Incubation Station (IS), an Austin-based accelerator for market-validated consumer product companies, today announced that all five participating companies from the accelerator’s Track 1 are closing on initial rounds of equity funding and expanding nationwide. In addition to the funding news, Incubation Station also announced that the accelerator’s Track 2 is open for applications from Dec. 10, 2012 through Jan. 7, 2013.
Incubation Station provides entrepreneurs in the consumer product goods industry with access to vital resources needed to succeed, including dedicated mentorship from industry experts and entrepreneurs, as well as the education, connections and growth funding required for companies to achieve optimal success through rapid and sustainable growth.
“The success of Incubation Station’s Track 1 participants, Primizie, Criquet, Thunderbird Energetica, Verb, and Whynatte, is an indicator of the impact the accelerator will continue to have on emerging consumer product companies,” said mentor Shari Wynne. “We are excited our Track 1 participants have seen so much success and look forward to mentoring another group of interesting, innovative and exciting product companies for Track 2.”
Track 2 will bring together more than 20 experienced consumer product entrepreneurs, executives, and investors to select and mentor a group of market-validated and highly scalable participant companies over the course of a 12 to 14-week intensive accelerator track. Learn more about Incubation Station at www.TheIncubationStation.com or apply for Track 2 at https://angel.co/incubation-station.
Track 1 Success Stories
When Primizie Crispbreads launched in March 2011, founders Mark and Lisa Spedale were producing artisanal Italian snacks by hand, at prohibitively high cost, and selling their products in just a handful of HEBs. After graduating from IS’s first track, Primizie has outsourced manufacturing and developed a diverse product line which is retailing in over 300 HEBs, hired an experienced industry executive as CEO, and is closing on a significant round of growth capital.
Pre-IS, Verb hair products were only sold at Birds’ Barbershops, an Austin chain known for providing high quality, low cost haircuts. Post-IS, Verb styling products are available in Ulta locations nationwide and have been launched with major beauty distributors across the US, including New York’s Paramount Beauty and Mountain Star in the Southwest. Following the Track 1 Showcase Day, co-founders Michael Portman and Jayson Rappaport closed on an initial round of funding totaling $800,000.
When applying to Track 1, Thunderbird Energetica, the makers of raw, gluten-free, soy-free and vegan energy bars, had sold more branded merchandise than actual product. Within months of completing the Track 1 accelerator program, the company has lowered the shelf price of the bars from $2.50 to $1.99 after streamlining the manufacturing process, and had received initial equity funding of $750,000 at their full requested valuation.
Hobson Brown and William Nachman founded Criquet, the first and only E-tailer of organic golf apparel, in 2010, and turned to IS to establish a platform for growth. Since their acceleration, Criquet has added top advisors to their board including Dan Graham of BuildASign.com, Susan Metzger, previously of Jones Apparel Group, and Eli Getson of Golfsmith International. Criquet also brought on a strategic partner in an initial $100,000 raise, significantly lowered production costs, and achieved triple digit growth rates.
Whynatte, a ready-to-drink latte beverage with a unique specialty as an alcoholic mixer, was developed to compete with Starbucks products at the grocery store. Since the start of Track 1, they have gained national recognition. The company also closed an initial round of investment of $300,000 from the Kraft family during Track 1.
About Incubation Station
Incubation Station is a powerful, integrated hub that matches young companies with the resources they need to propel their success – entrepreneur experience, industry-specific expertise, capital, business and legal infrastructure – as part of an engaging environment to encourage the free exchange of ideas and connections. Incubation Station is designed to provide access to resources normally beyond the reach of a start-up or early stage company. Please visit the website at www.TheIncubationStation.com, apply for Track 2 at https://angel.co/incubation-station or follow us on Twitter @IncuStation.
Shari Wynne, 512-485-7175
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