BOULDER – Olomomo Nut Co. LLC is seeking to raise $500,000 in debt to help keep up with growth that has seen the company’s snacks enter about 200 additional retail stores over the past five months.
The Boulder-based company has so far raised $10,000 in the offering, according to a regulatory filing with the U.S. Securities and Exchange Commission. The new fundraising efforts come less than a year after Olomomo raised a $450,000 equity round.
Olomomo chief executive Mark Owens said he expects the new funding to help get the company through the next 12 to 18 months. Owens said some of the funding is earmarked to add key personnel. Some is operating capital. Some will help cover a packaging redesign. But the majority is for increased marketing and sales efforts.
“We hit a sharp growth curve over the past five months and we need to shore up our cash flow to make sure we can support all the new stores,” Owens said.
Owens said Olomomo, founded in 2008, was in about 300 stores nationally at the start of the second quarter. That number has risen to about 500. The majority of the stores are grocery stores, though the snacks are also sold in such places as coffee shops.
Owens declined to disclose revenue but said that sales have grown at a similar rate to the retail store count, and added that he expects sales to more than double in 2014 when compared to 2013.
Olomomo has three employees, with its main office in Boulder and production in Longmont.