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Exclusive: Whipnotic seeking up to $4M

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May 23, 2024
Illustration of ice cream cone with a $100 bill sticking out of the side.

Illustration: Eniola Odetunde/Axios

Whipnotic, a whipped cream startup, expects to close a $2 million to $4 million seed extension round by the end of the summer, CEO Lori Gitomer tells Axios exclusively.

The big picture: The company wants a lead investor that supports women founders and inventors, and brings operational and strategic expertise.

Zoom in: The new money, coupled with $2.5 million it raised last year, will give it about 18 to 24 months of runway, Gitomer says.

  • The company's lead investor should be able to take it to new heights amid the growing popularity of better-for-you snacks. "to help us scale responsibly."
  • "We want to be sure that we're showing up in the right places, to the right consumers, at the right time," Gitomer says.

Zoom out: The company has already talked to a number of early-stage venture firms though it declined to say how much has been committed at this stage.

  • Existing investors GTM Investments, East Dune Holdings and Crenshaw Ventures will likely participate in the next round, Gitomer adds.

Catch up quick: The seed capital was used to develop its next generation of swirl nozzle technology, and to build out semi-automatic machines that can increase capacity by 40x. They're expected to begin operating this summer.

  • The company has made some optimizations to its nozzle as well, including increasing the size of its push button and ensuring that 25% more flavor comes out of the nozzle, Gitomer says.

What's next: In addition to increasing its retail presence, the new funds will support testing the foodservice channel this year.

  • There are opportunities to do exclusive colors, exclusive flavors, and seasonal ones for foodservice, Gitomer says.
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