US-based vegetarian food brand Laird Superfood filed on Monday to raise up to $40m in an initial public offering that would enable packaged food producer Danone to exit.
Laird provides a range of plant-based superfood products including a coffee creamer that utilises coconut and an algae known as aquamin, as well as coconut water, ethically-sourced coffee beans and mushroom coffee.
The company increased sales 58% to $13.1m in 2019 while keeping net losses stable at $8.5m. It intends to grow its business by expanding its product range along with its market presence.
The IPO comes after Danone invested $10m in Laird in April this year through corporate venturing unit Danone Manifesto Ventures. Co-working space provider WeWork’s Creator Fund had led a $32m round for the company in January 2019.
Laird had initially raised $1.5m in a 2017 crowdfunding campaign, adding $3.1m in equity funding later the same year and $4m in May 2018, according to regulatory filings.
Danone is the largest shareholder in the company and its 13.4% stake is also the only one held by an investor that is larger than 5%. Laird bought back the series A shares acquired by WeWork in November 2019 as the latter looked to divest its non-core assets in connection with a restructuring process.
Canaccord Genuity, Craig-Hallum Capital Group and Roth Capital Partners have been appointed as underwriters for the offering, which is set to take place on the New York Stock Exchange.
Image courtesy of Laird Superfood.
