Will Once Upon A Farm IPO?

Jennifer Garner and John Foraker’s kids nutrition brand Once Upon A Farm is rumored to be heading toward an initial public offering with a valuation at about $1 billion.

The California-based company could hit the public market as early as this year, per a Reuters story citing anonymous sources familiar with the matter, after it confidentially filed its IPO earlier this month. The company has engaged a group of investment banks, including Goldman Sachs and JPMorgan as lead underwriters, according to the report.

Those same sources noted that plans could change based on market conditions. So far this year, IPOs listed in the U.S. have raised about $27 billion, down from $41 billion in the same period of last year, according to data compiled by Dealogic and cited by Reuters.

The decade-old baby and kids food company, which was founded by Cassandra Curtis and Ari Raz and later brought Garner and Foraker onto the team in 2017, has raised over $100 million in capital to-date. Most recently, the company closed a $52 million Series D round in 2022, led by CAVU Venture Partners

This isn’t the first time rumors have begun to swirl about an OUAF IPO either. In February 2024, Fortune reported that the company was pulling in over $100 million in annual revenue and had its eye on taking the company public.

Over the past year, it has expanded into new categories and areas of the store including chilled protein bars and A2/A2 dairy milk shakes. The company has also entered the frozen meal space through its 2021 acquisition of Raised Real.