Clio Snacks Raises Capital, Plans to Hit Profitability Next Year

Clio Snacks announced this week that it has raised a new round of capital from investment firms and several notable athletes which the refrigerated Greek yogurt bar brand believes will help it transition into profitability.

The round was led by existing investor Alliance Consumer Growth (ACG) and “other key partners,” including former tennis star Maria Sharapova and NBA All-Star Jayson Tatum. While the company would not comment as to the amount raised, an SEC filing indicates that in September Clio brought in $17.8 million in funding, with an additional $2.2 million remaining to be raised. According to the form, $700,000 was used to pay back debts.

Although Clio executives have not confirmed the full amount of funding the company has previously raised, SEC forms and prior announcement indicate roughly $20 million in capital has been taken in since inception in 2015.

CEO John McGuckin told NOSH in an email to NOSH that Clio has increased its total points of distribution by 56% over the past year, and is now at roughly 15,000 doors. In 2020, the line of bars was in approximately 8,000 stores. Goals for the next year, McGuckin said, include expanding market share and velocity, building more multi-channel solutions, and growing revenue. By next year, the company expects to achieve profitability, the company said in a release.

“This raise will allow us to invest in future expansion as we look to further cement Clio as a leader in the refrigerated snacking category,” he said. “We are investing in our marketing and distribution efforts, strengthening brand awareness, and driving new in-store shoppers.”

The growth comes after a period of turnover within the company’s executive team. McGuckin joined the brand as CEO in October 2021, with founder and then-CEO Sergey Konchakovskiy transitioning to chairman of the board and stepping away from day-to-day involvement in the company. Clio also highlighted the additions of CFO John Thompson and COO Rafael Rodas, who came onboard earlier this year. The new appointments came after the company was forced to recall all of its bars with a chocolate coating (which represents the vast majority of the portfolio) in June 2021 due to small metal fragments.