Co-founder and co-CEO of SmartyPants Inc. Courtney Nichols Gould announced earlier this week that the company, which makes gummy vitamins for kids and adults, has raised $2,490,000 in its new crowdfunding campaign on CircleUp. The listing was for a convertible note with 19 investors participating in the funding round.
According to CircleUp’s co-founder Rory Eakin, SmartyPants communicated frequently and pro-actively with its investors on the site after raising its first round. It then drew nearly all of them back to invest in the company’s second around. Long-time food investor Melissa Kasper Shapiro revealed, “[SmartyPants] did everything they said they were going to do and has been gaining velocity in stores where its vitamins were already sold.”
SmartPants has been previously linked to distribution deals with all-natural markets and drugstores within national chains such as CVS and Whole Foods, along with local independent merchants. It also worked with “hip” boutique hotels like The Standard Hotels and Ace Hotel, who sells single-service packs of the gummy vitamins in their honor bars.
The co-CEO also noted that SmartyPants’ online customers were also “exhibiting incredible brand loyalty” with repeating orders and enthusiastic reviews on sites including Amazon. Mr. Eakin stated that no other startup has raised a seed and follow-on round of funding on CircleUp to date and the phenomenon has not started to sweet the early industry yet.
In regards to what the company plans to use the money for, Ms. Gould explained, “SmartyPants plans to use the new $2.2M to produce and distribute samples, extensively, and to support its existing and new online business, including via retailers on Amazon, and direct-to-consumer business through a recently redesigned SmartyPantsVitamins.com”
SmartyPants was founded by Ms. Gould and her husband Gordon Gould. The company offers all-in-one vitamin supplements for adults and children that combines eco-friendly omega 3 DHA & EPA + a multivitamin + vitamin D3 in one serving.
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