Oatmeal brand Oats Overnight raises US$35m in Series B deal
Oats Overnight, a US-based oatmeal shake maker, has raised US$35 million in a Series B funding round. The company plans to use the capital to expand its retail presence, develop its manufacturing and distribution capabilities, and drive product innovation.
Transaction snapshot
Deal value: US$35 million
Deal multiples: N/A
Deal type: Series B funding round
Investors: Led by Enlightened Hospitality Investments (EHI), with participation from Sonoma Brands Capital and existing investors Impatient Ventures, Singh Capital Partners, Morrison Seger Venture Capital Partners, and BFG Partners
The funding follows a previous investment of over US$20 million last year, which was used to build a new factory in Phoenix, Arizona. This 86,000-square-foot facility opened in June 2024, complementing the company's existing 62,000-square-foot plant in West Chester, Ohio.
Founded in 2016 by former professional poker player Brian Tate, Oats Overnight produces spoon-free, high-protein, gluten-free oatmeal drinks. The company has developed more than 50 flavours to date.
Oats Overnight uses a unique product development approach, testing new products with its 250,000 active subscribers before launching them online and in retail stores. The company's retail partners include major chains such as Walmart, Target, and Whole Foods Market.
Brian Tate, founder and CEO of Oats Overnight, said the new funding will help the company expand its retail presence, improve its manufacturing and distribution capabilities, and drive innovation through collaboration with subscribers.
Danny Meyer, co-founder and managing partner of EHI, praised Oats Overnight's innovative approach to product development and its ability to commercialise products across digital and retail channels.
Nina McKinney, Chief Strategy Officer at Oats Overnight, highlighted the company's success in working directly with subscribers to refine product formulas before launch. Vincent Comerford, Chief Operating Officer, emphasised the importance of in-house manufacturing for producing high-quality products through an iterative process.
The company has not disclosed specific details about its future retail and manufacturing plans, funding structure, or revenue figures.
