SmartyPants Vitamins and CircleUp jointly announced that SmartyPants has raised $2.59 million on a convertible note from both current and new investors. CircleUp is a crowdfunding investment platform that helps small consumer and retail companies raise money directly from a community of sophisticated accredited investors.
SmartyPants, a leader in nutrient dense gummy supplements, has experienced explosive growth with total sales increasing 1,000 percent since its launch in the fall of 2010. The new funding will enable the company to accelerate its marketplace growth strategy, expand trade marketing support and hire key executives.
"Partnering with CircleUp gave us access to an incredible community of value-added investors who will help us position to capture greater market share," said Courtney Nichols Gould, co-CEO and cofounder of SmartyPants. "They saved us valuable time by managing the process for us and gave us access to investors who might not have crossed our paths but have strategic importance to us." One such investor is Chinese and could be of service as the company examines key expansion opportunities abroad.
"I see tremendous potential in supporting a company like SmartyPants that delivers a high quality, healthy product to customers and has a compelling combination of large market opportunity, a unique formula within the supplement industry and healthy financial performance," said Lei Dei, one of SmartyPants’ angel investors.
"I am incredibly impressed with the SmartyPants team. Their excellent product supported by their vision and ability to execute has been driving absolutely stellar revenue growth," said Melissa Kasper Shapiro, another SmartyPants angel investor. "This is one of the most promising companies I have seen in the last several years of consumer investing and I'm extremely excited to support their expansion."
Founded by a foursome of parents, entrepreneurs and leading health care practitioners, SmartyPants is the first to combine a full multivitamin, omega-3s DHA and EPA and over 100 percent RDI of vitamin D in a tasty gummy that addresses a core hurdle to good health: compliance. Vitamins only work if taken consistently in the right forms at the right times and this combination of variables have made them less useful than they could be. SmartyPants' goal is to change that by making products that are highly nutrient dense in one serving and very tasty despite being an excellent source of omega-3s from eco-friendly anchovy and sardines. Free of artificial flavors, colors and preservatives, SmartyPants is made in California and uses organic and natural sweeteners—no high fructose corn syrup—and is always gluten and casein free.
"With a wealth of experience, talent and outstanding growth, SmartyPants fits the trend of high quality, healthy brands in which investors and consumers are interested," said Ryan Caldbeck, founder and CEO of CircleUp. "We are excited about the opportunity to have SmartyPants join our community and look forward to helping them scale more quickly."