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VitaBowl

Food is Medicine: Nutritionally + medically tailored plant-forward meals

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Security Type
Crowd SAFE
Categories
Food & Bev
Min Investment
$250
Location
LOS ANGELES, CA
Offering Date
June 20, 2023
Expected Close Date
April 29, 2024
Target Raise
$15.00K-$1.23M
No. Investors
27
Security Price
$1.26
Website
vitabowl.com
Number of Employees
5
Cash
$146,837
Revenue
$859,342
Short Term Debt
$398,705
Cost of Goods
$698,792
Long Term Debt
$3,287,296
Net Income
$-722,890

Company Description

VitaBowl is a CPG plant-forward company focused on providing meals with superfood options, pressed juices, and snacks that take a nutrition-first approach. It is Co-founded by 1st female 3* Michelin chef Dominique Crenn of Atelier Crenn. It prepares and delivers meals based on the nutritional requirements of its customers.

The product is not unique but has good market traction. The company offers plant-based, ready-to-eat meals with rotating menus based on the dietary and nutrition requirements of customers. Its target market is the health and wellness industry, athletes, and working professionals. The product has de-compostable packaging for its retail channel.

According to prophecy market insights, the Food as Medicine market is to hit $35.3B in the next decade. The market is highly competitive with various small and big companies as competitors. Two primary competitors are Thistle and Modify Health. 

The company delivers nationwide to 40+ states and 50+ cities, including hospitals, specialty retail stores, and gyms. It has its presence via B2C and D2C channels (ready-to-eat + subscription model). The major partners in B2C include ULCA Health, Pink Dot, Sodexo, Earthbar, Equinox, Cedars Sinai, Sunlife Organics, and Los Angeles Lakers. In the near future, the company plans to launch Vita Juice and a frozen meals SKU line to provide healthy meals directly to customers, retail locations, and hospitals, and a telehealth app tied to insurance reimbursement nationwide. Telehealth service will be eligible for 100 million patients and accepted by over 100 insurance companies for reimbursement nationwide.

The company has shipped 300,000+ fresh meals. It has done over $1M+ in lifetime revenues. Revenue for 2022 was $859k against $213k in 2021. It has a gross profit margin of 19%.

Perks

1 investor Invest $250 Receive 20% off code to try our VitaBowl subscription upon Sign Up Continental US Shipping Only Limited (499 left of 500) Invest $500 Receive 30% off code to try our VitaBowl subscription upon Sign Up Continental US Shipping Only Limited (250 left of 250) Invest $1,000 Receive 40% off code to try our VitaBowl subscription upon Sign Up Continental US Shipping Only Limited (100 left of 100) 1 investor Invest $2,500 Receive 40% off code to try our VitaBowl subscription for a month FREE Box of our first batch of VitaJuice Continental US Shipping Only Limited (49 left of 50) Invest $5,000 Receive 50% off code to try our VitaBowl subscription for a month FREE Box of our first batch of VitaJuice Continental US Shipping Only Limited (25 left of 25) Invest $10,000 Receive 10% off code to try our VitaBowl subscription for 1 year FREE Box of our first batch of VitaJuice Consultation with our Chief Nutritionist Sarah Brandow Continental US Shipping Only Limited (10 left of 10) 1 investor Invest $25,000 Receive 3 month complimentary subscription to VitaBowl FREE Box of our first batch of VitaJuice Zoom meeting with the founding team Consultation with our Chief Nutritionist Sarah Brandow Continental US Shipping Only Limited (4 left of 5) Invest $50,000 Receive 6 month FREE subscription to VitaBowl FREE Box of our first batch of VitaJuice Zoom meeting with the founding team Be involved in the development of our new commercial for our medically tailored frozen line Consultation with our Chief Nutritionist Sarah Brandow Continental US Shipping Only Limited (3 left of 3) Invest $100,000 Receive 1 Year FREE subscription to VitaBowl FREE Box of our first batch of VitaJuice Reservation @ Altelier Crenn in San Francisco; meet the founding team, photo opportunity with Celebrity Chef Dominique Crenn and copy of her signed book. Be involved in the R&D process of one frozen product SKU Consultation with our Chief Nutritionist Sarah Brandow Continental US Shipping Only Limited (1 left of 1)

Key Deal Facts

Shipped 300,000+ fresh meals; frozen meal SKU line launching this year $3M Seed round closed by VCs including Gaingels, Murano Capital, LA Fund Co-founded by 1st female 3* Michelin chef Dominique Crenn of Atelier Crenn Key B2B customers: UCLA Health, Cedars Sinai, Sodexo, Sunlife Organics Expanded nationwide: now available in 40+ states and 50+ cities Launching Telehealth service tied to insurance reimbursement nationwide Diverse team with deep expertise in technology, hospitality, food, and CPG

Use of Proceeds

The company plans to use the proceeds for R&D, sales and marketing, general working capital, software engineering, and platform fees.

Management Team / Advisory Board Bios

Johanne Charles Michael Yim, Executive Chairman, Co-Founder and Director
Charles was previously the CEO of the company from 2019 to 2022. Prior to Co-Founding the Issuer, Charles started his career in Silicon Valley in Enterprise Software before moving to Consumer Software and then ultimately to Health Technology. He has always pursued entrepreneurial endeavors with passion and with a focus on problem-solving. He is currently working full-time with VitaBowl. 

Denis Lam, CEO and Head of Engineering
Denis is a serial entrepreneur and angel investor with three successful exits. Prior to joining Vitabowl, Denis was the CEO of Done, a telehealth e-commerce marketplace with automated end-to-end Rx delivery and insurance claims which he helped scale to over 30 states and a $100M valuation in less than 12 months. Denis also was the VP Product of RFID and Card Tech where he led the development of IoT supply chain traceability (for cold-chain and medical products) and smart retail solutions. He is also working full-time and has founded many companies. 

Mikhail Lorenzo, COO, Co-Founder and Director
Miko started in the Bay Area in Hospitality focusing on front-of-house operations and food and beverage for companies, including The Ritz-Carlton. He eventually moved into the startup world focusing on Consumer Packaged Goods. He works full-time with the company. 

Dominique Crenn, Co-Founder and Culinary Council 
She is the first ever and only Female 3-Star Michelin Chef of America. Dominique received a Best Chef award in 2018 from The James Beard Foundation. She also joined the creative team on the dark comedy horror film The Menu, serving as a consultant. This is her third startup. She works at all her startups. 

Sarah Brandow, Co-Founder, and Chief Nutritionist
Sarah holds an M.Sc. in Nutrition from the University of Westminster in London. She has consulted internationally for companies, restaurants, and hotels in over 10 countries, helping them optimize menus and provide balanced, delicious, and truly nutritious meals. Sarah also works one-on-one with professional athletes and individuals looking to improve their health status by embracing an anti-inflammatory diet focusing on microbiome health. This is her first startup and she is working full-time with VitaBowl. 

The management team is strong with diverse experiences and knowledge to scale the business. 
 

Valuation Notes

The company has valued itself at $15M. It has previously closed a $3M Seed round by VCs including Gaingels, Murano Capital, and LA Fund. The company looks slightly overvalued based on current numbers but if it is successful in gaining market for its frozen meals line, the valuation might be justified.

Amount Raised : $38,350
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Security Description

An equity crowdfunding specific version of a SAFE used by crowdfunding portal Republic. Upon conversion (if and when that happens), investors may receive special shares with limited rights that do not show up on a company’s cap table. The issuer may roll over and not convert shares at the next financing round causing investors to lose out on some upside.

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