The Naked Market, a next generation CPG business building a portfolio of food & beverage brands, announced it has raised $27.5 million in Series A funding. Integrated Capital led the round with participation from Great Oaks Venture Capital, Pacific Tiger Group, Sope Creek Capital and Clearco.
The Naked Market was founded in 2019 by Harrison Fugman, Alex Kost and Tim Marbach with a mission to create better-for-you food brands that meet the shifting interests and demands of today's consumers. Through the use of its internal tech tool, The Machine, The Naked Market has developed the infrastructure and end-to-end expertise to conceptualize ideas and bring them to market within two to three months, with all elements from ideation to distribution handled in-house.
Since inception, The Naked Market has created five (5) unique brands including Flock Chicken Chips, AvoCrazy, Project Breakfast and Beach House Bowls. Its latest brand launch, Rob's Backstage Popcorn, is a joint venture with the global pop sensation, Jonas Brothers. With this new influx of capital, which is a mix of equity and debt, The Naked Market will focus on in-house incubation (both internal brands & celebrity products), scaling existing brands and opportunistic acquisitions.
At the core of that tech is a proprietary data tool called The Machine, which leverages more than 15 million data points collected from Shopify, direct customer feedback, Amazon, retail point of sale, and search engine trends, all of which help inform the category opportunities the company pursues. A direct customer feedback loop also allows The Naked Market to gain an understanding of what consumers are or are not enjoying and purchasing from its own portfolio, identifying winners and quickly scaling them to become household names. On the opposite end, The Naked Market also applies a "fail fast" approach to brands that may not be resonating.
