TBJ Gourmet

TBJ Gourmet

Growth Stage

We Craft Bacon Jam. Spreadable bacon... Finally!

We Craft Bacon Jam. Spreadable bacon... Finally!


Raised this Round: Raised: $289,794

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
Min. Investment


Security Type

Equity - Preferred



SEC Filing Type

RegCF    Open SEC Filing

Price Per Share


Early Bird Valuation


Pre-Money Valuation


Year Founded



Food, Beverage, & Restaurants

Tech Sector


Distribution Model




Capital Intensity



West Chester, Pennsylvania

Business Type


TBJ Gourmet, with a valuation of $8 million, is raising funds on Wefunder. The company makes sweet, spreadable bacon jam using unusable bacon ends. The bacon jam of TBJ Gourmet rescues pounds of delicious bacon from being wasted and is sold through 7,500 grocery stores and 5,000 restaurants. TBJ Gourmet has generated $6 million in total revenue and has been profitable since its inception. Michael Oraschewsky founded TBJ Gourmet in November 2013. The current crowdfunding campaign has a minimum target of $150,055 and a maximum target of $534,944. The campaign proceeds will be used for building the plant, purchasing equipment, and operations.

Summary Profit and Loss Statement

Most Recent Year Prior Year












Net Income



Summary Balance Sheet

Most Recent Year Prior Year




Accounts Receivable



Total Assets



Short-Term Debt



Long-Term Debt



Total Liabilities



Financials as of: 04/19/2022
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
TBJ Gourmet 10/07/2022 Wefunder $7,999,130 $289,794 Equity - Preferred Funded RegCF
TBJ Gourmet 08/15/2019 Wefunder $3,010,000 $136,992 Equity - Preferred Funded RegCF
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Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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More than 80% of Americans consumed bacon in 2020. These strips of salt-cured pork are incredibly popular as a major breakfast staple and as flavoring on salads, pasta, and more. North Americans are expected to spend more than $14 billion on bacon by 2027.

However, the production of bacon and other foods has an unfortunate side effect: food waste. More than 130 billion pounds of food — worth $161 billion — are wasted each year. Shockingly, that’s 30% to 40% of the US food supply. Overproduction and under-consumption of food products is a major climate change issue, particularly because rotten food in landfills produces methane, which is more damaging to the ozone layer than carbon dioxide. 

TBJ Gourmet is on a mission to reduce bacon’s role in the food waste problem. The company processes bacon ends (the “uglier” parts of bacon that are cut off by manufacturers before they package up bacon strips) into bacon jam, a reduction of bacon and other ingredients like fig, honey, and maple syrup. TBJ Gourmet has generated more than $6 million in lifetime revenue from sales of bacon jam. 

TBJ Gourmet’s current Wefunder raise has been rated a Neutral Deal by the KingsCrowd investment team.

Next Section: Price


TBJ Gourmet is offering equity in a priced round at an $8 million valuation ($6 million for early bird investors). All in all, this is a fair price. TBJ Gourmet generated $1.4 million in revenue in 2021, so these valuations represent a 4.4x to 5.8x revenue-to-valuation multiple. That’s a tad high for an early-stage food and beverage brand, but it’s not egregious. TBJ’s traction in generating revenue over several years and its established distribution pathways at grocery stores nationwide justify this price. 

Next Section: Market


Bacon jam is currently TBJ Gourmet’s only product line, and it fits into a niche (or arguably nonexistent) market. The North American bacon market reached $9.5 billion in 2018, and at a slightly slow annual growth rate of 4.4%, it’s expected to reach an impressive $14 billion by 2027. But TBJ’s bacon jam product captures only a tiny sliver of demand when compared to regular sliced bacon. It doesn’t seem fair to categorize bacon jam in the jam and preserves market, either, since the use cases for those products are almost entirely different. Bacon jam is more savory and intended for use in entrees and recipes, which is different from something sweet like strawberry preserves. 

It’s safe to assume that there is barely any established market for bacon jam, so TBJ Gourmet is facing an uphill battle. It doesn’t help that Americans are transitioning away from many meat products. TBJ Gourmet will likely face a revenue ceiling with its current bacon jam product, so it is imperative for the company to diversify into other product lines. 

Next Section: Team


TBJ Gourmet was founded by CEO Michael Oraschewsky and President Bruce Kramer. Oraschewsky is a longtime restaurant entrepreneur who opened his first restaurant at age 23. He’s spent the last two decades in the industry as the owner and operator of at least two restaurants. In addition to his role at TBJ Gourmet, Oraschewsky works as the treasurer of Upcycled Food Association, a nonprofit seeking to reduce food waste. 

Kramer had a 30-year career in sales promoting software development solutions and services before pivoting into the food business with TBJ Gourmet. Beyond the two co-founders, the TBJ Gourmet team includes a salesperson and an e-commerce and marketing specialist. 

This team isn’t particularly well-credentialed and doesn’t possess strong competitive advantages that benefit TBJ Gourmet. While Oraschewsky’s background in restaurants is undoubtedly helpful, he is not fully committed to TBJ Gourmet, and the company could benefit from more robust expertise in entrepreneurship, operations, brand-building, and more.

Next Section: Differentiators


TBJ Gourmet is not the only bacon jam producer on the market. A number of specialty food manufacturers offer bacon jam alongside a range of other niche products, including companies like Stonewall Kitchen and Terrapin Ridge. TBJ Gourmet’s prices are comparable to these competitors’ prices, as are their jam flavors. It would be difficult for a consumer to discern the difference between TBJ Gourmet and any other bacon jam options available online or in the specialty aisle. TBJ Gourmet might have more of an advantage selling directly to restaurants, but eateries could easily whip up their own bacon jam. Consumers could do the same, for that matter, as there are plenty of online recipes for bacon jam. Overall, there are no strong incentives for consumers to choose TBJ Gourmet over competitors’ products or homemade recipes.

Next Section: Performance


TBJ Gourmet has had a solid performance over its nine years of operations. The business seems to have begun humbly as a side project that emerged from a recipe at one of the founder’s restaurants. Only in the last several years has TBJ Gourmet begun generating sizable revenue. Year-over-year growth was strong between 2019 and 2020. The company went from just under $800,000 in revenue in 2019 to $1.3 million in 2020. Even better, the company was profitable in 2020, with a net income of roughly $32,000. In 2019, TBJ Gourmet also earned $136,992 during a previous crowdfunding round. However, 2021 was more lackluster. Revenue increased only a small amount from $1.3 million in 2020 to $1.4 million in 2021. TBJ Gourmet sank just barely back into the red, with a small net loss of $11,000. This sluggish traction is not a positive sign for TBJ’s future growth. 

Other than financials, TBJ Gourmet seems to be doing a decent job at building distribution channels for its products. The company’s bacon jam is sold online via Amazon and its direct-to-consumer website. TBJ Gourmet bacon jam is also available at stores nationwide, including Walmart. However, it’s unclear exactly how many Walmart stores offer TBJ Gourmet products. TBJ Gourmet has also built out a restaurant line of business. Despite its stagnated revenue, the company has overall demonstrated strong traction.

Next Section: Risks


TBJ Gourmet is a medium-risk investment opportunity. The company has been around for nine years and has steadily generated increasing revenue over that time, with $6 million in lifetime sales. TBJ Gourmet has also been profitable or near-profitable over the last two years, indicating that the company could probably sustain itself for a long time without dependence on capital injections. But co-founder and CEO Michael Oraschewsky doesn’t seem to be fully committed to the business, as he’s splitting his time as a treasurer for Upcycled Food Association. Sluggish revenue growth in the last two years is a worrying sign that TBJ Gourmet won’t grow enough to deliver strong returns for investors.

Next Section: Updates Since Last Round

Updates Since Last Round

TBJ Gourmet’s last round closed in August 2019. The company was valued at $3 million for that raise. TBJ Gourmet more than doubled its valuation for this round to $8 million ($6 million for early bird investors). It’s not clear that the company has made quite enough progress in the last three years to justify that jump. Revenue has increased substantially from just under $800,000 in 2019 to $1.4 million in 2021. However, sluggish revenue growth between 2020 and 2021 points to a potential plateau. Beyond revenue growth, TBJ Gourmet doesn’t boast any other major points of progress since its last round.

Next Section: Bearish Outlook

Bearish Outlook

TBJ Gourmet sells a niche product to a niche audience. Meat consumption is becoming less popular, which means the company is working against a powerful food trend. TBJ Gourmet is attempting to position its raise as a climate change impact opportunity, saving the planet by reducing food waste. However, it’s not clear that wasted bacon ends are a major driver of food waste. If TBJ Gourmet could succeed at creating new product lines in other areas of food waste, such as spent grain from brewing, the company could increase its revenue streams. At this point, though, the company doesn’t seem to have made any progress toward achieving that goal. 

In addition, it’s worrisome that TBJ Gourmet’s revenue stayed essentially the same between 2020 and 2021. The company is raising on the premise of growth and opportunity, but it doesn’t seem to be seeing that much growth within this niche, competitive market. If this trend continues, investors may not see substantial returns on their investments.

Next Section: Bullish Outlook

Bullish Outlook

TBJ Gourmet has been a relatively slow-growing business, This is likely because one of the co-founders is not fully dedicated, and there’s only so much demand for bacon jam. That’s a concerning sign, but TBJ Gourmet has actually done quite well under those conditions. TBJ Gourmet has generated $6 million in lifetime revenue (and achieved profitability) with a single product line and relatively minimal consumer branding and sales efforts, so it seems possible that the company could flourish if it invested more in growth or new product lines. TBJ Gourmet has a vision of introducing new products from wasted food sources, including spent grain from brewing. If TBJ Gourmet can jump-start the business with some innovation and new expansion opportunities, it could continue to bring in increasing revenue and maintain profitability. 

Next Section: Executive Summary

Executive Summary

TBJ Gourmet sells bacon jam made from otherwise wasted bacon ends. For TBJ Gourmet, this business is about not only manufacturing delicious products but also helping the planet by reducing food waste. Over the last nine years, TBJ Gourmet has brought in $6 million in lifetime revenue and has achieved profitability or near-profitability for the last two years. Future growth opportunities, namely new product lines, have the potential to continue this sustainable growth. Considering the company’s traction to date, investors are also getting a fair price on the deal.

However, investors should note that TBJ Gourmet is selling a niche product in a very small and competitive market, and there’s nothing stopping consumers from choosing another brand or making their own bacon jam. Revenue growth stalled in 2021, which is a concerning sign that TBJ Gourmet may have hit its revenue ceiling selling bacon jam. New product lines seem essential to keep this business going, but the company doesn’t have a reliable operational history of innovation and savvy marketing. Lastly, neither of the founders have much entrepreneurial experience to support the company’s growth, and one of the co-founders is not fully dedicated to the company. Therefore, TBJ Gourmet has been rated a Neutral Deal. 

For questions regarding the KingsCrowd analyst report or ratings for this company, please reach out to support@kingscrowd.com

Analysis written on May 6, 2022. 

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TBJ Gourmet on Wefunder 2022
Platform: Wefunder
Security Type: Equity - Preferred
Valuation: $7,999,130
Price per Share: $78.89

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