Boulder Food Group ('BFG')

Boulder Food Group (BFG) is a prominent venture capital firm based in Boulder, Colorado, specializing in early-stage investments within the consumer packaged goods (CPG) sector, particularly food and beverage. The firm distinguishes itself by focusing on high-growth brands that have already achieved initial market traction, typically with revenues ranging from $1 million to $10 million. BFG aims to partner with innovative companies that are poised for significant expansion and disruption in their respective categories.

BFG's investment philosophy extends beyond mere capital injection; they actively engage with their portfolio companies, leveraging their deep industry expertise, extensive network, and operational support. This hands-on approach helps entrepreneurs navigate the complexities of scaling a CPG business, from supply chain optimization and distribution strategies to marketing and team building. The firm often takes a lead or co-lead position in funding rounds, demonstrating a strong commitment to the companies they back.

The firm has demonstrated significant fundraising success, underscoring its growing influence in the CPG venture landscape. For instance, Boulder Food Group closed its fourth fund, BFG Fund IV, at $200 million in 2022, and more recently, announced the closing of BFG Fund V at an impressive $300 million in 2024. These substantial capital pools enable BFG to deploy significant initial checks and provide follow-on funding to support portfolio companies through various growth stages. Their typical initial investment ranges from $1 million to $5 million, though they have the capacity to invest substantially more over the lifecycle of a company. This strategic capital, combined with their operational guidance, positions BFG as a key growth partner for emerging food and beverage brands in the United States.