Boulder Food Group, LLC

Institutional venture firmSEC venture capital fund adviser· Boulder, ColoradoBFGPARTNERS.COM

BFG Partners invests early in the next generation of consumer products — the bold, opinionated brands people actually love.

In the firm's own words, from its website.

Reported fund assets
$243M
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
1
Investment team
8
Latest vintage
2023
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (29)Team (9)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

4 additional team members, 10 additional co-investors and affiliates, 26 additional investments, funds and LPs, 2 verified contacts (1 published business email, 1 firm phone)

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

  1. 1 company
    new in 12 months

    1 new company in the last 12 months.

    A firm writing cheques this quarter is one a founder can pitch now.

    Factfunding announcements, Form D, the firm's portfolio pageFor Founders, co-investorsInvestments →
  2. 2 deals
    with Siddhi Capital

    Invests most often alongside Siddhi Capital (2 shared deals) and Silas Capital (2 shared deals).

    pair last observed on record 1 Oct 2026, not a deal date · The firms it syndicates with are the likeliest to see the same deals and to fill out its rounds.

    Measuredshared rounds and portfolio companies on recordFor Founders building a round, co-investorsCo-investors →

People to know

View all people
  • Rajesh (Raj) Babu
    Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • Dayton Lee Miller
    Member
    Why: Named with investment responsibility
    No route on file yet
  • Tom Joseph Spier
    Manager
    Why: Named with investment responsibility
    No route on file yet

Relationship network

52 connected entities5 observed rounds2 repeat counterparties

From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.

Reading the network
  • Sponsor
  • Company
  • Fund or vehicle
  • Person

Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

How am I connected?

Name your firm, a company or a person, and DFX finds the published routes to Boulder Food Group, LLC: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.

See how you connect to Boulder Food Group, LLC

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

29 companies on record, 1 new in 12 months
Investments on record
29 companies, 6 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Aisleportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Athletic Greensportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Bear Nakedportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Stated thesis versus observed behaviour
35 observed deals
Stated (the firm’s website)
Sectors
ai, consumer, energy
Stages
early
Geography
boston
Check size
not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Industries, each company once
Hardware and deep tech, Software or Tech-enabled and IT services (1)
lead rate no observed dealsfollow-on rate 67%new companies, 12 months 1

Team

9 current, 1 departed
Decision makers
who to call first, and why; then everyone else by function
  • Rajesh (Raj) Babu · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
  • Dayton Lee Miller · Member
    Why this person: Named with investment responsibility
  • Tom Joseph Spier · Manager
    Why this person: Named with investment responsibility

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

Investment team
9 current, 1 departed
Contacts
1 published business email, 1 firm phone

1 published business email, 1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

3 vehicles, 0 LPs disclosed
Funds and vehicles
3 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Boulder Food Group III-QP, LPFeeder or parallel2023 form d first saleActive deployment$29.7M
Jun 24, 2026
58$97.9M
of $150M
Oct 2, 2024
Boulder Food Group II, LPFund2018 form d first saleHarvest$172M
Jun 24, 2026
63$103M
of $108M
Mar 1, 2019
Boulder Food Group, LPFund2014 form d first saleHarvest$41.7M
Jun 24, 2026
45$35.3M
of $55.0M
May 29, 2015
Limited partners
0 LPs, 0 disclosed commitments
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Known LPs and allocators
0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.

Relationships across DFX

13 co-investors · on 1 other DFX graph
Co-investors
13 counted from shared deals, for the whole firm
Across DFX and the capital chainon 1 other DFX graph Show
Across DFX
  • The same institution is held on RIA and Wealth, matched by identifier. See which records
Across the graphs

Boulder Food Group, LLC is the same institution as 1 record in RIA and Wealth.

RIA and Wealth1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Evidence and history

5 dated events, 75 observations from 3 sources
Timeline
5 dated events
  1. Jun 24, 2026
    Boulder Food Group III, LP first reported on Form ADV by Boulder Food Group, LLC (Venture Capital Fund), GAV $29,653,080
    Fund first reported on Form ADVFundsInferenceBoulder Food Group III-QP, LPForm ADV
  2. Mar 18, 2019
    Boulder Food Group II, LP first reported on Form ADV by Boulder Food Group, LLC (Venture Capital Fund), GAV $69,165,000
    Fund first reported on Form ADVFundsFactBoulder Food Group II, LPForm ADV
  3. Nov 1, 2018
    Dayton Lee Miller joined Schedule A of Boulder Food Group, LLC as Member
    Person joinedPeopleFactDayton Lee MillerForm ADV
  4. Dec 24, 2014
    Boulder Food Group, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)
    First SEC adviser filingOrganizationFactForm ADV
  5. Dec 24, 2014
    Boulder Food Group, LP first reported on Form ADV by Boulder Food Group, LLC (Venture Capital Fund), GAV $32,755,000
    Fund first reported on Form ADVFundsFactBoulder Food Group, LPForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Jun 24, 2026 · 3 private fundsShow
Headquarters
Boulder, COadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
BFGPARTNERS.COM
SEC adviser type
Exempt reporting adviseradviserinfo.sec.gov
SEC exemption claimed
Venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
Latest Form ADV
Jun 24, 2026
Private funds reported
3 (3 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$243Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Every classification this record has carried2 on recordShow
  1. Sep 23, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $243M across 3 vehicles
  2. Sep 12, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $188M across 3 vehicles
Evidence
75 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC exemption, VC funds reportedJun 24, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserJun 24, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 12, 2024FactForm ADV
SEC adviser typeExempt reporting adviserJun 24, 2026FactForm ADV
SEC adviser typeExempt reporting adviserJun 24, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 12, 2024FactForm ADV
First Form ADV filing2014-12-24Jun 24, 2026FactForm ADV
First Form ADV filing2014-12-24Mar 12, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-06-24Jun 24, 2026FactForm ADV
Latest Form ADV filing2026-06-24Jun 24, 2026FactForm ADV
Latest Form ADV filing2024-03-12Mar 12, 2024FactForm ADV
SEC statusERA - ActiveJun 24, 2026FactForm ADV
SEC status effective2014-12-24Jun 24, 2026FactForm ADV
Venture share of reported funds1Jun 24, 2026FactForm ADV
Venture share of reported funds1Mar 12, 2024FactForm ADV
Business phoneJun 24, 2026FactForm ADV
Business phoneMar 12, 2024FactForm ADV
DescriptionOct 1, 2026Factno URL
DescriptionSep 16, 2026Factno URL
DescriptionSep 13, 2026Factno URL
HeadquartersJun 24, 2026FactForm ADV
HeadquartersMar 12, 2024FactForm ADV
Office addressJun 24, 2026FactForm ADV
Office addressMar 12, 2024FactForm ADV
Legal formLimited Liability CompanyJun 24, 2026FactForm ADV
Legal formLimited Liability CompanyMar 12, 2024FactForm ADV
Portfolio pageOct 1, 2026Factno URL
Portfolio pageSep 16, 2026Factno URL
Portfolio pageSep 13, 2026Factno URL
Private funds reported3Jun 24, 2026FactForm ADV
Private funds reported3Jun 24, 2026FactForm ADV
Private funds reported2Mar 12, 2024FactForm ADV
Private fund gross assets (reported)$243MJun 24, 2026FactForm ADV
Private fund gross assets (reported)$243MJun 24, 2026FactForm ADV
Private fund gross assets (reported)$188MMar 12, 2024FactForm ADV
Schedule a diffsadiff-1Sep 26, 2026FactForm ADV
Stated geographyboston
“geography words on the home page”
Oct 1, 2026Factno URL
Stated geographyboston
“geography words on the home page”
Sep 16, 2026Factno URL
Stated geographyboston
“geography words on the home page”
Sep 13, 2026Factno URL
Stated sectorsAI, consumer, energy
“sector words on the home page”
Oct 1, 2026Factno URL
Stated sectorsAI, consumer, energy
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsAI, consumer, energy
“sector words on the home page”
Sep 13, 2026Factno URL
Stated stagesearly
“stage words on the home page”
Oct 1, 2026Factno URL
Stated stagesearly
“stage words on the home page”
Sep 16, 2026Factno URL
Stated stagesearly
“stage words on the home page”
Sep 13, 2026Factno URL
Team pageOct 1, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 13, 2026Factno URL
Venture funds reported3Jun 24, 2026FactForm ADV
Venture funds reported3Jun 24, 2026FactForm ADV
Venture funds reported2Mar 12, 2024FactForm ADV
WebsiteJun 24, 2026FactForm ADV
WebsiteMar 12, 2024FactForm ADV
Site titleOct 1, 2026Factno URL
Site titleSep 16, 2026Factno URL
Site titleSep 13, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShow
Importance
41
elevated
Active deployment
29
moderate
Emerging
0
low
Freshness
100
high
Institutional venture firmSEC exempt reporting adviser

Venture manager, reported GAV $243M across 3 vehicles

The inputs behind each score
importance
gav: 0.42 · funds: 0.25 · people: 0.32 · investments: 0.57 · co investors: 0.45
active deployment
investments 12m: 0.13 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-05-20
emerging manager
fund count: 3 · reported gav: $243M · first adv filing: 2014-12-24 · years since first filing: 11.8

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Record history

1 dated event on the change ledger, latest event first
  • Adviser's first ADV filing
    2014-12-24source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.