Creatd (CRTD) increases stake in Plant Camp from direct-to-consumer health food company
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Creatd, Inc. (Nasdaq CM: CRTD) (the “Company” or “Creatd”), the parent company of Vocal and Creatd Partners, announced today that they have completed the purchase of an additional 56% stake in Plant Camp, LLC (“Plant Camp”), through its wholly-owned subsidiary, Creatd Partners, bringing the total ownership of the company in Plant Campez at 89%. As the majority owner, Creatd Partners will control Plant Camp operations going forward. In addition, Creatd will recognize all of Plant Camp’s income in the Company’s consolidated financial statements. Management currently estimates the annual revenues of this newly acquired company to be approximately $ 1 million.
Plant camp was first brought to market when its co-founders, two leaders in the consumer goods industry (CPG), identified the high-growth niche of healthy, kid-friendly foods. To realize their vision, the founders of Plant Camp partnered with the Creatd team, ultimately becoming the first company to join. Created Partners, the Company’s business initiative. With the support of Creatd Partner, including capital investment, operational know-how and strategic marketing resources, Plant Camp went from concept to development / formulation in less than nine months. Since its inception, Plant Camp activities and operations have been managed remotely using a platform and technology stack designed by Creatd’s product team, the same team behind the creation of Vocal, the company’s flagship product.
Creatd CEO Jeremy Frommer commented, “It’s rare to see ideas become realities. Plant Camp’s success so far is due to the vision and creativity of its founders, Angela Hein and Dr Heidi Brown. Without their commitment and hard work, we might not have brought this product to market.
Plant Camp got off to a smooth launch at the end of Q4 2020 and entered the pre-order phase of its first product, a nutrient-dense mac and cheese for kids. Over the following months, and with the support of the Creatd team, Plant Camp set up a supply chain and general operations, as well as a direct-to-consumer marketing strategic framework that would lay the groundwork for its future scale. Plant Camp officially entered the execution phase in January 2021, although a number of technical supply chain delays linked to the pandemic prevented sales from increasing seriously until the start of the second quarter. Since then, Plant Camp has sold nearly half of its initial order of 15,000 units, entirely through its e-commerce site, and plans to sell its remaining stock before the end of the second quarter.
The rate of revenue growth that Plant Camp has experienced to date is largely attributable to its access and use of business intelligence from Creatd and Vocal. In the same way the company has generated such successful campaigns for agency clients like Moleskine and Fiskars, Plant Camp benefits from the ability to tap into the rich pool of first-party behavioral data that Vocal, a community of more than one. million registered creators, continues to regularly raise. In particular, Creatd’s audience targeting skills have made it a natural partner for Plant Camp, as its growth relies on the same internal strategies that the company applies internally to develop its Vocal + subscription program, as well as to run successful campaigns for its client agencies.
It was at the start of the second quarter of 2021 that Rich Vinchesi, who was recently appointed Senior Acquisition Strategist for Creatd Partners, began discussions with the original founders of Plant Camp regarding the purchase of a majority stake, the establishment of a new management team and the implementation of a strategic plan to double or triple income in 12 months.
Commenting further on the acquisition, Mr. Frommer continued, “Plant Camp is our first ‘Creatd Partner’, and it only took a few months for us to prove its viability sufficient to warrant a larger stake. In addition to other potential Creatd Partners opportunities in development, we recently publicly announced our intention to introduce new e-commerce offerings, including leveraging our extensive library of archival content. Now being able to consolidate Plant Camp’s revenue onto our balance sheet is the first manifestation of Creatd’s newly reconstituted e-commerce pillar. “
Looking ahead to the third quarter of 2021, the Company plans to continue to accelerate its sales. In the fourth quarter, the company plans to begin expanding Plant Camp’s offerings by introducing one or more additional SKUs to its product line, including a nutrient-dense, kid-friendly pancake mix.
For more information on Plant Camp, please visit the new Plant Camp Investor Presentation, available on Creatd’s Investor Relations website: https://investors.creatd.com/news-and-events/presentations/default.aspx.