According to foreign media TechCrunch , DTC baby food brand Little Spoon recently announced that it has received US$44 million in Series B financing. This round of financing was led by Valor Equity Partners, followed by Kairos HQ. Up to now, Little Spoon’s total financing has reached 73 million US dollars.
Little Spoon was founded in New York in 2017 by Lisa Barnett, Ben Lewis, Michelle Muller, and Angela Vranich. It is divided into baby food and children’s food according to age groups, and built around the concept of “organic” including fruit puree, vegetable puree, combo packages, etc. Within the product matrix. Little Spoon uses DTC and subscription models to sell, focusing on cost-effectiveness. The price of baby food is less than US$3 per meal, and the price of children’s food is less than US$5 per meal.
Based on considerations such as safety and trust, the overall innovation of the baby and child food and supplies market is relatively high, and established companies often lag behind the needs of the new generation of parents. The distance between the supply side and the demand side is slowly increasing. According to data from the market research organization IRI, during the suspension of the epidemic, overall food sales in the United States surged, but baby food was not motivated. Sales fell significantly in the spring of 2020. Although there has been a rise since then, growth still lags behind the overall food industry.
It is reported that 70% of Little Spoon’s consumers are from millennials. The millennial generation’s high standards for food health and nutrition, and the need for speed and convenience have all promoted the transformation of the baby and child food industry.
Image source | Little Spoon official website
Little Spoon was the first to cut into the market by baby food, providing about 30 types of fruit puree and vegetable puree without preservatives and added sugar, and then expanded to children’s food in 2020, and successively introduced vegetable balls, chicken nuggets, pot stickers, etc. Nutritionally balanced diet. In addition to food, Little Spoon also launched nutritional supplements containing vitamins, minerals, probiotics and non-GMO organic fruits and vegetables
As a DTC brand, Little Spoon pays special attention to private domain construction. Little Spoon has developed an online community as a platform for novice parents to communicate with each other, and hopes to upgrade to a child nutrition solution by means of content and products. Little Spoon’s long-term vision is to grow up with consumers and develop foods that are suitable for their age as children grow up.
According to Little Spoon’s data, its revenue is expected to increase more than three times this year, and the team size has also tripled. Since its launch in 2017, Little Spoon has provided more than 15 million meals. More and more players are seeing opportunities in this hundreds of billions of dollars market. In June of this year, Serenity Kids, which specializes in low-sugar baby food, received a US$7 million Series A financing led by CircleUp Growth Partners.
Returning to China, the children’s food track has also attracted much attention from capital recently. Krypton had previously reported 36 small yellow elephant , gold lot , Akita full , out of beef and other brands successive access to investment, Herbs flavor Tong Anan children, three squirrel ‘s blue deer also from the general public to do the upgrade snack category. However, as the track becomes crowded, how to break through product homogeneity and stand out will be a question that all giants and newcomers need to think about.
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