Denise Woodard, founder and CEO of Partake Meals along with her daughter
Partake Meals was based by Denise Woodard, a black Korean-American lady who efficiently overcame the challenges of financing and constructing a crew to offer scrumptious and nutritious snacks for these with meals allergy symptoms.
With robust mission and worth alignment, strategic partnerships and intentional communication throughout the crew, Partake has turn out to be a number one model within the CPG trade, whereas its founder has turn out to be a task mannequin for different ladies of colour trying to begin and develop their companies. .
By prioritizing the wants of its prospects and staff, Partake continues to pave the best way for a extra inclusive and equitable future within the meals and beverage trade. So, it is not nearly tasty snacks, it is about creating constructive change on the planet.
The success proves the necessity for allergy-friendly snacks
The buyer packaging sector is a big and rising market. It was price $2.1 trillion in 2022 and is projected to develop to $2.4 trillion by 2028.
The CPG market presents a major alternative for feminine founders to leverage their distinctive views and experiences. These entrepreneurs thrive within the sector because of their deep understanding of client wants and, usually, their mission-driven method. It is likely one of the hottest sectors for feminine founders looking for enterprise capital.*
Throughout the summer season of 2016, Denise Woodard’s daughter was recognized with a extreme meals allergy. “On the time, my now 8-year-old daughter was 1 12 months previous and just lately recognized with allergy symptoms to nuts, eggs, corn and bananas,” she sighed. “I used to be upset, scared and annoyed with the obtainable choices. I felt there have been some gaps from a style and vitamin perspective.”
Annoyed by the restricted choices obtainable for her daughter’s dietary wants, Woodard noticed a possibility to create a model that might cater to these with allergy symptoms and enchantment to a wider viewers. Whereas juggling her company job as Director of Nationwide Gross sales for Venturing & Rising Manufacturers at Coca-Cola
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Partake has developed since its inception, increasing its product line to incorporate graham crackers, pancake mixes and waffles, and increasing its distribution from 50 shops to over 12,000 shops nationwide, together with Amazon
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The corporate has collaborated with well-known manufacturers reminiscent of:
- For Ben & Jerry’s, Partake presents a gluten-free, allergy-free oatmeal raisin cookie utilized in Oatmeal Dream Pie ice cream.
- DoubleTree by Hilton is legendary for giving out heat chocolate chip cookies at check-in. Now providing a Partake Doubletree collaboration for these with meals allergy symptoms.
- American Airways presents Partake cookies in its top quality cabins.
The corporate launched a nonprofit group, Black Futures Fellowship, to extend range, fairness and inclusion within the CPG meals and beverage trade by matching HBCU college students with paid internships and job alternatives at CPG meals and beverage corporations. It has turn out to be extra critical about its efforts to eradicate meals insecurity.
Quick-sighted VCs did not see the potential
Denise Woodard, Founder and CEO of Partake Meals
“[Entrepreneurship is like] I play dodgeball,” Woodard exclaimed. “And I feel simply after we clear one impediment, one other one appears to pop up. However we proceed to persevere. The most important hurdle is funding.”
Black ladies characterize 13.9% of all ladies within the US and a barely greater ⎯14.8%⎯ of all women-owned companies*. In 2021, they acquired lower than .34% of enterprise capital.
So it was difficult to proceed to lift cash to finance the expansion of the enterprise. “I am actually pleased with our investor group as a result of I feel they agree with me and the corporate from a mission and values perspective, however I have been instructed ‘no’ so much alongside the best way. So funding was an enormous problem.”
The way in which Woodard overcame the funding challenges was by persevering with to work with individuals who believed in her and needed to proceed supporting Partake’s progress. It takes offering metrics very significantly. Buyers can’t deny your success if you happen to run enterprise, present progress and concentrate on margins and profitability.
“We have raised over $20 million in exterior capital,” Woodard exclaimed. Buyers embrace Black Star Fund, Bobby Wagner, CAST US Fund, CircleUp Development Companions, Fearless Fund, FF2032, Jay-Z’s Marcy Enterprise Companions, John Foraker, Kevin Johnson’s Black Capital and Rihanna.
She is all the time networking. “You by no means know the place your subsequent investor pitch goes to return from,” she stated.
Partake is a minority-owned enterprise licensed by the Nationwide Minority Provider Improvement Council (NMSDC). NMSDC Development Initiative certification permits licensed minority enterprise enterprises (MBEs) to safe fairness capital from institutional buyers. As a licensed M/WBE, Partake has elevated entry to contracts with authorities companies and huge companies, elevated visibility and publicity to potential prospects and companions, and entry to networking alternatives and assets.
“I used to be very considerate about how I raised capital and who I raised capital from, in addition to the make-up of our board of administrators,” Woodard stated. “Our investor base is predominantly folks of colour.”
Workforce constructing is all the time a problem. Partake now has 17 distant employees. “One of many causes persons are right here is as a result of they consider in what we stand for as an organization,” Woodard stated. In addition to maintaining the crew engaged and motivated.”
From advantages to hiring practices to listening to staff, Partake prioritizes communication and connection amongst its staff. The corporate holds face-to-face conferences twice a 12 months and presents non-obligatory 15-minute weekly espresso talks for workers to debate private {and professional} points.
As well as, the management crew has each day 15-minute huddles to remain knowledgeable and related with one another. “By being intentional about fixed communication, we be certain that everyone seems to be within the loop and has the chance to attach personally and professionally,” Woodard stated. This method successfully addresses the necessity for connectivity and prevents enterprise from turning into purely transactional.
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