CHICAGO —Smokeless tobacco company Black Buffalo has raised $30 million in a Series A equity raise led by The Pritzker Organization (TPO) and Listen Ventures.
Chicago-based Black Buffalo offers eight core products that contain pharmaceutical-grade, tobacco-derived nicotine but no tobacco leaf or stem. The premarket tobacco product application (PMTA) for those products is still pending with the U.S. Food and Drug Administration (FDA).
The company also has a line called Zero, made up of nicotine- and tobacco-free products. Black Buffalo was a winner in CSP’s 2021 Retailer Choice Best New Products Contest. Its Zero Long Cut and Pouches are finalists in the 2022 competition. Its products can be found in more than 800 convenience stores and tobacco outlets nationwide.
"We are pleased to have such outstanding investment partners in TPO and Listen Ventures. Black Buffalo's business is experiencing unprecedented growth as adult consumers continue to seek out alternatives in the nicotine and tobacco segments,” Black Buffalo’s President and Co-Founder Mark Hanson said. “We believe that TPO and Listen Ventures will provide far more than just capital to accelerate every aspect of our business, including identifying new key hires in sales, marketing, manufacturing and finance."
TPO Managing Director Jason Pritzker and Listen Ventures Managing Partner Jeff Cantalupo have joined Black Buffalo’s board of directions. Additional participation in the equity raise came from Watchfire Ventures, Vice Ventures and UTC Ventures, an affiliate of Unified Tobacco Co.
TPO is the merchant bank for the business interests of the Tom Pritzker family. It partners with exceptional leaders to create value across a wide range of businesses, according to the organization.
Listen Ventures is a consumer-obsessed venture capital firm. Its team of investors, brand experts and creative capitalists operate concentrated investment strategy partnering with extraordinary entrepreneurs to build the brands of tomorrow, according to the firm.
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