Seattle Gummy Company

Growth Stage

Delivering functional healthcare with gummies instead of pills


Raised to Date: Raised: $675,389

Aggregate Commitments $



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Equity - Preferred

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Series B

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Seattle, Washington


Healthcare & Pharmaceuticals

Tech Sector


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Capital Intensity


Business Type

High Growth

Seattle Gummy Company, with a valuation of $56 million, is raising funds on Wefunder. The company delivers functional healthcare through gummies instead of pills. The gummies help prevent spilling, grinding pills, and sticky syrups and improve medication compliance and efficiency. Seattle Gummy Company has developed over ten gummy medicines with five in the FDA approval process and more than 16 functional gummy products in store. Connie Wan founded Seattle Gummy Company in July 2016. The current crowdfunding campaign has a minimum target of $500,006 and a maximum target of $1,069,997. The campaign proceeds will be used for R&D, gummy medicine development, operation and manufacturing, sales and marketing, HR expansion, and capital expenses.

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Financials as of: 01/21/2022
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Seattle Gummy Company 02/28/2022 Wefunder $55,996,531 $675,389 Equity - Preferred Funded RegCF
Seattle Gummy Company 01/21/2022 Wefunder - $0 Equity - Common Funded Test the Waters / RegCF
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Oral medications come in a variety of forms: capsules, liquids, tablets and more. But patients may not be taking 50% of their prescribed medications for a variety of social, economic and logistical reasons. One of those factors is that patients find their medication difficult or unpleasant to swallow. Children and elderly patients, especially, can have more difficulty swallowing tablets or capsules. Liquid medications such as syrups may contain alcohol or parabens — which can impact childrens’ growth and development — and have limited applications. Many patients skip doses because they dislike the flavor of the medication. And many patients stop their treatments as soon as they feel better and do not follow their doctors’ recommendations. 

By turning oral medications into gummies, Seattle Gummy Company has cracked the difficult challenge of making medicine both efficient and appealing. Historically, gummies have mainly been used for vitamins and supplements. But the effectiveness of these gummies is limited as they contain fewer vitamins and minerals than tablets or capsules. Seattle Gummy Company is trying to change that with gummy medicine that is both tasty and effective. Seattle Gummy Company has a few FDA applications pending for its gummy medicines. If these are approved, Seattle Gummy Company will be able to not only sell medicine in gummy form but also license its technology to other manufacturers. Seattle Gummy Company currently sells functional gummies — which are distinct from its gummy medicine products in that they do not require FDA approval — for energy, sports performance, anti-aging and more. 

Seattle Gummy Company’s current Wefunder raise has been rated a Deal To Watch by the KingsCrowd investment team. 


Seattle Gummy Company’s current round is valued at $56 million. The company had revenue of $588,347 in 2020. The company projected it would make at least $1.2 million in 2021, and according to the founder, it met that goal — it generated about $1.7 million in revenue in 2021. Seattle Gummy Company’s revenue-to-valuation multiple as of 2021 is above average compared to other online pharmaceutical industry startup valuations. Seattle Gummy Company claims it has more than 40 patents pending, which could potentially justify an increase in valuation. However, Seattle Gummy Company’s main product, gummy medicines, has not yet been approved by the FDA. Overall, Seattle Gummy Company’s valuation is overpriced given its above-average revenue-to-valuation multiple and pending FDA approval status.


Seattle Gummy Company operates in the global oral drug delivery market. The market was worth around $100 billion in 2018 and is expected to grow at an average annual rate of about 7% until 2024, taking it to $150 billion. This market is highly regulated by the FDA and other governmental agencies all over the world. So every gummy medicine  Seattle Gummy Company develops will need FDA approval. Five of its medicines are currently going through the FDA approval process. If approved, Seattle Gummy Company will need to educate doctors and patients about its new form of medicine. Gummy medicines could be life-changing for children, elderly patients, and many patients affected by dysphagia (difficulty swallowing). About 5% of the general population suffers from dysphagia. So thanks to their palatability and ease of use, Seattle Gummy Company’s gummy medicines have the potential to become widely popular.

While its gummy medicine is not FDA approved yet, Seattle Gummy Company is selling its functional gummies (which aim to help improve energy, sports performance and more) in several countries around the world. So the company also has a foot in the gummy market, where competitors sell vitamins and anti-aging and energy solutions. This market was valued at $16.3 billion globally in 2020 and is growing at a healthy rate of 12.6% every year. Overall, Seattle Gummy Company will have a large market potential as long as it receives FDA approval.


Connie Wan, the CEO and founder of Seattle Gummy Company, holds a master’s of medicine from Peking University, a JD from the University of Washington, and a PhD in organic chemistry from Clark University. She has experience in the startup environment, as she was a venture partner at WaterStone Capital and the co-founder and CTO of Thermopeutics LLC, a pharmaceutical startup. She also has experience in patents and intellectual property, as she was director and patent attorney for chemistry and materials at Intellectual Ventures for more than five years. She has invented more than 200 patents. Wan has additional experience in the pharmaceutical industry per her role as a research scientist for the University of Washington, where she worked on cancer therapy. 

The rest of Seattle Gummy Company’s team is composed of both business and technical experts. Bradley Fitch is the director of marketing and operations and holds an MBA from Portland State University. Chris Bailey is the director of sales and holds an MBA from American University. He has close to 10 years of experience in sales. They both work with Andy Wellman, the director of business development, who has more than 30 years of experience in sales.

Seattle Gummy Company is supported on the product development side by Brenden Carlson, the director of products and technology. Carlson holds a PhD in organic and inorganic chemistry from the University of Washington. Carlson has been working in the chemistry industry since 2003, including working as a managing partner at Seattle Polymer for 14 years. He has been working for Seattle Gummy Company for more than five years and is actively involved in manufacturing, quality control and communication. The team is also supported by three advisors, including experienced entrepreneurs and investors.

Overall, the founder has strong industry experience, and the CEO’s background in patent technology seems to give Seattle Gummy Company a good shot at FDA approval. In addition, the rest of the team has a balanced set of skills to support the growth of the company.


Seattle Gummy Company’s main differentiator relies on its potential to commercialize gummy medicines. If it succeeds in breaking into the market, its gummies could be a breakthrough product. Currently, there is no prescribed medicine available in the form of gummies. The closest option is an acetaminophen gummy that provides pain and fever relief for children. 

Functional gummies in general have been criticized for their limited efficiency and high sugar content. Seattle Gummy Company’s technology improves the gummies’ efficiency by increasing the concentration of active ingredients without sacrificing flavor. Seattle Gummy Company’s functional gummies — which do not require FDA approval — include a sugar-free energy gummy, workout supplements, immunity boosters and more. The functional gummies allow the company to generate revenue and showcase the sophistication of its technology.

Seattle Gummy Company’s marketing strategy emphasizes the positive effects of its gummies more than the ingredients, and its packaging is colorful and appealing. Functional gummy prices are high around the world, but Seattle Gummy Company is one of the most expensive brands — a 12-pack of antioxidant gummies costs $36

Five of the company’s developed gummy medicine are pending FDA approval, including a gummy for fast allergy relief and a gummy for pulmonary arterial hypertension and erectile dysfunction. Seattle Gummy Company also diversifies its revenues thanks to its research and development service and intellectual property licensing. The company currently has more than 70 patent filings (a majority of which are pending). These will likely help retain the company’s edge over competitors. Overall, Seattle Gummy Company’s product is highly differentiated from its competition.


Seattle Gummy Company is still waiting for FDA approval before it can commercialize its first gummy medicines. Every existing drug commercialized under its gummy medicine technology has to undergo a different FDA approval process. Getting FDA approval for its first gummy will take a long time — up to a year and a half, according to the company. But since Seattle Gummy Company is not developing new drugs — simply changing the form of existing drugs — the FDA approval process for each subsequent gummy product should be shorter than the approval process for new drugs, which can take 10 years or longer. However, until the first gummy medicine receives approval, the company is at risk, and its product-market fit isn’t proven yet.

Despite that obstacle, Seattle Gummy Company has been showing impressive financial results for a pharmaceutical startup. The company’s revenue has been continually increasing since it started commercialization in 2019. In 2020, the company’s revenue was higher than $500,000, and it generated about $1.7 million in revenue in 2021. Like many companies in the pharmaceutical industry, Seattle Gummy Company has a high gross margin of 65%. This revenue comes mostly from its functional gummy sales but also from its research and development collaborations. 

Seattle Gummy Company is financially stable, thanks to a positive net working capital of more than $3.3 million and small long-term debt of $122,442. The company’s debt ratio is just 10%, which demonstrates a low risk of bankruptcy, as it has enough cash and assets to pay off its debt. Its burn rate in 2020 was significant at $800,000, but this seems to be decreasing. Seattle Gummy Company raised more than $10 million in equity funding, mostly from institutional investors on the offline private equity market. Although the company is already earning revenue, its ability to raise funds is essential for continued research and development.

The company is selling its functional gummies — including workout supplements, immunity boosters and more — in more than 4,500 locations around the world and on its e-commerce platform. The company is also currently onboarding with Target to start selling in early 2022 at various locations. Overall, while the company’s future will depend on FDA approvals and future raises, Seattle Gummy Company has been performing well as a pharmaceutical startup.


Seattle Gummy Company’s risk is moderate. The main concern is the market launch of the company’s gummy medicines. The FDA has yet to approve any medical product from Seattle Gummy Company, and initial FDA approval can be a lengthy process. No gummy medicine has ever been approved by the FDA, and it is difficult to predict whether the company will be successful. Only 12% of generic medicines are approved in the first FDA review cycle. If its first submission is not approved, Seattle Gummy Company can resubmit. But the process can drag on. If its products are approved, the company will still require marketing efforts to educate doctors and patients on the efficiency of the medicines. Doctors will be independently responsible for prescribing the gummy medicines, and there is a risk that they will be resistant to adopting these new products. 

Seattle Gummy Company’s team is another factor of risk. While CEO Connie Wan is competent in medicine, chemistry and law, she is the only founder and might lack feedback in her decision making. But Connie Wan does have three board members, which mitigates the risk somewhat and may help the company reach its initial public offering goal. None of the team members have successfully brought a company to exit, and the overall management team is small. There is no guarantee that Seattle Gummy Company will be successful in scaling the team with enough skilled members to make an exit. 

Finally, the company also presents a financial risk. While it is growing revenue and decreasing its cash burn, the company lost more than $800,000 in 2020. Seattle Gummy Company has more than $4 million in assets, but it will require substantial capital to continue its operations through FDA approval and commercialization. The company has proven its ability to raise both on crowdfunding platforms and through institutional investors, which lowers its overall risk.

Bearish Outlook

Seattle Gummy Company’s current raise is overpriced. While the company has been generating some revenue, its burn rate is high and puts the company at financial risk. The company is waiting on FDA approval for its main products, gummy medicines. This approval could take up to a year and a half and is not guaranteed, but it is crucial for the future of the company. Ultimately, while Seattle Gummy Company’s founder is skilled in medicine, chemistry, and law, she doesn’t have the experience of leading a company through an exit and is a solo founder. She will require additional support from her team and board of directors to work toward an initial public offering.

Bullish Outlook

Seattle Gummy Company is offering a revolutionary product that could help people stick to their prescribed medication regimens and ease the treatment process for younger and elderly populations (as well as people who have difficulty swallowing). The company’s founder and CEO, Connie Wan, is the only scientist to have succeeded in producing efficient medicine in the form of gummies. The company has the potential to acquire market shares globally and is operating in a large market with a decent growth rate

Seattle Gummy Company also has diverse sources of revenue. While waiting for its FDA approval, the company is selling over-the-counter functional gummies to improve customers’ immunity, beauty, sports performance and more. The company also generates revenue through research and development partnerships. Its sales have been growing continually since 2019. The company demonstrated its ability to gather capital by raising more than $10 million through institutional investors in its previous rounds. This is a positive signal for the company, as the ability to raise capital is essential for a business that relies on FDA approval.

Executive Summary

Seattle Gummy Company has developed gummy medicine that is both effective and tasty. The company aims to help patients stick to their treatments and ease the administration of oral medication for children, elderly patients, and patients who have difficulty swallowing. Seattle Gummy Company’s valuation is higher than the industry average at this development stage. It also still hasn’t received FDA approval, and most of its patents are pending. In addition, none of the team members have prior exit experience.

But if it gets FDA approval, Seattle Gummy Company will be entering a large market with an innovative product. The company has the potential to acquire considerable market share. It has already raised a substantial amount of money from institutional investors and will need to continue raising capital to start commercializing its gummy medicines. The company is seeing some traction thanks to sales of its functional gummies (which do not require FDA approval). Despite a high burn rate, the company’s finances are strong thanks to a great amount of assets. The founder brings extensive legal, medical, and chemistry experience to the company, and the other team members have strong business and industry experience. Therefore, Seattle Gummy Company’s raise has been rated a Deal to Watch.

For questions regarding the KingsCrowd analyst report or ratings for this company, please reach out to

Analysis written by Léa Bouhelier-Gautreau, January 28, 2022.

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Seattle Gummy Company on Wefunder 2022
Platform: Wefunder
Security Type: Equity - Preferred
Valuation: $55,996,531
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