PISCATAWAY, NJ. — Clio Snacks, a maker of refrigerated yogurt bars, has raised capital from Alliance Consumer Growth, plus professional athletes Maria Sharapova and Jayson Tatum, to expand distribution, enhance manufacturing facilities and accelerate new product development.
Founded in 2015, Clio Snacks makes and markets a line of coated bars featuring a protein-packed Greek yogurt filling, which has an indulgent, “cheesecake-like” texture, according to the company. The brand has expanded its assortment with low-sugar options and a line of granola yogurt parfait bars within the past two years. The products are available at such retailers as Whole Foods, Target Corp. and Wegmans.
Clio Snacks expects to reach profitability next year, while maintaining “strong gross margins and substantial revenue growth.” The company recently expanded its executive leadership team with the hiring of industry veterans John Thompson as chief financial officer and Rafael Rodas as chief operating officer.
"This raise is a crucial moment for us during a pivotal year of growth and expansion," said John McGuckin, who became chief executive officer of Clio Snacks a year ago. "We're thrilled to continue to grow our team, expand distribution and debut new product offerings that address the needs of today's consumers. It is a true testament to what we are doing here at Clio."
Alliance Consumer Growth, a growth equity firm that provides capital and industry-specific resources to emerging and consumer brands, previously led Clio Snacks’ $8 million funding round two years ago."Clio is a long-term partner of ACG and one of the most exciting brands that we've seen,” said Julian Steinberg, co-founder of Alliance Consumer Growth. “We're thrilled to have led the company's most recent fundraising round. Clio is forging an entirely new category of refrigerated snacks, and the innovation pipeline that they're building is unlike any other available products in the market today."