Nutritional supplement company Bulletproof 360, makers of Bulletproof Coffee products, has raised $40 million in a Series C funding round led by previous investor CAVU Venture Partners, the company announced in a press release Tuesday. The raise is the largest to date for the Seattle-based company, which previously raised $19 million in a CAVU-led Series B round in May 2017. The round also included Silicon Valley Bank and prior investor Trinity Ventures.
“Bulletproof and CAVU’s missions are so closely aligned, and we’re grateful to keep deepening our relationship,” Bulletproof VP of Finance and Administration David Borges told BevNET in an email. “Partnering with pioneering investors like CAVU and Trinity Ventures helps make it possible to continue disrupting big food and radically improving the way people eat, drink and live.”
According to Borges, the raise will fund Bulletproof’s continued growth as an omni-channel lifestyle brand. A ready-to-drink line of the company’s signature butter-infused coffee — a recipe that the brand claims promotes better mental clarity and productivity — launched last year in Whole Foods and is now available in more than 3,000 stores nationwide. In the past year, Borges said the brand has seen fast growth, exceeding all of its 2017 revenue from Amazon sales in the first quarter of 2018. In the release, Asprey stated that the funding round will also go toward expanding Bulletproof’s product portfolio.
Hinting at the company’s broader ambitions, CAVU founding partner Rohan Oza said he believed Bulletproof is “poised to be the Millennial Starbucks.” The brand will seek to grow its media presence, including in podcasts, blogs, and books written by founder and CEO Dave Asprey. It also recently announced the launch of a spin-off company, Bulletproof Labs, which will offer technology-driven “biohacking” tools to improve customers’ health and wellness.
In addition to the funding round, the company announced COO Anna Collins has been promoted to President. She will focus on leading growth strategy, operations, and continuing the company’s multi-channel expansion.
Bulletproof has also brought on Amazon Prime senior leader Jeff Hull to act as VP of strategy and analytics. According to Borges, Hull brings 20 years experience in consumer products, including eight years in senior roles at Amazon.
“Jeff is an incredible operational leader who will help the company continue to scale on our growth trajectory,” he said.