Innovating the next generation of health & nutrition products. 400k+ Users ✓ £2m+ 2017 Revenue ✓
Business overview
| Location | Cardiff, United Kingdom |
|---|---|
| Social media | |
| Website | www.promixx.com |
| Sectors | Home & Personal Non-Digital Mixed B2B/B2C |
| Company number | 7832790 |
| Incorporation date | 2 Nov 2011 |
Idea
Introduction
High-growth multimillion-pound health and fitness company, with an estimated 400,000+ users, set to launch patented immune-boosting supplement.
Utilising a capital injection of just £56,000, we have built a multimillion-pound company from a single-purchase product - PROMiXX: The Original Vortex Mixer - an innovative portable blender designed specifically for powdered nutritional products.
We have established PROMiXX as a market leader with over 400,000 users, an extensive IP portfolio, and an international distribution network spanning 50+ countries. Our thriving, profitable business has grown to revenues exceeding £2m in 2017 with gross profits of £1.1m (based on unaudited management accounts).
We plan to leverage our infrastructure, brand equity and market-expertise with the expansion of our flagship vortex mixer brand, PROMiXX, in addition to the introduction of two new products:
1) Regenative - A patented anti-aging nutraceutical for intra-cellular health.
2) Morning Glory – An innovative meal replacement optimised for the start of the day
Join us now in unlocking our growth potential with the launch of these innovative, repeat purchase products.
Intended impact
“A $21billion dollar industry and this is the best we can come up with?!” Joe Faulkner-Edwards, Founder & CEO, frustrated with his conventional shaker bottle in 2011, "surely we can do better!".
We created PROMiXX to make it easier, more convenient and more fun to mix your health supplements.
Regenative represents what we believe to be a significant innovation in immune-enhancing and anti-aging supplementation, designed to optimise cellular health - keeping you looking and feeling younger, for longer. Based on EFSA guidelines, our health claims are:
Morning Glory addresses a problem most of us know all too well: finding the time to eat a wholesome breakfast. It's been dubbed ‘the most important meal of the day’, yet many of us are guilty of neglecting our body when it needs us most.
There are many so-called "convenient solutions" - a protein shake; a breakfast bar – but we believe all fall short of providing your body with what it really needs. When compared with other Amazon best-selling shakes and bars we feel our product has several superior traits.
We developed Morning Glory to be THE on-the- go breakfast solution for those looking to optimise their health and performance in the workplace or in the gym.
Substantial accomplishments to date
• Winners of two enterprise awards, including a grant to develop the Regenative formula.
• Utilized £56,000 to build a profitable, £2m+ business in under 5 years.
• Successfully raised over £150k on Kickstarter across two campaigns.
• 400,000 estimated users and brand advocates.
• Over 7500 pre-orders of our newest vortex mixer, MiiXR - due for launch in Q2/Q3 2018 - https://vimeo.com/201963706.
• Achieved 'Best-Seller', 'Most Wished For' and 'Most Gifted' status on Amazon over multiple years.
• Secured intellectual property with a substantial (and growing) portfolio of international utility patents, trademarks and designs.
• Partnered with over 20 international distributors and landed products in over 50 countries.
• Over 2 million social media fans/subscribers thanks to our industry-leading content.
• Recruited a large network of high profile brand advocates who freely endorse our products across their social channels.
• Invitation-only members of the Amazon Launchpad Platform – showcasing products from “todays brightest startups”.
• Secured extensive media coverage, including a feature on The Gadget Show’s ‘Best Stocking Filler’ segment.
• Acquired dozens of key domains, including .coms for all of our brands.
• Grown a very talented and passionate team.
• Constructed state-of-the-art company headquarters in Cardiff, UK, with space for us to grow.
Monetisation strategy
Over 85% of our revenue is generated from direct-to-consumer sales via our global website (www.promixx.com) and 6 international Amazon marketplaces. Remaining revenue is generated from sales to our international distributors – to whom we export directly from our manufacturing partners in China.
Our immediate growth is expected to be fueled by the introduction of our best vortex mixer yet, MiiXR, building on what we have already achieved with the PROMiXX brand.
Long-term growth and scalability is planned to be achieved through expansion into new, yet directly transferable markets, and the adoption of a subscription-based revenue model for our first repeat purchase products, Regenative and Morning Glory.
We are building standalone, subscription-based e-commerce sites for Regenative and Morning Glory, with all products also available for purchase on our global e-commerce site www.promixx.com in addition to our top-selling Amazon channel.
We are confident we can achieve multimillion-pound Amazon revenues with each of our new products, as we have demonstrated with PROMiXX.
Use of proceeds
We plan to deploy proceeds as follows:
1. Inventory
£150,000 will be used to fund our first production runs of MiiXR, Regenative and Morning Glory.
2. IP
£50,000 will be used to expand our trademark and patent protection into more of our core markets.
3. Growing the team
£55,000 will be used to expand our sales & marketing teams.
Any additional capital raised will be used to fund further inventory for expansion into new territories. Greater inventory reserves should reduce lead times for our distribution partners - currently a barrier for many smaller distributors - thus enabling us to open new markets more efficiently.
The company has an Amazon Lending loan balance of £27,382.03, repayable monthly and ending in May 2018. There is also an outstanding loan with a balance of £145,347.29 and a private loan of £85,086.16. None of the proceeds raised will be used to fund these debts.
The company holds nearly £850,000 in total assets, including approximately £170,000 of PROMiXX inventory (figures based on unaudited management accounts - Nov 2017).
Round Structure
Please note, $65,000 of investment in this round is in US Dollars, which is being reflected in the campaign at an exchange rate of 1 GPB = 1.4 USD.
Company Structure Information
At the closing of this round, Whey Forward Health Industries will be a parent company with 3 fully owned subsidiary entities, namely; Trade Xpansions Ltd, PROMiXX Ltd, and Vitality Whey Ltd.
Market
Target market
PROMiXX has experienced significant growth within the sports nutrition market through the targeting of budding athletes and gym enthusiasts.
As the brand has grown, we have witnessed a wider demographic adopting our products – aiding brand awareness and opening up new revenue potential. We have reacted to this through the expansion of our marketing to target a broader spectrum of health, lifestyle and technology consumers.
Regenative and Morning Glory represent our first foray into the broader markets of dietary supplements and functional foods.
Morning Glory will target affluent, health-conscious, busy professionals who do not have the time to meet their optimal nutritional needs in the morning.
Regenative cuts across a swathe of consumer markets with applications in health, beauty and anti-aging. In order to exploit this, we will be developing targeted marketing campaigns to provide optimal positioning to target each of these unique demographics.
Characteristics of target market
The sports nutrition market alone is forecast to exceed $45 billion in 2022, up from $28 billion in 2016. This growth is being driven by lifestyle and recreational users adopting products that were previously seen as a niche category for bodybuilders and gym enthusiasts, as we have witnessed with PROMiXX. Sports nutrition is fast becoming mass market.
The global dietary supplements market was valued at $132 billion in 2016 and expected to reach $220 billion in 2022.
These are markets with high spending power. We have seen that customers are actively investing in their health and willing to spend significantly to achieve a competitive advantage. We aim to capitalise on this by focusing on high-end, premium product offerings.
We are not trying to be everything for everyone; rather we endeavor to create category-leading products with a clearly defined need among health-conscious consumers.
Marketing strategy
We have proven our strategy with the rapid expansion of the PROMiXX brand and our ever-growing community of engaged social followers.
As experts in digital marketing and e-commerce, we know how to reach customers. Our strategy from here is simple – take what we have learned and apply it to new products in adjunct markets.
1. Amazon
We will leverage our Amazon Launchpad affiliation and Best Seller status to drive awareness of our new products.
2. Digital Advertising
We will utilise our digital marketing prowess to achieve scalable ROIs for our new products which, as repeat purchase products, have a higher lifetime value.
3. Social Media
We will leverage our current social following and continue growing our community of over 2 million loyal fans by providing premium health and fitness content such as training guides, recipe books and exercise tutorials.
4. Ambassadors/Influencers
We have developed a strong, prominent and loyal network of leaders and ambassadors who have been instrumental in growing our brand. We will continue to grow this network with the recruitment of endorsers relevant to our various target markets.
5. Trade Network
We will continue to provide our trade partners with significant marketing support and an extensive portfolio of marketing assets to promote brand awareness through their own channels.
Competition strategy
PROMiXX’s success was built on the foundation of an innovative product serving a defined need, but we feel that it has been our marketing strategy, quality control and dedication to customer experience that has fuelled our brand equity.
We have invested heavily in intellectual property for our new products, securing a plethora of international patents, designs and trademarks to reinforce and validate each innovation. We will utilise this intellectual property portfolio in order to fully exploit each market opportunity.
With a commitment to R&D and an in-house product design team, we have the ability to act quickly and with flexibility. We are always improving the products we currently market, in addition to identifying opportunities and moving into underserved markets that compliment our product portfolio and market positioning.
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