Black Buffalo has announced that — led by The Pritzker Organization (TPO) and Listen Ventures — it has completed a $30 million Series A equity raise. Additional help raising the funds was received from Watchfire Ventures, Vice Ventures and UTC Ventures.
TPO Managing Director Jason Pritzker and Listen Ventures Managing Partner Jeff Cantalupo have joined the board of directors of Black Buffalo in conjunction with the transaction closing.
Since its founding in 2015, Black Buffalo has invested tens of thousands of hours of research and development into creating the industry’s best smokeless tobacco alternative products, which include long cut and pouched varieties which are marketed exclusively to adult consumers of nicotine or tobacco.
The company offers eight core products that contain pharmaceutical-grade, tobacco-derived nicotine but no tobacco leaf or stem, and these core products remain the subjects of a pending bundled Premarket Tobacco Product Application (PMTA) that the company timely submitted to the U.S. Food and Drug Administration (FDA) in September 2020. The company has also developed a lineup of ZERO-branded nicotine-free, tobacco-free products.
Black Buffalo has experienced continued record growth, with top-line revenue up approximately 10 times from the beginning of 2020.
“Black Buffalo’s strategy and vision aligns perfectly with The Pritzker Organization’s core competency of partnering with exceptional management teams to build best-in-class businesses over the long-term,” said Jason Pritzker, TPO managing director. “We are excited to partner with Black Buffalo to continue driving their rapid growth.”
“We are pleased to have such outstanding investment partners in TPO and Listen Ventures,” said Mark Hanson, Black Buffalo president and co-founder. “Black Buffalo’s business is experiencing unprecedented growth as adult consumers continue to seek out alternatives in the nicotine and tobacco segments. We believe that TPO and Listen Ventures will provide far more than just capital to accelerate every aspect of our business, including identifying new key hires in sales, marketing, manufacturing and finance.”
Founded in 2015, Black Buffalo has created smokeless tobacco alternative products, backed by over 20,000 hours of research and development.