Growth Stage

Apparel that boosts your immune health, cognition, recovery, and sleep

Apparel that boosts your immune health, cognition, recovery, and sleep


Raised this Round: Raised: $622,855

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
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Security Type



Series A

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap




Year Founded



Apparel & Fashion

Tech Sector


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Capital Intensity



Santa Monica, California

Business Type


Lambs, with a valuation of $30 million, is raising funds on Republic. The company makes revolutionary health-enhancing apparel. The apparel of Lambs helps boost immune health, cognition, recovery, and sleep. The scientifically-proven fabric technology of Lambs blocks external stressors and provides antioxidant support for the body and mind. Lambs reported seven times growth in 2020 and is on track to achieve $15 million in revenue in 2022. Arthur Menard Calenge and Thomas Calichiama founded Lambs in July 2018. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $1,070,000. The campaign proceeds will be used to accelerate new product development, expand research with professional athletes, invest in marketing channels, and distribute fun and educative content.

Summary Profit and Loss Statement

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Summary Balance Sheet

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Financials as of: 05/20/2022
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Lambs 03/19/2023 Republic $30,000,000 $622,855 SAFE Funded RegCF
Lambs 11/01/2022 Republic $30,000,000 - SAFE Not Funded RegD 506(c)
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Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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People are exposed to a wide variety of elements every day: ultraviolet (UV) radiation that comes from the sun, electromagnetic field (EMF) radiation that comes from Wi-Fi and Bluetooth, and bacteria that comes from just about everywhere. Regular clothing provides limited protection from it all. For example, some clothes are not as effective as others at blocking UV radiation. This is a problem because UV radiation can cause skin cancer, one of the most common cancers in the US. 

While many clothes have an ultraviolet protection factor (UPF), which protects against UV radiation, there aren’t a lot of clothing brands that offer protection from UV radiation, EMFs, and bacteria all in one. Lambs, also known as Faraday Labs, is an apparel company that has developed silver-infused, patent-pending clothing that provides protection against these three factors. Lambs also holds more than 10 patents for its apparel designs, branding, and technology. The company claims that due to its clothing, customers have reported better sleep and overall well-being. Lambs has existed for six years and achieved more than $2.9 million in revenue in 2021. It is also backed by notable investors, including the venture capital firm Science Ventures.

Lambs’ current Republic raise has been rated a Neutral Deal by the KingsCrowd investment team. 

Next Section: Price


Lambs is raising via a Crowd SAFE with a valuation of $30 million and no discount. With a revenue of $2.9 million in 2021, the company yields a valuation-to-revenue multiple of 10.3x. The apparel industry has a multiple of about 1.5x. Although its revenue multiple is above average, Lambs is not very overvalued when compared to startups raising capital via crowdfunding. Its revenue multiple is average for startups in the same space, so Lambs is fairly valued for this round.

Next Section: Market


Lambs provides outdoor clothing that protects wearers from everyday radiation, such as ultraviolet (UV) radiation and bacteria. The global outdoor apparel market is estimated to be worth $15.6 billion with an annual growth rate of 5.5%. This would put the US market at roughly $4 billion. So Lambs’ market opportunity is decent, but since the outdoor apparel market has a lot of competitors, this might limit the company’s ability to expand.

Increased awareness about skin cancer contributes to the growth of Lambs’ market opportunity, since skin cancer is usually caused by UV radiation. In fact, the US ultraviolet protection factor sun protection clothing market was valued at $590.5 million in 2019 with a decent annual growth rate of 7.6%. 

Lambs also claims that its clothes protect wearers from electromagnetic field (EMF) radiation from Wi-Fi, 5G, and Bluetooth. There is currently no definitive evidence that EMFs have harmful effects on humans, and there are many conflicting studies. This could limit how many consumers Lambs can reach. Consumers might buy cheaper alternatives designed only for UV protection and bacteria resistance since EMF radiation has not been fully proven to be harmful yet.

All in all, Lambs’ obtainable market is a decent size and growing steadily. However, the lack of proof that EMF radiation is harmful and the sheer number of competitors could limit how much the company can scale.

Next Section: Team


Lambs was co-founded by CEO Arthur Menard de Calenge and COO Thomas Calichiama. Calenge is a serial entrepreneur who made the Forbes 30 Under 30 list. He holds a master’s degree in life science and an MBA in business and entrepreneurship. Prior to Lambs, he founded Methode-Prepa, an online training platform that prepares students for exams. Calenge also co-founded OneApp, a software-as-a-service company that automates communication for small businesses. Calenge currently serves in an advisory role for OneApp. Calenge is a serial entrepreneur, which is a plus, but his previous ventures don’t seem to have succeeded. It’s generally a stronger signal for a founder to have experience making a company succeed — for example, bringing it to an exit — than to have founded multiple companies.

Calichiama spent five years in marketing and management roles at the French Golf Federation. He also holds a Master of Business Administration in sports management from the Paris School of Business and a master’s in business law from the University of Paris I: Panthéon-Sorbonne. 

Although the founders have strong managerial and entrepreneurial skills, they don’t have prior experience in the apparel industry. However, Lambs has a diverse spread of other team members, including a material scientist, head of engineering, customer specialists, and more. Lambs also has a notable network of advisors, including Brett Conrad, former president of athletic apparel company lululemon. Having an advisor of a notable apparel company is a big advantage in helping the company make the right decisions and succeed.  

Overall, Lambs’ founders have strong management and entrepreneurial skills. They lack industry experience, but a variety of team members and the guidance of experienced advisors may help the founders bridge this gap. 

Next Section: Differentiators


Lambs is mostly differentiated by being the first and only apparel company to provide protection against ultraviolet (UV) radiation, electromagnetic field (EMF) radiation, and bacteria in one piece of clothing. However, there are a lot of outdoor clothing brands that offer protection against UV radiation. Although other regular outdoor apparel brands don’t claim to block EMF radiation, there is no universal evidence that EMF radiation is harmful. So EMF protection might not give Lambs that much of an advantage. 

Lambs’ products are also expensive compared to other brands. Its prices range from $49 to $139, and most are close to $100. Brands such as Free Fly Apparel, Solbari, and Arctic Cool are cheaper. Free Fly Apparel offers a wider range of clothing with various ultraviolet protection factors (UPFs), and its prices range from $44 to $88. Solbari and Arctic Cool sell apparel with both UPF and anti-microbial properties, and their prices range from $30 to $119 and $9.99 to $64.99, respectively. 

However, Lambs’ apparel appears to be more durable than most competitors’ clothing. While most UPF clothes last for 30 to 40 washes, Lambs’ last for 300 washes, according to CEO Arthur Menard de Calenge. Some consumers may find it worthwhile to invest more money in outdoor clothes that last a long time.

Lambs holds more than 10 patents and has a patent pending for its silver-infused fabric. However, since there are a lot of other competitors and silver-infused fabric is not new, most of its patents are for its design and not the technology. So with different designs, other companies can easily enter the market with similar products.

Altogether, Lambs stands out by selling durable clothes that combine protection against EMF radiation, UV radiation, and bacteria. It sells at an above-average price point, and EMF protection may not offer a strong advantage without definitive proof that EMFs are harmful. However, Lambs does not operate in a winner-take-all market, so it could still attract a decent customer base.

Next Section: Performance


Lambs generated solid revenue of around $2.9 million in 2020 and 2021. However, Lambs has existed for six years now, and it’s operating in an established market. With that context, a revenue growth rate of just 1.4% seems less impressive. 

The company’s revenue has been 51% higher than the cost of goods sold, which is very impressive. However, its net loss increased by 23%, going from $992,659 in 2020 to $1.2 million in 2021. This means Lambs can sustain losses for only three months before it runs out of money. But the good news is that Lambs has no long-term debt and only $654,462 in short-term liabilities. 

Although the company did not officially report this in its financial statements or offering circular, Lambs claims that it has been profitable so far in 2022. The company projects revenue to hit $15 million. If this is true, then it puts the company in a strong financial position. Lambs also reports that over the past few years, sales efforts have been 5x more effective, and customer acquisition costs decreased by 3x. However, in the raise page comment section, co-founder Arthur Menard de Calenge states that Lambs spends 25% to 30% of its revenue on marketing. This is much higher than what the average business spends on marketing. This could indicate that the company’s brand recognition hasn’t really caught on in the market.

So far, the company has managed to raise $2.8 million in funding, which is a notable achievement. Lambs is backed by Science Ventures, a venture capital firm that has a successful track record of portfolio investments. Lambs also has the former president of lululemon, Brett Conrad, as an investor and an advisor. In addition, Lambs is gaining attention on social media, with around 15,100 Instagram followers and more than 86,000 Facebook followers. Its products are generating a positive customer response and have earned an average of 4.8 stars among more than 5,300 reviews.

All in all, Lambs has been showing steady traction from both investors and customers, but its growth over the past six years seems to be rather slow.

Next Section: Risks


Although an investment in Lambs carries a low risk, there are a few things investors should consider. The company has existed for six years, and although its revenue has grown steadily, it might take time for investors to see a return on investment. This may be related to the founding team’s lack of experience in the clothing industry. And although co-founder Arthur Menard de Calenge is a serial entrepreneur, none of his previous companies seem to have succeeded, which might be a bit concerning for Lambs’ future.

Next Section: Bearish Outlook

Bearish Outlook

Lambs has existed for six years. To date, its financials show a huge amount of losses. The company’s net loss has increased by 23%, from $992,659 in 2020 to $1.2 million in 2021. It’s also uncertain if the company can expand much more. 

The outdoor apparel and ultraviolet protection factor clothing markets are oversaturated with many brands that provide similar levels of protection as Lambs but at lower prices. Although Lambs differentiates itself as being the first to combine protection against ultraviolet radiation, electromagnetic field (EMF) radiation, and bacteria, the harm of EMF radiation is still questionable. Not everyone will be willing to spend more money to get that extra layer of protection. 

The company’s founders are also new to the industry, and although co-founder Arthur Menard de Calenge is a serial entrepreneur, his previous companies don’t seem to have succeeded. These points raise concerns as to whether Lambs will continue to grow and achieve an exit in the future.

Next Section: Bullish Outlook

Bullish Outlook

Though unaudited, Lambs claims that it has been profitable in 2022 and predicts a revenue of $15 million this year. If that proves out, it would be a huge milestone for the company after it suffered a net loss of more than $1.2 million in 2021. The company has also made notable achievements in decreasing customer acquisition costs and increasing order values, which might be contributing to its profitability and projected growth for 2022. Furthermore, Lambs’ products stand out through their combined protection against ultraviolet radiation, electromagnetic field radiation, and bacteria. The company boasts more than 10 patents and has at least one more pending.

Although the outdoor apparel market is saturated, apparel is not a winner-take-all market. The founders don’t have strong industry experience, but Lambs benefits from having Brett Conrad, former president of athletic apparel company lululemon, among its investors and advisors. So far, Lambs has managed to raise $2.8 million from investors, including the noteworthy venture capital firm Science Ventures, which means it has a strong network. Lastly, Lambs’ other team members have diverse skills that can make up for the founders’ lack of industry experience.

Next Section: Executive Summary

Executive Summary

Lambs, or Faraday Labs, makes outdoor apparel that protects against ultraviolet radiation, electromagnetic field radiation, and bacteria. Lambs holds more than 10 patents for its designs. It has significantly increased order values and received strong customer ratings. The company generated $2.9 million in revenue in 2021 and projects $15 million in revenue for 2022. The company is backed by notable investors, including venture capitalist firm Science Ventures and the former president of lululemon, Brett Conrad.

However, despite these achievements, investors should note a few concerns with Lambs. Lambs suffered a heavy net loss of more than $1.2 million in 2021 and can only sustain losses for three months before it will run out of cash. Lambs’ claim about its 2022 profitability is unaudited, and it is not certain that the company will actually stay profitable through 2022. Lambs has also been growing slowly for the past six years. Finally, although it has a strong customer acquisition rate and effective sales efforts, Lambs spends 25% to 30% of its revenue on marketing, which could mean that it has not achieved strong brand recognition. For those reasons, Lambs has been rated a Neutral Deal by the KingsCrowd investment team.

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Analysis written by Yasmin Sharbaf, June 7, 2022.

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Lambs on Republic 2022
Platform: Republic
Security Type: SAFE
Valuation: $30,000,000

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