Farms to Fortune

Money Moves 💰

Once Upon a Farm, the organic children's food brand co-founded by Jennifer Garner, is reportedly considering an IPO.

• Revenue: $100M+

• Key Investors: CAVU Venture Partners, S2G Ventures, Cambridge SPG, Beechwood Capital

• Source: Bloomberg

The brand has positioned itself as a premium, organic alternative in the children’s food market, capitalizing on the clean-label trend.

Steady retail expansion has helped Once Upon a Farm land in Whole Foods, Target, and other major grocery chains.

Once Upon a Farm could be testing investor appetite for mission-driven consumer brands. A strong debut could set the stage for more organic and clean-label CPG brands to go public.

Brand Breakdown 📈

Harmless Harvest

The Coconut Water That Wasn’t Supposed to Work

In the early 2010s, coconut water was booming. Vita Coco and Zico owned the shelves, and newcomers had little chance of breaking in.

Then came Harmless Harvest - a brand that did everything wrong by industry standards.

• The founders weren’t beverage insiders.

• They rejected traditional food processing.

• Their product turned pink on the shelf, making it look spoiled.

Yet, against the odds, they built a $100M+ brand that changed the coconut water industry.

The Playbook That Made It Work

💡An industry-first approach to product quality
Most coconut waters were heat-pasteurized, which extended shelf life but killed nutrients and flavor. Harmless Harvest refused.

Instead, they pioneered high-pressure processing (HPP), a cold method that kept the water raw, fresh, and full of nutrients.

The problem? The oxidation process turned their coconut water pink.

Retailers were skeptical. Consumers thought it had gone bad. But instead of hiding it, Harmless Harvest turned pink into a brand differentiator, a sign of purity.

💡 Sustainability wasn’t marketing - it was the business model

• Instead of massive plantations, they partnered with small organic farms in Thailand.

• They paid above-market rates to farmers, ensuring better working conditions.

• They became the first coconut water brand to receive a Fair for Life certification.

💡 Premium positioning in an already premium market
Most brands tried to price competitively with soda and sports drinks. Harmless Harvest leaned into luxury.

• Higher pricing signaled quality.

• They launched in Whole Foods, reinforcing their organic-first image.

• They expanded into coconut-based yogurts and dairy alternatives, capitalizing on the plant-based boom.

Breaking Through

By 2014, Harmless Harvest had hit $15M in revenue and became a top-selling item at Whole Foods.

In 2017, Danone Manifesto Ventures led a $30M investment round, providing the brand with capital to scale.

By 2021, Danone acquired a majority stake in the company.

Where They Are Now

• Annual revenue: $62.6M (as of 2023)

• Products now include yogurts, dairy alternatives, and coconut smoothies

• Still leading in organic, ethically sourced coconut products

Key Takeaway

Harmless Harvest broke all the rules.

What seemed like a product flaw (turning pink) became a selling point. What seemed like a supply chain challenge (small farm sourcing) became their biggest asset.

A reminder that in CPG, the best brands don’t just sell products - they tell stories.

Insight of the Week 💡

"When you overpay for something priceless, you are getting it cheap."

On a recent episode of My First Million, Craig Clemens dropped this line.

The best businesses place bets on timeless value. A brand, a partnership, a product that deepens customer loyalty isn’t an expense. It’s an investment that compounds.

Take Nike's $1 billion lifetime deal with LeBron James. On paper, it’s a large number. But when you realize that one athlete’s influence can shape a generation of buyers, suddenly, it looks like a bargain.