Once Upon a Farm Files for IPO
Baby and kids nutrition brand Once Upon a Farm filed for an initial public offering (IPO) today, though the number of shares to be offered and the price range for the proposed offering have not yet been determined.
Goldman Sachs & Co. and J.P. Morgan are serving as the lead underwriters for the proposed offering, according to a press release. The company will be listed on the New York Stock Exchange (NYSE) under the ticker symbol “OFRM.”
In June, anonymous sources familiar with the matter told Reuters that OUAF had confidentially filed for an IPO in New York that could value the company at nearly $1 billion. That wasn’t the first time rumors had swirled about a potential IPO; in February 2024, Fortune reported that the California-based company was pulling in over $100 million in revenue and was seeking to take the company public.
Founded in 2015 by Cassandra Curtis and Ari Raz, OUAF’s product portfolio comprises refrigerated pouches and oat bars, frozen meals and pantry snacks for a variety of ages. In 2017, the company welcomed actress Jennifer Garner and CPG veteran John Foraker as co-founders. Foraker also serves as the CEO of OUAF.
“We focused on our core [products] for the first six years, even though I was biting at the bit to fill out that lunch box. But we did make a big move early on – we were a baby food brand that realized kids were eating our products too,” said Garner at Nosh Live 2024. “We refocused on kids but have since dovetailed back into baby and bifurcated the business.”
The decade-old company has raised over $100 million to date, according to CB Insights. Most recently, OUAF secured $52 million in a Series D funding round led by CAVU Venture Partners in 2022.
In the 12-month period ending June 30, OUAF grew to $202 million in net sales, representing a CAGR of 64.6% since 2018, according to the S-1 form filed with the U.S. Securities and Exchange Commission (SEC).
The company currently has over 430,000 points of distribution and cooler placements in more than 2,800 stores, including retail giants like Target and Walmart. At Nosh Live, Foraker said that cooler count will double every year for the next two to three years.
“With our extensive experience and expertise in manufacturing and procurement, developed in collaboration with our trusted partners, we believe we are well-positioned to consistently deliver the highest quality, premium products to our consumers while also ensuring profitability and sustainability for OUAF,” reads the S-1 form.
