Boulder-based VC firm sells investment in coffee company to Nestlé

BOULDER — Venture capital firm Boulder Food Group, which invests in early-stage food and beverage companies, has sold its investment in a cold brew coffee company to Nestlé.

Chameleon Cold-Brew Coffee was founded in 2010 and sold more than four million bottles in 2016. The company is based in Austin.

Terms of the transaction were not disclosed.

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“Chameleon is the market leader in the organic cold brew coffee space, and its innovative product offerings have helped raise cold brew from a niche category to the forefront of one of the fastest growing segments in food and beverage,” said Tom Spier, founder and managing partner of BFG, in a prepared statement. “We are truly appreciative of the opportunity to partner with (co-founder and CEO) Chris Campbell and his wonderful team.”