgence.
"People try Clio because of its functional attributes but come back again and again because it tastes so delicious. Clio has disrupted the refrigerated bar and yogurt categories by bringing in new consumers for an indulgent snack or dessert occasion," said Heather Cox, president at Clio Snacks.
With this strong value proposition, Clio experienced over 100% growth vs. prior year. The brand saw 57% postive growth in distribution, which included inking expansion deals with retail partners such as Whole Foods, Target and Wegmans. Additional growth was seen in same-store sales with existing partners, including Walmart and Costco.
"Clio is at the forefront of the healthier snacking movement with its unique and creative snacking options. The brand has found the perfect balance between indulgence and better-for-you consumption, which is evidenced by its impressive growth in terms of distribution and performance on shelf. We are thrilled to support Clio's continued growth and look forward to seeing the company evolve as a leader in the fresh snacking category," said Julian Steinberg, co-founder and managing partner at ACG.
"Offering families a better-for-you, yet indulgent, convenient snacking solution in the now-present grab-and-stay consumption environment, our network of partners are uniquely qualified to support the expansion of Clio's cold-chain footprint as we grow the company to be the independent leader in quality, refrigerated snacking," said Jordan Gaspar, president and managing partner of AF Ventures. "We couldn't be prouder to welcome this impressive team into the AF family of brands."