Company Updates

Blackbird Foods Company Update

In this company update, we look at Blackbird Foods new crowdfunding round on StartEngine at a $15M valuation, reflecting on the company's increase in revenues and expansion into additional grocery chains.

Funding Round Details

Blackbird Foods logo
Company: Blackbird Foods
Security Type: Equity - Common
Valuation: $15,000,000
Min Investment: $249
Platform: StartEngine
Deadline: Jul 24, 2024
$325,968
$80K
View Deal

In this company update, we look at Blackbird Foods new crowdfunding round on StartEngine at a $15M valuation, reflecting on the company’s increase in revenues and expansion into additional grocery chains.

To refresh your memory, Blackbird Foods  has developed proprietary processes that imbue this plant-based ingredient with a meat-like texture and versatility. This technological advancement allows the company to offer a range of products that appeal to vegetarians and meat-eaters alike, looking for healthier, environmentally friendly alternatives without compromising taste or texture. Offerings include plant-based frozen pizza, wings, and seitan.

Here are some updates since the company’s last round:

  • Blackbird Foods has opened a new round on StartEngine at a valuation of $15M, up 114% from its previous crowdfunding round of $7M.
  • Blackbird has also impressively increased gross margins to 42.6%, up from 29.7% in 2022.
  • The convertible notes issued in Blackbird’s prior Wefunder round is not converting during this round since that convertible note has a maturity date of September 2025. 
  • Since the last raise, Blackbird foods has increased revenue ~61% from $2.8M to $4.5M in 2023.
  • The company has slightly improved its net loss to -$1.18MM in 2023 from -$1.58M in 2022 (25% improvement). 
  • April 2024 was Blackbird’s biggest sales month to date with $471K in sales. At this run rate, the forward-twelve-month revenue figure would be around $5.65M.
  • The company has launched in more retailers in 2024, including Giant, PCC Community Markets, and New Seasons.
  • Blackbird is also exploring moving into public school systems by making pizza that is compliant with public school cafeteries. The company has one school district that is committed already. 

Teddy Lyons
About: Teddy Lyons

Teddy comes to KingsCrowd with a background in venture capital and investment banking. He worked at Deutsche Bank as an Investment Banking Analyst in the Technology, Media, and Telecommunications group. Prior to that, he served as an Associate at Alchemi Capital, a venture capital firm in Boston that invests in early-stage technology companies. Teddy holds a degree in Economics and Psychology from Wesleyan University, where he was captain of the varsity soccer team. He also holds a M.S. in Finance from Boston College.


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