Jennifer Garner’s baby food firm files for IPO as sales grow

Proceeds from the offering are earmarked for purposes including helping repay outstanding borrowing under a revolving credit facility and purchasing new equipment.

Once Upon a Farm PBC, the organic baby food company co-founded by actress Jennifer Garner, has filed for an initial public offering in the US, joining a list of firms moving ahead with a public listing.

The Berkeley, California-based company had a net loss of $28.5 million on revenue of $110.6 million in the six months through June 30, compared with a net loss of $4.2 million on revenue of $65.8 million in the corresponding period in 2024, according to its filing on Monday with the US Securities and Exchange Commission.

The company makes kid-friendly pouches of no-sugar-added, organic, refrigerated fruit and vegetable puree, as well as bars, frozen meals and smoothie packets. The firm traces its roots to 2015 when co-founder Cassandra Curtis and Ari Raz created recipes that focused on organic and real food, according to the filing. Garner and former Annie’s Chief Executive Officer John Foraker joined in 2017.

Its pouches have accounted for the majority of net sales, the filing shows. Coolers stocked with the company’s products are in over 2,800 stores including Target, Whole Food and Kroger.

Proceeds from the offering are earmarked for purposes including helping repay outstanding borrowing under a revolving credit facility and purchasing new equipment.

Once Upon a Farm raised $52 million in a funding round in 2022 led by CAVU Venture Partners, along with existing investors Cambridge, Beechwood and S2G Ventures, as S2G Investments was known at the time. The baby food maker reached $100 million in retail sales that year, the website shows.

Debuts for consumer-facing companies have been modest since the market for IPOs slowed in 2022 when the Federal Reserve began to hike interest rates amid concerns about a potential recession. Less than two dozen consumer firms have raised more than $100 million in US IPOs since the end of 2021, data compiled by Bloomberg show. Shares of Cava Group Inc. and Amer Sports Inc. have delivered big gains for IPO buyers while Webtoon Entertainment Inc. and Chagee Holdings Ltd. have stumbled.

Cambridge Companies SPG, CAVU Venture Partners, and S2G Investments are among investors with 5% or greater stakes, according to the filing.

The IPO is being led by Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp., and William Blair & Co. The company intends to trade on the New York Stock Exchange under the symbol OFRM.