5 days ago
- Business
- Los Angeles Times
Lexington Bakes Raises $1-Million Seed Round
Los Angeles-based Lexington Bakes raised $1 million in a seed round led by Rainfall Ventures with participation from angel investors, according to the company.
Company founder Lex Evan attributed the fundraising success to the company's recent launch of chilled oat bars that are distributed through San Francisco-based online grocer Good Eggs for the past two months.
'Sprouted oats become easy to digest and provide more nutrients. They have no refined sugar and contain 50% less sugar than our indulgent treats. With this new platform, we expand the space our brand holds in consumers' minds to become not only a dessert treat but also a breakfast treat to start every day with good taste,' said Evan, in a statement.
The oat bars were inspired by British flapjacks and are formulated with sprouted oats, maple syrup, brown butter, dates, vanilla and salt,' Evan said. The first two flavors to launch included maple brown butter and raspberry crumble.
'We're focusing on growing our DTC (direct-to-consumer) business, and we've been able to hire a lot of help part-time and agency support,' said Evan.
The funds also will support the startup's transition from self-manufacturing to co-manufacturing.
Information for this article was sourced from Lexington Bakes.
