Stitched In: Announcing Our Investment into IQBAR

Delicious on-the-go bars that nourish your brain and body, you say? Yes, please!

We’re thrilled to announce our investment into IQBAR, and our brains are pretty stoked, too. This rapidly growing nutrition brand is on a mission to “empower the doers. The creators. The get-stuff-doners,” as founder Will Nitze puts it. And they do that by centering their products on functional nutrients proven in scientific literature to benefit the brain and body. Hence the fitting name.

The IQBAR story

Will’s fascination with the brain and how it functions began with his studies in Psychology and neuroscience at Harvard. After graduating and launching into a busy career in software, Will began experiencing chronic mental fatigue and headaches. He sought after solutions and soon stumbled onto David Perlmutter’s book, Grain Brain, which directed him toward the answers he needed in food.

However, Will struggled to find ready-to-eat options that both fit his lifestyle and provided the full brain and body function nutrients his new diet required. So he started moonlighting in his apartment kitchen, and in late 2017, Will launched a Kickstarter campaign that raised over 700% of it’s goal to bring IQBARs to the world.

Brain & body nutrition that actually delivers

IQBAR’s primary product line centers on low-carb, plant protein bars packed with brain nutrients (like the Lion’s Mane adaptogen). They also recently expanded into hydration with the IQMIX stick pack line and are currently working on a coffee mix called IQJOE. With bars, hydration mixes, and coffee, they cover three major needs throughout your day!

A different kind of protein bar

Most functional bars fit into one of three categories. They provide “energy” (in the form of carbs), they’re high in protein (usually animal protein), or they comply with a diet (like  veganism). IQBARs improve on all three, combine them in one offering, and layer on an additional benefit of brain nutrition. Their bars promote crash-free energy, with next-to-no sugar or carbs. They’re high in plant protein that’s digestion-friendly. They comply with virtually every diet under the sun. And, they are packed with a brain nutrient mix no other bar has. Truly novel.

Next-level hydration

In recent years, we’ve seen a ton of different hydration mixes enter the market, offering everything from electrolytes to energy boost and CBD. With IQMIX, Will and the IQBAR team have developed an exceptional product that combines the best attributes of competing products on the market and layers on a unique blend of brain nutrients (Magtein® Magnesium L-Threonate + 8X-Concentrated Lion’s Mane Extract). No other product on the market offers this dynamic combination.

What we love about this investment (aside from eating it)

First and foremost, they’ve developed a cohesive product portfolio that addresses a variety of utilities customers can consume for different occasions throughout the day. This cohesion is created by following a stringent quality and market checklist before any production takes place to ensure product success.

Capital efficiency

Will has demonstrated considerable tenacity and strategy in building IQBAR, starting with an unprecedented focus on capital efficiency. IQBAR is net profitable as of this June, and will grow 100% year-over-year in 2022 in sales. The company makes $4 for every $1 of dilutive-capital brought in, and with just a team of six, has hit 8-digits worth of sales this year. This is nearly unheard of for a company this early within the consumer products space.

Distribution channels & expansion

Early on, IQBAR realized Amazon was an important channel to gain share in a competitive space. They wanted to avoid threats of substitution and leave “money on the table,” while most other DTC companies at this stage focused on owned-eCom. These companies are now being forced to diversify into Amazon due to lagging traditional DTC metrics.

With a strong presence on Amazon, the company is in a good position to grow its shares outside of Amazon to brick-and-mortar. Already, IQBAR products are sold in 7,500 locations, including Walmart, Sam’s, Kroger, Sprouts, and Wegman’s.

Full steam ahead

We’re looking forward to watching IQBAR take over the shelves, forging a new path in smart, nutritional food products. Will is a natural entrepreneur, and we truly believe he has what it takes to take IQBAR far.

If you want to get your hands on some tasty brain bars, Will and the team at IQBAR are offering a discount to the Sweater community as a thank you for the investment and support. Head to the IQBAR page in the Portfolio section of the Sweater app to get 50% off your order of IQBAR products.

Category
Investments & Portfolio Updates
Written by
The Sweater Team
Published on
January 25, 2023
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