Olomomo raises $450,000 to fund growth

BOULDER – Olomomo Nut Co. LLC plans to grow nationally after raising $450,000 with help from CircleUp Network Inc., a company with an online investment crowdfunding platform.

Boulder-based Olomomo sells flavored nuts in about 350 grocery stores and coffee shops in the region and around the country. The company plans to expand into more stores in the United States in 2014, said Mark Owens, the company’s chief executive.

“(2013) was a great year for us,” Owens said. “The exposure on CircleUp put us in front of thousands of potential investors we would never have accessed through our own limited time and network.”

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San Francisco-based CircleUp, www.circleup.com, helps food and other consumer product companies raise money from individual investors. Crowdfunding is a term used to describe online fundraising, which has grown in popularity since the federal Jumpstart Our Business Startups, or JOBS, Act that allows it was made a law in April 2012.

Olomomo’s investors through CircleUp included Brad Feld in Boulder, a principal of the Foundry Group investment firm, and some unnamed natural food industry veterans, according to a company press statement.

Olomomo’ roasted almond, pecan and walnut flavors include Cherry Vanilla Dream, Chai Bliss, Mango Chipotle Zinger and Righteous Cinnamon Cayenne. The nut products are made from natural and organic ingredients. The 4-ounce-size bags of nuts sell for $20 for a four-pack on the company’s website, www.olomomo.com. Other bag sizes are available.

Company founder Justin Perkins started selling flavored nuts in 2008 at the Boulder Farmer’s Market.