Irving-Based Sow Good Raises $2.5M, Adds CRE Expert to its Board

Irving-based Sow Good, which aims to produce the highest quality and most nutritious products in the freeze-dried food industry, is making some big moves on the heels of changing its name and stock symbol with a capital raise and new board member.

The company, previously operating as Black Ridge Oil and Gas, last month announced that it was becoming Sow Good Inc. to reflect its entry into the global freeze-dried food market, which is estimated to total nearly $60 billion, according to market research company Technavio. Its common shares are now traded under the symbol SOWG, replacing the former ANFC.

As Sow Good, the company now bills itself as an “emerging consumer products platform focused on manufacturing and marketing freeze-dried snacks, smoothies, and soups.” The intent is to fight waste, malnutrition, and food insecurity, all through a snack that stays, tastes, and does good. Sow Good does so by combining ethical sourcing with freeze drying.

Expected in Q1 of this year is production of a line of freeze-dried items—made in its state-of-the-art facility in Irving—and the launch of a direct-to-consumer website. On its current site, Sow Good makes one vague proclamation: “Good things are coming.”

“At Sow Good, we’re on a mission to revolutionize food. To fight food waste and food insecurity with products that stay good, are good, taste good and do good,” CEO Claudia Goldfarb said in a statement. “By marrying ethical sourcing with the magic of freeze-drying, we’re able to support the health and wellness of communities, people and the planet.”

Now, Sow Good is continuing to move toward its mission to “revolutionize food.” On Feb. 5, the company announced it had raised more than $2.5 million in capital from the sale of 631,250 newly-issued shares. Investors included existing management and directors, along with unaffiliated accredited investors.

That brings Sow Good’s total cash and liquid investments to $4.3 million. And, according to Goldfarb, the company is now well-positioned for its upcoming launches.

“Investor interest in Sow Good exceeded our expectations,” CFO Brad Burke said in a statement. “Sow Good’s ample liquidity will provide financial flexibility and promote robust growth during 2021.”

Coinciding with the funding announcement was the news that Chris Ludeman, a commercial real estate veteran, is joining Sow Good’s Board of Directors.

As the global president of Capital Markets for CBRE, Ludeman is a renowned expert in the industry. He has more than 30 years of experience in various leadership roles in CRE, including in brokerage, transaction management, and global corporate services.

Ludeman will also serve as Sow Good’s chairperson of the Audit Committee.

“We are delighted to welcome Chris Ludeman to Sow Good’s board,” Executive Chairman Ira Goldfarb said in a statement. “Chris’s extensive experience with capital markets and institutional investors will strengthen Sow Good’s future capital raising efforts, which will support our planned growth and create value for our shareholders.”