Summary

Graza is an omni-channel olive oil company that sells top-notch extra-virgin olive oils (EVOO) at prices that won’t break the bank. Both products (Drizzle 500ml finishing oil and Sizzle 750 ml cooking oil) are never blended and made from single varietal Picual olives sourced from Jaen, Spain, a prosperous agricultural region. Graza comes in chef inspired proprietary first-to-market squeeze bottles.

Background

Graza founders, Andrew Benin and Allen Dushi, bring decades of extensive growth and operational experience in the CPG industry, coming from companies like Magic Spoon, Casper, Warby Parker, and JACHS.

Graza’s positioning is meant to cut right through the middle of the archaic olive oil industry. The highest quality EVOO offerings come at price tags and formats that simply don’t lend themselves to usability, and rely heavily on a romanticized European essence that leads to them sitting on consumers shelves for months on end. Graza was “made to be used”, celebrating a diversity of culinary communities, which enables consumability, and repeat purchase. Graza has already built a buzz-worthy digital presence through organic growth from social media, culinary thought leaders, and brand partnerships, and high-profile editorial coverage (Bon Appetit, Food & Wine, CNN, etc). Further, channeling their digital presence into rapid yet responsible retail + food service expansion has already begun.

Why Cashmere Fund Invested:

Differentiated Product:

Graza has created a differentiated product within the EVOO market given its single-source, high quality and easy product design at a low cost. Graza’s squeeze bottles are fully opaque and induction sealed to help keep the oil fresh (i.e. away from light damage). With Graza, the consumer gets the ease of a squeeze bottle – lighter, easier to control in the kitchen – along with the quality of some of the fancier, glass bottles on the market.

Market Growth and Early Omni-channel Traction:

US olive oil consumption has experienced substantial growth over the past two decades with approximately 406,000 tons consumed in 2021, up from 214,000 tons 20 years ago. Since launching in January 2022, the Graza team has experienced strong early growth as they currently sell through 500+ retail doors including Whole Foods, The Fresh Market, Foxtrot, and over 100 specialty retail shops. The high quality nature of the product has attracted impressive restaurants, chefs and influencers, such as Michelin-starred Brooklyns The Four Horsemen, Suerte ATX, Molly Baz, and Chrissy Teigen.

Built for Scale:

Graza has an advanced olive oil purchasing strategy, allowing them to control their quality spec while maintaining their margin structure. Graza does not = small batch, single estate. Graza = highest quality at the best price.

Other Active Investor

Brand Foundry, Watchfire, Jake Kalick @ Madein, Martin Williams @ Above Foods