Kettle & Fire Nets $43M from Colter Ventures
Bone broth innovator Kettle & Fire secured a $43 million secondary buyout led by Colter Ventures, the company announced today, marking the start of a new strategic partnership to help fuel the brand’s next stage of growth.
“Kettle & Fire was in an excellent position for a transaction like this,” said CEO Brian Hack in a press release this morning. “The early investors were fantastic partners who helped lay a strong foundation. Looking ahead, we believe Kettle & Fire has the potential to become a multi-hundred-million-dollar platform, and this investor base is perfectly aligned to help achieve that vision.”
Plans for the financing include growing the brand’s retail footprint, new product development and investments into its supply chain, stated the company, which claims it exclusively sources its ingredients from regenerative farms.
“We partnered with the founding and operating teams to create a structure that aligns investors, founders, and operators to unlock Kettle & Fire’s full potential,” said Sam McBride, founder of Colter Ventures, in the release.
Based in Austin, Texas, and founded in 2014, Kettle & Fire produces a range of boxed bone broths, including beef and chicken varieties, as well as tomato soup.
Most recently, the brand announced a limited-edition Venison Bone Broth made in partnership with venison producer Maui Nui. That SKU will launch in Whole Foods Market stores across the country next month, as well as online.
The brand has previously raised money in 2018 with two investments led by CAVU Venture Partners with participation from Rocanà Ventures.
In a statement, co-founder Justin Mares said Kettle & Fire now has over 50,000 points of distribution and has benefited from endorsements by pop culture figures like Ultimate Fighting Championship CEO Dana White and podcaster Joe Rogan.
Bone broth may be a smaller grocery category, but Kettle & Fire is aiming to position itself as the leader of the space, with competition coming from brands such as Brodo and Bare Bones, as well as larger conglomerates like Campbell’s Pacific Foods.
Market Research Future estimated the global bone broth market was worth around $1.9 billion in 2023 and is projected to go from $2 billion in 2024 to over $3.02 billion by 2032 at a CAGR of 6%, citing the rise of health consciousness and demand for organic products as tailwinds for the category.
