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Venture capital firm BFG Partners invested in Mid-Day Squares when the brand’s founders were still hand crafting their functional chocolate bars in a Montreal apartment. BFG managing partners Tom Spier and Dayton Miller described their decision as “a leap of faith.”
On the surface, it may seem like BFG, which has a track record of investing in high-growth companies, as a somewhat surprising move. But Tom and Dayton note that their evaluation of Mid-Day Squares was – as with every business they fund – based on four key criteria: people, product, brand and strategy.
Established in 2014, BFG is focused on investments in better-for-you and sustainable brands seeking seed through Series B rounds of capital. The firm recently announced the activation of its third fund, which according to a February press release, has commitments “already approaching 70%” of its $125 million target size. Fund III follows ones valued at $54 million and $108 million, respectively. 
BFG’s portfolio includes stakes in several food and beverage companies, including OLIPOP, Mid-Day Squares, Barnana, Athletic Greens, Caulipower and Graza. Successful exits include Chameleon Cold Brew, which was bought by Nestle in 2017, and Birch Benders, acquired by Sovos Brands in 2020.
We sat down with Tom and Dayton at Expo West 2024 for an expansive conversation that dives deep into BFG’s investment strategy and includes their evaluation of fast-growing categories, how they assess gross margin in the near- and long-term lifecycle of a brand and what a polished pitch says about a founder.
Show notes:
0:35: Tom Spier & Dayton Miller, Managing Partners, BFG Partners – Tom and Dayton reflect on the five years since their last appearance on Taste Radio, how they identify differentiated package design and why great taste is at the heart of a sustainable business. They also discuss mainstream opportunities for ethnic foods, how the founders of Mid-Day Squares got the attention of BFG via a cold Linkedin message, how they evaluated the potential for better-for-you soda before investing in Olipop and how they assess hype-fueled brands. Later, they explain their enthusiasm for some refrigerated and frozen brands despite supply chain and other challenges associated with the categories, what founders should include in their initial outreach and follow up, and engage in a rapid-ish fire word association about kids’ foods, dairy, candy/confection, beverage alcohol, plant-based meat, ultra-processed foods and cereal.
Brands in this episode: Coyotas, Evol Foods, Fly By Jing, Mid-Day Squares, Obi, Olipop, SmartSweets, Oats Overnight

As expected, commerce reigned at the annual Coachella music festival, but which food and beverage companies stood out? We have a report. This episode also features conversation with Laura Merritt, the CMO of Diageo Beer Company, who discusses how Guinness’ non-alcoholic Zero variety is helping the brand cultivate a new generation of consumers.
0:35: A Sordid Past. Cat’s Milk. The Bramins. Jacqui’s Spirits. Robin’s Egg Blue. TB12 In 0.5 Sec. – Jacqui chats about personal pub culture before diving into her trip to Coachella and interactions with a handful of brands, including one that slyly promised “a good time.” The hosts briefly discuss Momofuku’s decision to abandon its trademark battle and the proper way to say “pecan,” two products that highlight a new era for cocktail culture, a game-changing package for condiments and, perhaps, the most beautiful color in the world.
32:36: Interview: Laura Merritt, CMO, Diageo Beer Company – Laura is the marketing lead for Guinness, the iconic brand best known for its draught Irish stout beer. We met with Laura at Expo West 2024, where Guinness was highlighting its Zero variety, a non-alcoholic beer brewed to approximate the classic taste, mouthfeel and color of the original liquid. In our interview, Laura spoke the reason Diageo brought Guinness to Expo West, why she compares the rise in consumer demand for non-alcoholic beer to that of a popular food trend, how its Zero variety gives the brand optionality and how the company is attempting to cultivate a new generation of Guinness consumers. Guinness' innovation strategy and how modern trends fit into its approach.
Brands in this episode: Guinness, Lucky Energy, Poppi, Bitchin’ Sauce, Momofuku, Homiyah, This Little Goat, Archer Roose, Evolution Fresh, Pecana, Sayso, Gorgie, Mission Craft Cocktails, Haven’s Kitchen, Healtea, Ringa, Unreal, Heineken, Athletic Brewing, Seedlip, Ritual Zero

After 15 years at the helm of one of the most admired better-for-you brands in the food industry, Elizabeth Stein is happy to share.
The founder and CEO of Purely Elizabeth, which markets natural and organic granola, cereal and oatmeal, Elizabeth has long been at the forefront of incorporating ancient grains, such as chia seeds, quinoa and amaranth, into products that are designed for mainstream consumers. 
Since launching in 2009, Purely Elizabeth has gradually expanded beyond its roots in the natural channel and into conventional and mass retailers, including Publix, Target and Walmart. Consumer demand and consistent retail growth has attracted investors. In 2022, Purely Elizabeth announced the close of a $50 million Series B funding round, one that has fueled investment in marketing and product innovation.
In this episode, Elizabeth joined us for an expansive conversation in which she shared lessons learned during her journey as food entrepreneur, including how she positioned Purely Elizabeth to stand out in a crowded category, what it means to create something that retail buyers perceive as unique and incremental to a category, her two most important considerations when raising capital, and the impact of hiring the "right" people.
Show notes:
0:35: Elizabeth Stein, Founder/CEO, Purely Elizabeth – From the show floor at Expo West 2024, Elizabeth speaks about the impact of a well-crafted booth, why she never built her company to sell it and how ingredients, first and foremost, have helped differentiate Purely Elizabeth from other brands. She also discusses how package design that resembles a clean beauty product gives the products greater visibility on shelf, takeaways from launching brand and line extensions, how the company’s cookie granola was the first “proper process” for new product development and tips for cost-effective innovation planning. Elizabeth also shared lessons learned about raising capital and why she waited as long as she could before accepting outside investment, how to trust that investors will not replace you as leader/CEO of your company and the importance of reminding yourself about what makes you happy.
Brands in this episode: Purely Elizabeth

Momofuku built its reputation as a company that was always willing to stir the pot. It may, however, regret stirring this one. 
David Chang’s restaurant and consumer brand empire is under fire for sending cease-and-desist letters to brands using its trademarked term “chili crunch,” a move that has elicited rage among some in the food industry who feel that Momofuku is unfairly targeting small, women-owned and minority-led businesses. The hosts leap into the fray with their own takes on this hot and developing story. 
They also riff on Japanese TikTok, ASMR videos of people eating, a new spirit brand that, according to the founder, may make your brain “bounce that ass,” and a bevy of new food and drinks, including a non-alcoholic negroni and a brand that has “pretzelized” your favorite snacks.
Show notes:
0:35: Soccer Talk Eclipses NCAA History. Everyone Seems Agitated, Except VIPs. Jacqui’s Finger Wink. – Four hours before his beloved Arsenal is set to take the field, Mike is glistening and hydrating. John and Jacqui wonder who in the audience follows European soccer, and the hosts share their respective opinions on Momofuku’s recent legal moves and why they may cause more problems than solutions for the company. Ray highlights the benefits of becoming a Taste Radio VIP, John shares shots of peanut butter-flavored tequila (but not his negroni) although Mike passes on one in lieu of a non-alcoholic cider. The hosts also munch on mochi, praise a modern version of Dunkaroos and entrepreneur Jason Cohen’s latest opus, and wonder why Jacqui uses an appendage to move her eyelid.
Brands in this episode: Local Weather, Chica Chida, Lapo’s, Momofuku, Wynk, This Little Goat, Homiyah, Heinz, Hidden Valley, Fly By Jing, MiLA, Soke, Soula, Original Sin Cider, Pretzelized Snacks, Kokada, Philosopher Foods, Mochi Love, Skrewball Whiskey

What role can bars and mixologists play in protecting Earth’s fragile environment? It’s a question that Juan Torres Master Distillers, the maker of Torres Brandy, has attempted to answer via an innovative competition.
A highly regarded spirits brand based in the Penedès region of Spain, Torres Brandy is the creator of Zero Challenge, an annual international competition whose aim is to promote, identify and reward environmentally friendly solutions in the management of bars and crafting of cocktails.
The 2024 Zero Challenge finals were held last month in Barcelona and featured 10 bartenders based in countries from around the world, including Finland, Estonia, Spain, Mexico, Italy, Canada, the United States and the United Arab Emirates. Each presented a project intended to improve sustainability and reduce environmental impact within their bars and included solutions often specific to the impact that climate change is having in their respective regions. They were also challenged to develop a cocktail using Torres Brandy, one that reflected their commitment to a sustainable future.
The event spanned the course of three days and included educational tours of the Torres Brandy solera and Familia Torres winery, the latter of which has for decades emphasized the importance of addressing climate change through the use of innovative growing methods and production processes. It culminated in the crowning of Beto del Toro of Mexico’s Rufina Mezcalería as the winner of the Zero Challenge competition, a title that came with a grand prize of €30,000.
This episode features interviews with four of the key participants in the competition, including Beto Del Toro along with Christian Visalli, the Global Spirits Director for Juan Torres Master Distillers; Loni Lewis, a finalist representing Okan, a restaurant in South Carolina; and Giacomo Giannotti, the owner of the World’s 50 Best number one bar Paradiso, and the winner of the inaugural edition of Zero Challenge.
Show notes:
2:56: Interview: Christian Visalli, Global Spirits Director, Juan Torres Master Distillers – Surrounded by Familia Torres’ vineyards, Christian speaks with Taste Radio editor Ray Latif about a traditional food prepared for the event’s guests before explaining the origins, aim and importance of the Zero Challenge competition. He also shares details about the project that won the inaugural edition of the contest, the potential to provide funding for more than one person in future contests and how Familia Torres’ ancestral grape varietals project, which was launched 45 years ago, is key to its sustainability goals and benefited the company’s innovation and product strategy.
16:22: Interview: Loni Lewis, Bar Manager, Okan – Loni shares details about Okan, a West African and Caribbean-inspired restaurant based in Bluffton, South Carolina and how her concept for a “secret bar” and new food plantings, including moringa and okra, on the premises benefits its sustainability goals. She also explains her approach to preparing for the competition, presenting in a way that gets judges and audience members interested and excited about her idea and why she believes that “waste is a lack of imagination.”
27:04: Interview: Giacomo Gianniotti, Owner, Paradiso – Giacomo and Ray chat about the latter’s first visit to Paradiso and the bar’s copper still themed speakeasy, why it has become a global destination and how he, an Italian, came to Barcelona by way of London. He also discusses the development of Paradiso’s Zero Waste Lab, the project that won Torres Brandy’s first Zero Challenge competition; how it has supported the bar’s sustainability initiatives along with those of the local community; and his role in judging the cocktail component of the 2024 contest.
39:07: Interview: Beto del Toro, Owner, Rufina Mezcalería – An elated Beto explains why winning the competition is the “crown” for Rufina, which he opened nine years ago.

What happens when a small, but influential, retailer unexpectedly closes all of its stores? What’s the impact on suppliers? What does its closure say about the trends it embraced? The hosts share their thoughts on Boisson’s surprising shutdown. They also test out an innovative countertop machine that produces on-demand plant-based milk and highlight a motley crew of RTD beverages (including a tomato-flavored tea and pistachio milk latte) as well as an upstart brand of samosa inspired by Caribbean flavors.
Show notes:
0:35: Ray Burgundy. We Had An Inkling. Nu & Tasty. Pure Peruvian. Whiskey And Chicken. Churn, Baby. – The opening script is a bit off, but Ray makes an adjustment. The hosts reflect on their 2023 predictions about the future of dry bottle shops and discuss the news about Boisson “restructuring,” before Mike whipped up oak milk lattes with the press of a button. They also chat about a secret ginger deal caught on video and what keytars have to do with a buzzy lifestyle trend and indulge in a few treats that John and Doorsa founder Kartik Das provided for the recording.
Brands in this episode: Bonbuz, Melati, Numilk, Kenetik, Joopa, GNGR Labs, Agi’s Caribbean, Bully Boy Distillers, Bahari Tea, Tache, Kace Tea, Doosra, Djablo, Crystal Jade, Droosh, Churn Butter, Narra