Myro Company Profile

Background

Founded in 2017 by Greg Laptevsky, Myro is a personal care brand dedicated to revolutionizing daily routines through sustainable and effective products. The company's mission is to provide plant-powered, non-toxic body care solutions that reduce environmental impact without compromising performance. Myro's flagship product is a refillable deodorant system designed to minimize plastic waste and offer consumers a customizable, eco-friendly alternative to traditional deodorants.

Key Strategic Focus

Myro's strategic focus centers on three core objectives:

1. Sustainable Packaging: Developing refillable and reusable packaging systems to significantly reduce plastic waste.

2. Natural Formulations: Creating plant-based, non-toxic body care products that deliver high performance.

3. Direct-to-Consumer Model: Leveraging a subscription-based service to provide convenience and foster customer loyalty.

The company targets environmentally conscious consumers seeking effective and stylish personal care products that align with their values.

Financials and Funding

Since its inception, Myro has raised over $10 million in funding from notable investors, including Lakehouse Ventures, Obvious Ventures, Entrepreneurs Roundtable Accelerator, and Eric Ryan, co-founder of Olly and Method. The capital has been utilized to support product development, marketing efforts, and expansion into retail channels. In 2019, Myro reported revenues exceeding $6.5 million, primarily driven by its direct-to-consumer sales and initial retail partnerships. However, in 2020, the company faced significant challenges, including supply chain disruptions and a decline in revenue to approximately $1.8 million. In response, Myro initiated a crowdfunding campaign in 2021 to raise additional capital for product development and retail expansion.

Pipeline Development

Building on the success of its deodorant line, Myro has been developing additional sustainable body care products. In early 2021, the company planned to launch refillable body wash and body mist products, aiming to further reduce plastic waste and cater to the growing demand for eco-friendly personal care items. These new offerings are designed to complement the existing product line and strengthen Myro's position in the sustainable body care market.

Technological Platform and Innovation

Myro differentiates itself through its innovative approach to product design and sustainability:

Proprietary Refillable System: The company has developed a unique deodorant pod system featuring refillable, dishwasher-safe cases and recyclable pods, reducing plastic waste by approximately 50% compared to traditional deodorants.

Plant-Powered Formulations: Myro's deodorants are formulated with natural ingredients, including a sugar-derived antimicrobial to prevent odor and barley powder to absorb wetness, ensuring effective performance without harmful chemicals.

Leadership Team

Myro's leadership team comprises experienced professionals with diverse backgrounds:

Greg Laptevsky, Founder and CEO: With over a decade of experience in direct-to-consumer marketing, including a tenure at meal kit company Plated, Laptevsky brings expertise in scaling consumer brands and a passion for sustainable innovation.

John Wergeles, Chief Operating Officer: Wergeles has over 25 years of experience in business, marketing, and operations, including previous roles as COO in the skincare industry, contributing to Myro's operational efficiency and strategic growth.

Jenna Boff, Head of Sales: Boff brings a decade of experience in sales and account management for consumer products, playing a key role in expanding Myro's retail partnerships and distribution channels.

Competitor Profile

Market Insights and Dynamics

The global deodorant market is valued at approximately $3.5 billion, with a growing segment dedicated to natural and sustainable products. Consumers are increasingly seeking personal care items that align with their health and environmental values, driving demand for innovative solutions like Myro's refillable deodorant system.

Competitor Analysis

Key competitors in the natural deodorant market include:

Native: A direct-to-consumer brand offering aluminum-free deodorants with a focus on natural ingredients and a variety of scents.

Schmidt's: Known for its plant-based formulations and diverse product lines, Schmidt's has established a strong presence in both online and retail channels.

Tom's of Maine: A pioneer in natural personal care, offering a range of deodorants emphasizing sustainability and transparency in ingredient sourcing.

Myro differentiates itself through its refillable packaging system, customizable options, and commitment to reducing plastic waste, appealing to environmentally conscious consumers seeking both efficacy and sustainability.

Strategic Collaborations and Partnerships

Myro has established partnerships with various retailers, including Amazon, Anthropologie, and Grove, to expand its market reach and accessibility. These collaborations have facilitated the brand's entry into over 2,300 retail locations, complementing its direct-to-consumer model and enhancing brand visibility.

Operational Insights

In response to challenges faced in 2020, including supply chain disruptions and revenue declines, Myro has focused on strengthening its operational infrastructure and diversifying its product offerings. The introduction of new products, such as refillable body wash and body mist, aims to capture a larger share of the sustainable body care market and mitigate risks associated with reliance on a single product line.