- Smart Cups has opened a new round on StartEngine at a valuation of $57.79M, up ~443% from its previous crowdfunding round of $10.65M.
- Since the last crowdfunding raise, the company reported 2023 revenue of $259,867. This represents a 20% increase from 2022 revenue of $216,510.
- However, the company claims to be moving away from selling its own branded-products and instead focusing on licensing its technology to other companies. Here is the company’s current stance on this topic:
“Smart Cups initially launched a proof of concept energy drink line under our own brand. However, our overarching strategy has always been to transition away from our own branded products and focus on white labeling, co-manufacturing, and licensing opportunities. With the recent installation of our fully automated production line, we now possess the capability to pursue these avenues more effectively. As part of this strategic shift, we may discontinue our energy drink line in the near future and pivot our focus primarily towards business-to-business (B2B) engagements.
We’re actively pursuing partnerships and agreements with multinational companies for white labeling, co-manufacturing, and licensing opportunities. Additionally, we’re excited to announce that we are launching a printed pet product line with an enterprise customer in Q2, which further expands our reach and revenue streams.
Our goal is to collaborate with established brands like Pepsi, Gatorade, and others to develop Smart Cups versions of their products. This approach allows us to leverage our innovative technology while tapping into the existing market presence and distribution channels of these industry giants.”
- During the company’s previous raise, the company indicated that it would be reformulating & relaunching its energy drink, and also launching a mouthwash product. However, given the discussion above, it seems the company is hard pivoting and focusing solely on securing white-label/licensing partnerships with other businesses.
- In pursuit of this, the company announced its partnership with Compana Pet Brands to “directly print accurate doses of pet supplements onto recyclable pet bowls”.
- However, it has been 8 months since this partnership was announced, and we could not find more information on whether this product has been launched yet. Additionally, Smart Cups is not shown anywhere on the Company website.
- The company also announced its partnership with the U.S. Army, signing a Cooperative Research and Development Agreement (CRADA). While exciting, there are no additional details regarding the extent of this partnership and what it could mean for future revenue growth.
