Caffeinated gum firm Rev, co-founded by Blake Settle (proper) and Reed Burch (left), raised $6 … [+]
Chewing gum is a $33.1 billion world enterprise, however issues over their damaging influence on the surroundings and lack of innovation through the years have led legacy meals firms, notably Mondelēz, to divest from the class.
In 2022, the Oreo cookie maker introduced the sale of its developed-market chewing gum enterprise to competitor Perfetti Van Melle for $1.35 billion. In distinction, chewing gum merchandise enhanced with useful advantages have been making waves since confectionery chief Mars Wrigley relaunched its caffeinated Alert gum in 2017 following FDA approval.
Smaller gamers that tout the portability and effectiveness of their added elements, together with Mighty Gum, Run Gum and Neuro, are rising quick by interesting to shoppers on the lookout for a fast power increase. Austin, Texas-based Rev Power Gum is the brand new child on the block, and it is on observe to cement its management place within the house after closing a latest $6 million Collection A spherical earlier this summer season.
Co-founded by Blake Settle after struggling to remain awake throughout faculty finals whereas making an attempt to keep away from sugar-laden power drinks, together with Sam Ehlinger and Reed Burch, Rev Power Gum affords 4 completely different sugar-free flavors: Peppermint and Polar Mint in common energy every the pill accommodates 60mg of caffeine and the identical further energy aromas, providing 100mg of caffeine.
“At Rev Gum, we’re proud to deliver innovation and performance to a class that has lengthy remained stagnant. Our differentiated worth is strictly what drives us to outperform legacy power pictures and chewing gum,” Settle mentioned in a press release. “The buying energy that customers have as we speak is stronger than ever. With the assist of our latest buyers, we consider Rev Gum is strategically positioned to draw extra energetic, health-focused prospects and assist them notice their unfulfilled potential.”
Rev’s newest funding spherical was led by YETI Capital (not affiliated with publicly traded YETI); founders of Drunk Elephant; former Complete Meals co-CEO Walter Robb; and the world well-known athlete, Lance Armstrong.
Commenting on their new funding, Maxx Karr, Managing Director and Accomplice at YETI Capital, mentioned: “We’re delighted to hitch the Rev Gum crew, each as an investor and as an advisor. Rev Gum has achieved what others haven’t been capable of: ship power to shoppers in a handy gum format whereas making it style nice. We’re excited for the continued innovation of Blake and his crew.”
Retail growth and upcoming improvements
Rev’s official retail launch was in 2019 beginning with main banners together with Buc-ee’s, Circle Ok and Love’s, the model has grown exponentially, promoting at greater than 20,000 retail areas as we speak, together with Walmart
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“2024. ought to see important growth for Rev into a number of new retail classes. We’re at all times targeted on including high quality doorways, whereas persevering with to extend velocity with our present distributors,” mentioned Settle. “These doorways mirror our strategic partnerships with focused retailers. We’re at all times trying to work with sellers who’re aligned with our goal shoppers.”
Settle additionally attributes Rev Gum’s profitable fundraising to its lean crew of 10 full-time staff along with the corporate’s differentiated attributes and distinctive product-market match. “The timing is ideal for Rev to enter the market, because the gum class is prepared for some useful innovation,” he mentioned, “and we’re at all times trying to deliver on board strategic expertise that we might like to develop with.”
Settle added: “With the newly raised capital, we plan to speed up the event of some game-changing innovation, whereas persevering with to construct model consciousness each on-line and at retail by elevated advertising efforts – on-site sampling, occasion sponsorships and activations, to call a couple of.”