Once Upon a Farm has registered for an IPO in the US, a decade after the organic baby-food manufacturer was set up.
Berkeley, California-based Once Upon a Farm is seeking a listing on the New York Stock Exchange under the ticker symbol OFRM, according to a filing yesterday (29 September) with the US Securities and Exchange Commission (SEC).
Founded in 2015 by Cassandra Curtis and Ari Raz, the business sells baby and children’s foods, including refrigerated pouches, oat bars, frozen meals and pantry snacks.
John Foraker, the former CEO of US food group Annie’s – later acquired by food major General Mills – joined the business as chief executive in 2017, when he was described as a co-founder of Once Upon a Farm.
The baby food company’s products are marketed in major US retailers such as Whole Foods, Kroger, Walmart and Target, as well as via its own direct-to-consumer channel.
In 2022, Once Upon a Farm raised $52m in a series D funding round led by CAVU Venture Partners, alongside existing investors S2G Ventures, Cambridge and Beechwood.
However, the company is still loss-making.
For the year ended 31 December, Once Upon a Farm delivered a net loss of $23.8m versus a $17.6m loss in the previous 12 months, according to the SEC filing.
In the opening six months of 2025 – to 30 June – the net loss was $28.5m, compared to a $4.2m loss a year earlier.
Sales revenue in 2024 amounted to $156.8m, up from $94.3m in 2023. In the first half of this year, Once Upon a Farm posted $110.6m in sales, rising from $65.8m in the prior six months.
Losses were also recorded on the operating front.
The company, which uses co-manufacturers, delivered an operating loss last year of $6.3m, narrowing from a $15.3m loss. For the first six months of 2025, losses were $9.2m versus 3.1m.
In the IPO registration document, Once Upon a Farm outlined some of the wider challenges for the business.
“Uncertainty in the macroeconomic environment resulting from geopolitical and economic instability, including the imposition of potential tariffs, embargoes, or similar restrictions could cause disruption in our supply chain,” the filing read.
“In particular, tariffs or other barriers to trade affecting Mexico and South America, where we source a significant portion of our fruit and vegetable ingredients, could lead to shortages and higher cost of procurement.
“Any number of these challenges, and others, could have a negative impact on our business and performance.”
The company said all its products are organic, non-GMO, contain no added sugar, and are free from artificial flavours, colours and preservatives.
