Company Updates

Canopy’s Future Hinges on Certification

Canopy, a company that designs reusable face coverings for frontline workers and consumers, has made fair progress since its last raise.
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Sustainability Meets Health

Between 2020 and 2022, one object suddenly became central in the lives of many Americans: the face mask. Its protective power made it indispensable during the pandemic. But most masks were disposable and made from plastics. And they caused a disproportionate amount of pollution. In 2022, we disposed of 3 million face masks each minute. We find them everywhere — on the streets, in bodies of water and on beaches. Admittedly, we’ve had limited choices when it comes to masks. More sustainable alternatives were not really available at the beginning of the pandemic. The choices ranged from washable but less protective cloth masks to full-face masks used for nuclear disasters.

That’s why hundreds of startup founders around the world started developing practical, effective, and durable face masks to protect against COVID-19 and other threatening viruses. Among them, Joe Rosenberg started Canopy, a startup that designed a comfortable, transparent, and reusable face mask for everyday citizens and healthcare professionals.

KingsCrowd rated the company a Neutral Deal during its last raise, which closed in June 2021. At the time, Canopy raised $330,013 at a $6.5 million valuation. Two years later, the company is raising again. The market is different now. Most Americans are not wearing masks anymore. But COVID is still infecting people, and healthcare professionals are still protecting themselves against it. Despite a change in the consumer market, Canopy is showing fair progress.

Medical Attention

Joe previously projected that Canopy would start generating revenue in 2021. And the company did earn $74,052 in revenue that year and $150,000 in 2022, according to him. However, he also expected to make the company cash flow positive in 2021, but this did not happen. (Learn the lingo: a company that is cash flow positive earns more cash from sales than it spends on operating expenses.) Therefore, the company’s financial results are fair but far from impressive.

Léa Bouhelier-Gautreau
About: Léa Bouhelier-Gautreau

Léa is passionate about impact investing and sustainability. Prior to KingsCrowd, she worked for Stanford’s accelerator, StartX, helping to select the most promising entrepreneurs. She also led the first award-winning study on the Malawian startup ecosystem. In her free-time, she volunteers to help entrepreneurs in Cameroon, Brazil and Colombia. Léa holds a degree in Anthropology from France and is currently enrolled in the UC Davis MBA program.

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