Jonas Brothers-backed Rob’s Backstage Popcorn lands $7M Series A
Rob’s Backstage Popcorn, the brand founded by the Jonas Brothers and The Naked Market, raised $7 million in a Series A to expand the snack to retailers’ shelves nationally.
Why it matters: The U.S. snack market has boomed into a $117.1 billion industry in 2021, and is expected to grow at a 3.8% pace over the next few years, according to Grand Review Research.
Driving the news: Palm Tree Crew, the venture firm founded by DJ and music producer Kygo, led the round, and Hershey’s and UTA Ventures participated.
- The company’s star-studded backers also include actress Priyanka Chopra Jonas, songwriter Ryan Tedder, David Grutman and actress Mindy Kaling.
What’s next: The new capital would be used to fuel its growth in grocery retailers like Walmart, Kroger, Albertsons, Sam’s Club and more.
- It also plans to launch new flavors.
- We want to “continue creating unique and memorable experiences for consumers across the U.S. that drive awareness and trial towards Rob's Backstage Popcorn and our different flavors,” The Naked Market’s CEO Harrison Fugman tells Kimberly.
- The Naked Market, which raised a $27.5 million Series A led by Hong Kong-based Integrated Capital in 2021, is focused on rolling out better-for-you food and drinks through its in-house brand incubation program and through acquisitions.
Catch up fast: The company introduced the snacks at the Jonas Brothers’ “Remember This” tour in October 2021.
- The company partnered with Walmart in April 2022 to enter the retailer’s shelves nationally.
- The brand has three flavors: Sweet & Salty, Kelly’s Classic BBQ by Kelly Clarkson and Mumbai Nights, inspired by Chopra Jonas.
The intrigue: Fugman says that the brand could become a platform, growing into other snack categories as well given the interest in the category.