Why We Invested: Salt & Straw
Jon Maroney – April 2022
Why We Invested
OVF invested in Salt & Straw in 2019 to fuel their expansion and bring their artisanal ice cream to locations up and down the West Coast. We feel so strongly about the potential of the team, the strategy, and the product that we made a 2nd investment in 2020 to help them add additional scoop shops in Florida. We have been delighted with their progress – the company has generated consistent, impressive growth with new locations and customers from coast to coast. But selling handmade, super-delicious ice cream has always been only part of the equation for founders Kim and Tyler Malek (cousins). They are on a mission to create community gathering places in walkable neighborhoods and arts districts, as well as marquee entertainment destinations. A Salt & Straw scoop shop is a place where you can run into neighbors, spend time with family, or treat yourself. Here at OVF, we’re also all about creating community, so back in 2019 we couldn’t wait to hear more. We tasted some of the creative artisanal ice cream flavors and we were screaming for more (I scream. You scream. The police come. It's awkward.).
Little did any of us know what 2020 had in store for us. As you’d expect, the pandemic forced everyone to make changes and the Salt and Straw retail locations were shuttered overnight and over 650 carefully selected and trained employees sent home. Closures of independent locations, as well as Salt & Straw shops from sports stadiums to Disneyland, were impossible to predict. Fortunately, Kim and the leadership team weren’t afraid to pivot into action. The leadership team literally began making ice cream themselves so their direct-to-consumer plan could be up-leveled to ensure continued growth and their many, loyal followers could still access the high-quality, innovative ice cream at home.
The combination of a strong leadership team and a loyal fan base were factors in our decision to invest. Salt & Straw has a raving customer base, evidenced by an NPS score of 70. Their product has won awards and recognition from the Food Network, Food & Wine Magazine, and the Wall Street Journal, among others.
As it turns out Salt & Straw is more than a gathering place with great ice cream. They have created something special with their teams too. Seasonal employees come back year after year. And the Salt & Straw culture is to take responsibility for the communities where they scoop – one of the jobs of employees is to walk the four-block area around their stores and pick up litter. OVF’s values align with Salt & Straw’s and we agree a business is only as strong as its community. Kim and team have built something truly special. We’re excited to see their growth reach new heights and new locations across the nation. Now that shops, stadiums and even Disney have reopened, we expect the Salt & Straw brand to gain further traction and followers and has already resumed as a special gathering place. If you haven’t tried it yet, we think you should – as you can tell we’re big fans.
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