SkinnyDipped, launched by mother-daughter duo Valerie and Breezy Griffith in 2016 to bring their first nut snacks covered in a thin chocolate coating to the market, has raised $12 million in a recent series A led by hospitality magnate David Grutman.
With a line of proprietary and health-conscious products currently selling across 25,000-plus U.S. retail stores, including Lemon Bliss Almonds, Unicorn Birthday Cake Cashews and Dark Chocolate Peanut Butter Cups, the Seattle-headquartered company hopes to leverage the newly raised fund to further foray into Costco and Publix.
The star-studded financing round saw participations by a slew of Hollywood A-listers, globally renowned artists and athletes, including Amy Schumer, Mark Wahlberg, Post Malone, Odell Beckham Jr., Frances Tiafoe, Isabela Grutman, Steve Aoki, Kevin Durant, Rebeca León, Ryan Tedder, Loren Ridinger, Charissa Davidovici, and Rich Kleinman.
The fundraising is unique in a way that it was supported only through individuals versus an investment vehicle, stressed SkinnyDipped’s team, also previously backed by Grammy-winning singer-songwriter Shakira. The company refrained from commenting on its valuation upon closing the deal.
“People invested individually because they love and believe in SkinnyDipped,” Breezy Griffith, CEO of the company, wrote me via email. “This combined conviction in the brand gives me even more confidence that what we’re doing is unique and special. The funding will be used to support further retail expansion, philanthropic efforts, enhance and elevate marketing and branding, and innovate into new and exciting spaces over the coming months.”
SkinnyDipped has been experiencing strong growth momentum since its launch, with distribution points continuing to add up even during the challenging years of the pandemic. In a $10.39 billion nut snacks market here in the U.S., the company believes it’s strategically positioned to compete against traditional glazed nuts and trail mixes by wooing health-focused consumers with its low sugar and high protein content.
M&A interest in the overall nut snacks space also remains high: In 2014, Washington-based gourmet whole-nut products manufacturer Sahale Snacks was snapped up by J.M. Smucker for $80 million; earlier this summer, Campbell Soup
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“Our growth has been significant, driven by increased distribution such as with Publix and Costco, and the introduction of our lower sugar cups and bites,” Griffith added. “We will continue to grow our retailer partnerships with both new accounts and expanded partnership among existing retailers.”
“We’ve also observed and heard a sort of exponential growth in word-of-mouth — SkinnyDipped is becoming more and more known through, simply, people talking about it. So we’re going to uptick our marketing efforts, now that we have additional funding, to help amplify the brand and continue to drive that level of consumer excitement. That said, as an early-stage business, we’ve never had the luxury of big marketing budgets and we love being scrappy… I don’t see that changing anytime soon.”
The real charm with SkinnyDipped is its broad appeal that allows the brand to draw customers from all age groups, according to Grutman, the founder of Groot Hospitality. “[SkinnyDipped] is such a great brand, and I feel like so many people want to be part of it as cheerleaders, and create more sizzle around it,” Grutman told me in an exclusive call. “When I see a product that I love, my wife and kids love, I know it’s going to be a winner that I don’t come across every day.”
The Miami nightlight mogul has also invested in a handful of consumer brands previously, notably Boba x Ice Cream, Actual Veggies, Goodles, Last Crumb luxury cookies— all highly differentiated in their respective sectors either in terms of flavors and nutrition, or cultural influences. SkinnyDipped is no exception when Grutman decided to join the brand. “It always starts with the founder first and foremost, because founders making great products really make the difference,” he said. “Then we look at how they grow businesses now that everyone can have a great idea, executing it is a whole different story.”
Griffith also stresses how it’s “an incredible opportunity” to partner with Grutman. She said: “He brings creativity, enthusiasm and unstoppable passion to SkinnyDipped. Our complementary skill sets combined with our shared love for delicious food, entrepreneurship and hard work is setting SkinnyDipped up for the biggest chapter yet. His impact has been, and will be, invaluable.”
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