PittMoss LLC Investment Update
The PittMoss board recently voted to extend its Series Seed B round to fund accelerated growth of its new grower grade line as well as additional advertising for the 2019 season.
There have been some compelling advancements related to sales traction and new product releases that the company would like to share with potential investors.
- More than doubling sales in the wholesale/retail channel in 2018.
- More than tripling “early orders” taken at this year’s distributor shows (compared to the 2017 show orders). These are sales to be booked in the 2019 season.
- Q4 sales of the company’s new commercial grower products were twice that of all commercial sales in the previous four quarters combined.
Additional company milestones delivered:
· Retail product launch (first two products launched in February, 2017)
· New retail product launch in 2018 – Plentiful (organic soil) after about a year in R&D.
· Developed a peat-lite (PM1) and peat/bark (PM2)mix for growers
- Removing barriers to adoption for growers while demonstrating superior performance compared to other grower mixes.
· Demonstrated traction at distributor shows:
- Brand recognition – inbound traffic, customers know/have heard about the product.
- Customers are placing orders compared to watching demonstrations and ordering trials a year ago.
- Starting to sell commercial product at shows in addition to retail.
· Visited key competitor in the industry – met senior management team and discussed PittMoss and potential integration into their line as well as potential long-term investment and/or acquisition.
- Signed on with two new co-ops – Cooperative Feed Dealers in the mid-Atlantic and True Value Home Centers
- Agreement with a new soil mixer (and in discussion with two others) to begin adding PittMoss as a component for their commercial growers upon their request.
- Are in talks with another group to make a PittMoss/Coir blend – specifically for Phipp’s conservatory, but the company sees potential for this new peat-free product.
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