While the bar category may be a crowded set, Tosi Health thinks there’s room for one more leader at the top of the pack. And now, armed with new capital, the company has more gas in the tank to make this goal a reality.
The California-based company announced today the close of a round of funding led by Cambridge Special Projects Group (SPG). SBG Growth also took part in the round. While terms of the deal were not disclosed, Cambridge SPG COO and partner Filipp Chebotarev told NOSH that his firm made a “significant multi-million dollar investment” that puts the group in control of 22 percent of the Tosi brand.
Tosi is most widely known for its line of Superbites bars, which are sold in over 5,000 doors, primarily on the West Coast, including Peet’s Coffee, Chevron Extra Mile, regional Whole Foods Markets, Bristol Farms and Jimbo’s. The Superbites – which contains two servings per package – retail for roughly $3 and comes in plain, blueberry or cappuccino with a base of roasted almonds or cashews.
Tosi co-founder Stefanie Hults told NOSH that the company was previously funded through friends and family. Although Chebotarev and his partner Polina Chebotareva both personally invested in the company in early 2017 as well.
Hults added that that she originally thought her six year-old company was too small for a strategic investor, but after getting to know the Cambridge team she understood the benefits that partnering with a firm could bring.
One example, she said, is that Cambridge has helped Tosi assemble a board of advisors that now includes Greg Fleishman, co-founder & ceo of baking brand Foodstirs and design firm Purely Righteous, and Gigi Lee Chang, founder of baby food brand Plum Organics.