[Exclusive] One Trick Pony Secures Seed Round From Collaborative Fund

Washington, D.C.-based peanut butter brand One Trick Pony (OTP) has secured seed funding from Collaborative Fund, an early investor in companies such as Sweetgreen, Blue Bottle Coffee and Olipop. The new funds will be used to support retail growth, new innovations and an upcoming packaging overhaul in early 2025.

The round was complemented by investment from a cohort of food and beverage founders including Gabi Lewis and Greg Sewitz, founders of Magic Spoon; Kevin Lee and Kevin Chan, founders of immi; and Nic Jammet, co-founder of Sweetgreen. That group will also serve as strategic advisors as the single-origin peanut butter company works to scale up, according to OTP founder Lucy Dana.

“We’re thrilled to team up with Collaborative Fund and a stable of successful entrepreneurs and angel investors who aren’t horsing around when it comes to bringing our peanut butter to market,” said Dana. “Their track record in the CPG space is a real thoroughbred pedigree.”

Founded in 2022 by Dana, former chief of staff at Blue Bottle Coffee, alongside her brother Andrew Dana and sister-in-law Daniela Moreira, also a James Beard-nominated chef, One Trick Pony sells a 3-SKU line of Argentinian-sourced peanut butters in Smooth, Crunchy and Unsalted varieties. In late November, OTP will introduce its first seasonal SKU, a Maple Crunch Peanut Butter with White Chocolate Crunchies.

Andrew Dana and Moreira are also the co-founding duo behind cafe chain Call Your Mother, which operates 10 locations in D.C. and three restaurants in the Denver area, as well as local D.C. joint Timber Pizza. OTP products are sold at all Call Your Mother locations and used in a permanent menu item – a cinnamon raisin bagel coated in the brand’s crunchy peanut butter, a seasonal jam and peanut butter granola.

“[Call Your Mother] was our first wholesale customer, so it’s been [a benefit to have] that steady revenue that we can expect every month,” Dana said.

The 13 oz. jars retail for about $8 and are sold in approximately 600 stores nationwide including The Fresh Market, Streets Market and a network of independent and specialty retailers. Dana said growth in independent stores has primarily been driven by online vendors, such as Faire, and Airgoods, a newly launched specialty food wholesale platform.

In addition to growing within its home region on the East Coast, One Trick Pony is also tapping new consumers by engaging with other local D.C.-area businesses. In September, the brand introduced a crispy peanut butter cookie at retail and online with D.C.-based bakery Whisked in addition to a menu item collaboration with Seylou Bakery.

“Everyone gives you the advice [of] grow super deep in one area before you expand, which is great advice. But in D.C., there’s not that many stores that you could go super deep with,” said Dana. “The way that I’m trying to approach it is… how can you occupy people’s minds and Instagrams? Doing local collabs and being in their [daily] realm that way is important.”

As for retail growth, Dana said “we’re trying to go the slow and steady approach.” The company is eying key natural channel accounts during upcoming category reviews and aims to grow primarily between D.C. and New York City, where Dana said its primary customer base is located.

The brand has primarily turned to its packaging for incremental innovations during its first two years on the market. It has introduced its 9 lb. tub, originally intended solely for foodservice, as well as a single-serve version for customers, while keeping its simple formulation the same.

“As a joke one day, we put [the 9 lb. tubs] out on our website for consumers, and then people have been buying them, so we’ve just let them go for it,” Dana said.

The brand is homing in on future packaging changes as it works to stand out in the over $7 billion peanut butter category. OTP is rolling out a new pack design early next year that is aimed at solving a common consumer complaint across the natural nut butter category.

“[The rest of the category] is focusing on what’s in the jar, and we’re focusing on the jar itself,” said Dana. “We are hoping that will blow the doors open in these future retail conversations… If you think of the CPG darlings: It’s Graza olive oil using the squeeze bottle, it’s Liquid Death using the can. [Think:] People who are putting good products into new shapes, that’s where we are trying to lean in.”