“As for Shark Tank,” he added, “we had to learn from it and move on, just like ever other aspect of the business. We don’t think they necessarily have to be mutually exclusive.”Ĭommenting on what lessons can be taken for budding entrepreneurs, Lubin said there isn’t a one-size-fits-all approach when it comes to building an emerging consumer brand, but noted how important it is to “surround yourself with people that you can learn from, and hire folks you genuinely enjoy working with.” “I think it’s great to see all the innovation in the dairy-free space, but we’ve found that many consumers either still prefer the taste of real milk, or have a combination of real milk and dairy-free options in their diet. “We look at other ready-to-drink protein shakes and chocolate milk as other options for our customers,” he stressed. Slate Milkĭespite the growing hype around dairy alternatives, a category that will grow at an estimated 23% CAGR between 20 to reach at least $5.1 billion in the U.S., according to PitchBook data, Lubin said Slate is not in a rush to jump on the bandwagon. Slate pivots itself as a sustainable brand as its products are packaged in 100% recyclable aluminum. The only outside water we use is to clean our machinery.” “When we ultra-filter our milk, we also remove some of the water naturally in milk, which gets sent back to our partner farms. This means, for every pound of plastic we use, we remove it from the planet,” he added.
“Along with this, we do everything we can to be a sustainable brand: our products are packaged in 100% recyclable aluminum cans, and we’re actually a certified plastic-neutral brand through partner rePurpose Global. These ongoing developments are expected to drive Slate’ revenue increase by 200-300% next year, according to Lubin, who notes retail will account for the majority of the company’s sales by 2021 – around 70% with nearly 4,000 locations under major banners, including Publix, Wegmans, Market Basket, Ahold and Whole Foods WFM. The newly raised capital will support the launch of its two new flavors in 2022 and continued retail and e-commerce expansion. Slate, which sources dairy from family-owned farms in New York, is currently available in three different varieties: classic chocolate and dark chocolate milk, in addition to an espresso chocolate milk boosted with 150mg of caffeine per can. “We feel as though our taste profile and nutritional makeup for 20g protein, zero added sugar and no artificial ingredients is really what sets us apart,” he said. Most of these investors, Lubin believes, have been in similar situations when building their businesses and can effectively help Slate expand retail and online footprints. OneRepublic’s lead singer Ryan Tedder and entertainment company JDS Sports also contributed to the round.
This round is led by a group of reputable CPG entrepreneurs and investment groups, including Peter Rahal, founder of RXBar Halo Top’s cofounder Doug Bouton Yasso Frozen Greek Yogurt’s cofounders Drew Harrington and Amanda Klane MVMT Watches’ cofounder Jake Kassan Nick Rellas, cofounder of Drizly as well as Skyview Capital and Riverpark Ventures.
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