Funds will provide growth capital.
BONITA SPRINGS — Innovative Food Holdings, which provides chefs and consumers direct access to specialty food products as well as gift boxes and other curated products, recently announced the closing of $3.75 million private placement.
Funds associated with current board members, including JCP Investment Partnership LP and SV Asset Management LLC participated in the private placement, according to a statement. Outside investor Bandera Master Fund LP also participated in the investment, the release adds. The investors purchased shares of the Bonita Springs-based company's common stock at a price of $0.40 per share in the private placement, which closed Aug. 26.
“I am excited to announce this equity financing, which provides the company with additional growth capital,” Innovative Food Holdings President and CEO Sam Klepfish says in the release. “The private placement was priced at an over 33% premium to the market with no warrants or demand registration rights, reflecting investors’ confidence in the significant opportunity we have to create meaningful value for our shareholders.”
Founded in 2002, Innovative Food Holdings has $51.67 million in revenue in 20202. The company’s direct to consumer e-commerce platforms and multiple distribution channels connect the world’s best artisan food makers with top chefs and epicurean consumers nationwide. It’s traded over-the-counter under the symbol IVFH.