Launched in 2018, IQBAR is a “brain + body” nutrition company. Their primary product line centers on low-carb, plant protein bars packed with brain nutrients (like the Lion’s Mane adaptogen). IQBAR also recently expanded into hydration with its IQMIX stick pack line, and ultimately plans on releasing a coffee mix called IQJOE. With bars, hydration mixes, and coffee they cover three major needs throughout your day!
Will Nitze first developed a fascination with the brain while studying Psychology and Neuroscience at Harvard. He began his career in software before stumbling across a book called Grain Brain, which inspired him to start a “brain food” called IQBAR! Initial sales came flooding in via a Kickstarter, and sales growth from that point on never stopped! IQBAR’s revenue will double YOY and is now well diversified across Amazon, their website, and brick-and-mortar wholesale.
Why Sweater Invested
- Capital Efficiency: Will has demonstrated considerable tenacity and strategy in building the company, starting with an unprecedented focus on capital efficiency. The company makes $4 for every $1 of dilutive-capital brought in and with just a team of 6, has hit 8-digits worth of sales this year. This is nearly unheard of for a company this early within the consumer products space.
- Product Portfolio: IQBAR’s product portfolio has been created from cohesive products that address a variety of utilities that customers can consume for different occasions throughout the day. In developing portfolio cohesion, IQBAR’s products must satisfy a stringent quality and market checklist before production.
- Distribution Channels: IQBAR realized that Amazon was an important channel to gain share in a competitive space and wanted to avoid threats of substitution and leave “money on the table” while most other DTC companies focused on owned-eCom. These companies are now being forced to diversify into Amazon due to lagging traditional DTC metrics. Due to IQBAR’s already strong presence on Amazon, the company is in a good position to grow its shares outside of Amazon to brick-and-mortar.
Other Active Investors
CircleUp Growth Partners, Spiral Sun Ventures