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Security Type
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Preferred Stock
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Categories
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Other
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Min Investment
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$1,000
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Offering Date
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February 15, 2019
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Expected Close Date
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April 05, 2019
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Target Raise
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$400.00K-$2.00M
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Deal Notes
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Share Price: $2.7040
Option Pool: 8.0%
Liquidation Preferences: 1.0x
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Valuation
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$9,000,000
Company Description
Inventive ice cream brand based in New York City, with 4 retail locationsFounded in 2013 from a pregnant woman's food cravings, OddFellows is a premier New York ice cream brand. Each of our ice creams are authentically homemade and crafted by James Beard nominated Chef, Sam Mason. There is something for kids and adults - sophisticated and playful at the same time. Our ice creams are based on nostalgic, old-timey American classics, as well as some truly innovative, unique combinations with global inspirations. We pride ourselves on taking our customers on a journey; whether it is back to your childhood favorite, or to your recent trip to Asia or Europe. We operate 4 stores in New York City, each featuring a unique and critically-acclaimed take on our odd and classic ice cream flavors. Our ice cream is also sold on-the-menu in over 20 top-tier restaurants in NY and LA, and in pre-packaged pints through Whole Foods and other grocery stores.1. Williamsburg, Brooklyn (2013)The Parlor is our first shop; offering 16 flavors + composed ice cream classics 2. East Village, Manhattan (2016)The Sandwich Shop - home of the OddPocket and various other ice cream sandwiches3. Nolita, Manhattan (2018)Coffee & Cream - Combining a top-tier multi-roaster coffee program with OddFellows signature scoops4. Dumbo, Brooklyn (2018)Beer & Wine - Ice Cream Shop with a Happy Hour serving natural wines, craft beers and our delectable ice cream.Coming Soon (2019)Expansion to Bushwick, Brooklyn with the opening of The OddFellows Factory, our 5,500 sq ft production facility, offering tours of behind-the-scenes ice cream productionAddition of new OddFellows locations 2020 and BeyondFurther retail expansion outside of NYCOddFellows Soda Fountain, that will specialize in cocktails, boozy ice-cream concoctions and savory items from Chef Mason.
Perks
First 50 investors (at any tier) get an OddFellows Insulated To-Go Pint Carrier.
First five Double Scoop investors get a private all-you-can-eat ice cream party with beer and wine for up to 25 guests at our Williamsburg or Dumbo location
First five Triple Scoop or above also receive four 4-pint box sets mailed to four of your friends (anywhere in the continental United States)
First two Root Beer Float or above investors get a private tour of the OddFellows new Bushwick factory and a dinner with the founders (Airfare within USA included for investor)
Single Scoop: Investors of $2,500 or more will receive an OddFellows T Shirt and an OddFellows Sweat Shirt
Double Scoop: Investors of $5,000 or more will receive Single Scoop perks, plus a gift card for $100 that can be used at an OddFellows retail locations
Triple Scoop: Investors of $20,000 or more will receive Double Scoop perks, plus 10% off OddFellows for life
Cookies N Cream: Investors of $50,000 or more will receive Triple Scoop perks, plus a ice cream, wine, beer, and cider tasting for two with Andy Mullins, OddFellows Retail Manager and Beverage Director at our Dumbo scoop shop
Root Beer Float: Investors of $75,000 or more will receive Cookies N Cream perks, plus a one-on-one ice cream making session with our Chief Ice Cream Officer (Sam Mason) in our new Bushwick Factory. Make an ice cream flavor of your choice, from scratch to take home, while collaborating with a James Beard nominated Chef
Banana Split: Investors of $100,000 or more will receive Root Beer Float perks, plus a private party for up to 25 guests at our Williamsburg or Dumbo location.
Hot Fudge Sundae Deluxe: Investors of $200,000 or more will receive Root Beer Float perks, plus either (a) a private party for up to 25 guests at our Williamsburg or Dumbo location, or (b) catered ice cream party for up to 100 guests at a location of their choosing in the New York City area.
Ice Cream Dream: Investors of $500,000 or more will receive a DIAMOND card that entitles you to free ice cream for life (limit up to 1 scoop per day; for your sake and ours).
Key Deal Facts
$5 million in sales since inception and over $1.6 million in 2018 (unaudited)
Over 400 flavors authentically homemade and crafted by James Beard nominated chef, Sam Mason
CPG pints sold at 19 New York City Whole Foods through agreement with Rainforest Distribution
4 retail stores in New York City, as well as our own 5,500 square foot OddFactory in Brooklyn
Premier Brooklyn ice cream brand, consistently recognized as the best Ice Cream in New York City and nationally
Use of Proceeds
Oddfactory: 31% - 20%
Growth Initiatives: 28% - 18%
Operations: 15% - 10%
Debt to Mr. Kumar: 4% - 3%
New Stores: 22% - 49%
Management Team / Advisory Board Bios
Kartik Mohan Kumar - Co-Founder & CEO
Mohan co-founded OddFellows in 2013 to satisfy his wife's pregnant cravings. He is the business and strategic mind behind the company taking responsibility for developing and managing OddFellows' brand and all sales channels. While Sam's been busy in the kitchen, Mohan has overseen retail shop site selection, build-out and operations; negotiation of CPG distribution contracts; and restaurant wholesale sales. Prior to forming OddFellows, managed a $200+ million real estate finance portfolio for EuroHypo AG over 10 years.
Sam Mason - Co-Founder & Chief Ice Cream Officer
Chef Sam Mason is the Ice Cream Wizard behind the inventive, quirky ice cream creations at OddFellows Ice Cream Co. A James Beard Award nominee, Sam trained at Johnson & Wales in Providence, RI before completing a stage at Ladurée in Paris. He then moved to New York City to work alongside famed chefs such Alain Ducasse, Paul Leibrandt, and Wylie Dufresne, including as Pastry Chef at Dufresne’s acclaimed wd-50.
Holiday Kumar - Co-Founder
Holiday is a co-founder of OddFellows and was instrumental in opening or first shop in Williamsburg. Holiday served in a supervisory role over all communications, initial press releases, marketing and branding. All this while handling twin babies at home. Holiday continues to advise on all branding and communications. Along with her work at OddFellows, Holiday is an accomplished writer and researcher. She is a graduate of Northwestern University (BS in Journalism), the University of Chicago (MA in Social Science) and the New School (MS in International Affairs).Currently, she is an MFA candidate at Warren Wilson’s Program for Writers and working on her first novel
Andy Mullins - Retail & Beverage Director
Andy is the Retail and Beverage Director for OddFellows Ice Cream Co. He holds a WSET Level 2 Award in Wines and Spirits and a discerning taste for ice cream, coffee, and all their combinations. Andy previously served as Head of Retail for Nobletree Coffee in New York. Before deciding to focus on the good drips in life, Andy was a Resident Fellow at the Center for Transatlantic Relations at Johns Hopkins University in Washington, DC.
Deal Notes
Share Price: $2.7040
Option Pool: 8.0%
Liquidation Preferences: 1.0x