Very Great Company Profile

Background

Overview: Very Great is a New York-based consumer product platform and holding company that specializes in building and scaling digitally-native consumer brands. Founded in 2016 by Eric Prum and Joshua Williams, the company leverages a technology-enabled infrastructure encompassing supply chain management, creative marketing, and sales to rapidly develop and launch modern consumer products.

Mission and Vision: Very Great aims to empower passionate entrepreneurs by providing best-in-class resources to build and grow consumer startups from the ground up. The company's vision is to create a family of real, crave-worthy brands that resonate with a new generation of consumers.

Industry Significance: By integrating advanced technology with consumer product development, Very Great stands out in the consumer durables industry. Its focus on environmentally friendly products and innovative design positions it as a leader in sustainable consumer goods.

Key Strategic Focus

Core Objectives:

Brand Development: Rapidly develop and launch digitally-native consumer product brands.

Sustainability: Promote and sell environmentally friendly products.

Entrepreneur Support: Provide infrastructure and resources to assist entrepreneurs in building consumer startups.

Areas of Specialization:

Product Categories: Wireless chargers, plastic substitutes, and a variety of fashionable consumer products.

Technologies Utilized: Technology-enabled growth infrastructure spanning supply chain, creative marketing, and sales.

Target Markets: Environmentally conscious consumers seeking innovative and sustainable products.

Financials and Funding

Funding History:

Total Funds Raised: $15 million.

Recent Funding Rounds:

Later Stage VC: $2.1 million on January 22, 2024.

Later Stage VC: Undisclosed amount on April 1, 2022.

Debt - PPP: $1.07 million on April 27, 2020.

Early Stage VC: $15 million on December 10, 2018.

Notable Investors:

Eastward Capital Partners

8VC

LeFrak

Utilization of Capital: The funds have been directed towards scaling production, expanding brand portfolios, enhancing technological infrastructure, and supporting marketing initiatives.

Pipeline Development

Key Brands:

W&P: Focuses on innovative kitchenware and food-related products.

Courant: Specializes in wireless charging solutions.

Wild One: Offers stylish and functional pet products.

Product Development Stages:

Conceptualization: Identifying market needs and conceptualizing product ideas.

Design and Prototyping: Developing product designs and creating prototypes.

Testing and Refinement: Conducting product testing and making necessary refinements.

Production and Launch: Manufacturing products and launching them to the market.

Target Conditions: Addressing consumer demands for sustainable, innovative, and aesthetically pleasing products.

Timelines: The company aims to launch new products and brands annually, with future brand launches currently under development.

Technological Platform and Innovation

Proprietary Technologies:

Technology-Enabled Growth Infrastructure: A comprehensive system that integrates supply chain management, creative marketing, and sales to streamline product development and scaling.

Scientific Methodologies:

Product Design: Utilizing user-centered design principles to create products that meet consumer needs and preferences.

Sustainability Assessment: Implementing life cycle assessments to evaluate the environmental impact of products.

AI-Driven Capabilities:

Market Analysis: Employing machine learning algorithms to analyze market trends and consumer behavior.

Supply Chain Optimization: Using AI to enhance supply chain efficiency and reduce costs.

Leadership Team

Executive Profiles:

Eric Prum: Co-Founder and Co-Chief Executive Officer. Eric brings extensive experience in product development and entrepreneurship, having co-founded multiple successful consumer brands.

Joshua Williams: Co-Founder and Co-Chief Executive Officer. Joshua has a strong background in business strategy and operations, contributing significantly to the company's growth and success.

Aditi Kumar: Vice President of Finance. Aditi oversees the company's financial operations, bringing expertise in financial planning and analysis.

Board Members:

Eric Prum: Co-Founder, Co-Chief Executive Officer, and Board Member.

Joshua Williams: Co-Founder, Co-Chief Executive Officer, and Board Member.

Kimmy Scotti: Board Member.

Michael Milstein: Board Member.

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within the company's leadership team.

Competitor Profile

Market Insights and Dynamics:

Market Size: The consumer durables industry is a multi-billion-dollar market with steady growth driven by increasing consumer demand for innovative and sustainable products.

Growth Potential: The shift towards e-commerce and direct-to-consumer models presents significant growth opportunities for digitally-native brands.

Industry Trends: There is a growing emphasis on sustainability, personalization, and technological integration in consumer products.

Competitor Analysis:

Key Competitors:

Pattern Brands: Focuses on building and scaling consumer brands with a similar emphasis on design and functionality.

Brandless: Offers a wide range of consumer products with a focus on affordability and quality.

Harry's Inc.: Specializes in personal care products and has successfully built a strong direct-to-consumer presence.

Competitive Landscape: The market is characterized by intense competition among companies aiming to capture the attention of modern consumers through innovative products and direct-to-consumer strategies.

Strategic Collaborations and Partnerships

Very Great has established significant collaborations and partnerships to strengthen its market position and innovation capacity. Notably, the company invested in Factored Quality, a business/productivity software company, on February 15, 2022.

Operational Insights

Strategic Considerations:

Market Position: Very Great's focus on technology-enabled infrastructure and sustainable products positions it favorably in the consumer durables market.

Competitive Advantages:

Integrated Platform: The company's comprehensive approach to brand development, encompassing supply chain, marketing, and sales, provides a streamlined path from product conception to market launch.

Sustainability Focus: Emphasis on environmentally friendly products aligns with consumer preferences and regulatory trends.

Entrepreneur Support: Providing resources and infrastructure to entrepreneurs fosters innovation and brand diversity within the company's portfolio.

Strategic Opportunities and Future Directions

Strategic Roadmap:

Brand Expansion: Continue developing and launching new consumer brands to diversify the product portfolio.

Technological Enhancement: Invest in advanced technologies to further optimize supply chain management and marketing strategies.

Market Penetration: Expand into new geographic markets to increase brand reach and consumer base.

Opportunities for Expansion:

E-Commerce Growth: Leverage the increasing trend towards online shopping to boost direct-to-consumer sales.

Sustainability Initiatives: Develop products that meet the growing consumer demand for sustainable and eco-friendly options.

Strategic Partnerships: Form alliances with complementary brands and companies to enhance product offerings and market presence.

Positioning for Future Objectives: By capitalizing on its integrated platform, commitment to sustainability, and support for entrepreneurial ventures, Very Great is well-positioned to achieve its future objectives and maintain a competitive edge in the consumer durables industry.