Early Stage

Plant Based Functional Beverages

Plant Based Functional Beverages


Raised to Date: Raised: $175,121

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
Min. Investment


Security Type



Series A

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap




Rolling Commitments ($USD)

Reporting Date


Days Remaining
% of Min. Goal
% of Max. Goal
Likelihood of Max
Avg. Daily Raise


# of Investors


Create a free account today to gain access to KingsCrowd analytics.
Year Founded



Food, Beverage, & Restaurants

Tech Sector


Distribution Model




Capital Intensity



New York, New York

Business Type


WellWell, with a valuation cap of $10 million, is raising funds on Republic. The company makes plant-based functional beverages using science-backed recipes. The seven beverages of WellWell have real functional benefits and help with stress, burnout, and exhaustion. Sagan Schultz MD, Larry Praeger, Michael Chernow, and Collin Hughes founded WellWell in October 2015. The proceeds of the current round of crowdfunding, with a minimum target of $25,000 and a maximum target of $1,070,000, will be used towards the focus on direct-to-consumer, product line expansion, reduction in COGS, and continued retail expansion. WellWell sells through over 800 retailers, including Walmart, Whole Foods, and Kroger, and has sold over 785,000 to date.

Summary Profit and Loss Statement

Most Recent Year Prior Year












Net Income



Summary Balance Sheet

Most Recent Year Prior Year




Accounts Receivable



Total Assets



Short-Term Debt



Long-Term Debt



Total Liabilities



Financials as of: 12/02/2020
Create a free account today to gain access to KingsCrowd analytics.

Upgrade to gain access

Pay Monthly
Annually (Save 17%)


$25 /month
billed annually
Free portfolio tracking, data-driven ratings, AI analysis and reports
Plan Includes:
Everything in Free, plus
Company specific KingsCrowd ratings and analyst reports
Deal explorer and side-by-side comparison
Startup exit and failure tracking
Startup market filters and historical industry data
Advanced company search ( with ratings)
Get Edge Annual
Already a member? Log in here.

Ratings KingsCrowd Startup Rating Methodology Article

Blurred Ratings Bars Blurred Ratings Bars

Analyst Report Analyst Report Methodology Article


Many of us have noticed an explosion of grab-and-go beverage options in grocery store aisles. The old stand-bys, like sodas and sports drinks, are still there. But Americans are increasingly aware that these beverages — the largest source of sugar and calories in U.S. diets — are unhealthy. As a result, the beverage section has expanded to include a huge variety of smoothies, protein drinks, and other beverages that quench thirst healthily. 

The majority of Americans say that they try to eat healthy most or all of the time, and many are willing to spend more on healthy products. In addition, more and more Americans are prioritizing plant-based diets. In the beverage space, this means turning away from whey protein — which is derived from dairy — and toward plant-based ingredients like pea protein and soy. That’s why the plant-based beverages market is projected to grow at a CAGR of 12% through 2023. 

WellWell offers plant-based, functional beverages designed to help consumers recover from workouts, sleep better, and boost their hydration without added sugars or preservatives. WellWell drinks include Wake, Dream, Protein, Recover, and Hydrate, each formulated with active ingredients meant to make a real difference for sleep, workouts, or hydration. The company’s drinks are sold at Whole Foods, as well as at other major retailers like Walmart, HEB, and Kroger. 

WellWell’s current Republic raise has been rated a Deal to Watch by the KingsCrowd investment team.

Next Section: Price


WellWell is raising a Crowd SAFE at a $10 million valuation with 20% discount. This price is somewhat steep given WellWell’s 2019 revenue of $450,000. The valuation is likely driven by the quantity of capital that WellWell has already raised, totaling $4.5 million from investors like Sweat Equities and CircleUp. Republic investors aren’t receiving a prime price for WellWell given the company’s existing investment, so WellWell’s price rating is middle of the road.

Next Section: Market


The plant-based beverages market was valued at $11.16 billion in 2017, with a projected CAGR of 12% through 2023. Demand for plant-based beverages is increasing due to heightened interest in plant-based/vegan diets, plus consumers’ desire for low-calorie drinks with high nutritional value. The market is growing at a steady pace, but is still quite small. By contrast, the global market for soda is over $406 billion. While high-nutrient, plant-based drinks are popular among high-income consumers shopping at Whole Foods, they have a long way to go before hitting the mainstream. Therefore, WellWell’s market score is relatively low.

Next Section: Team


WellWell was founded by a group of New York food and restaurant entrepreneurs. CEO Sagan Schultz holds a BS, MD, and MBA from New York University. He spent six years as a sommelier at Terroir Wine Bar in Manhattan while completing his medical training. Additional founding team members include Larry Praeger, Michael Chernow, and Collin Hughes. Praeger is the CEO of a national natural foods company. Chernow is a restaurateur, entrepreneur, and TV host, and Collin Hughes is a NYC photographer with an impressive client list. 

Altogether, this team has significant experience in food marketing and entrepreneurship. However, it seems that only Schultz, the CEO, is involved in day-to-day operations of the business. While his training as a medical doctor certainly lends credibility to WellWell’s health claims, he does not have prior experience managing a startup. This fact reduces WellWell’s team score somewhat, though the rating is still relatively high given the full team’s expertise in food and wellness.

Next Section: Differentiators


A lack of differentiation is WellWell’s biggest risk. While the company states that its products are significantly more healthy and functional than competitive drinks, the average consumer may not be able to perceive the difference between similarly-packaged smoothies and juices with similar ingredient lists. Frankly, the Whole Foods beverage aisle is becoming increasingly crowded. Many brands are vying for attention from a relatively limited segment of consumers, and WellWell might not be able to stand out. Therefore, WellWell’s differentiation rating is its lowest across all five metrics. 

Next Section: Performance


WellWell posted significant growth between 2018 and 2019. The company generated just under $200,000 in 2018, which jumped to just under $450,000 the next year. WellWell hasn’t shared 2020 financials, but 2020 revenues of roughly $1 million can be extrapolated from a total lifetime sales figure of $1.76 million. While revenue performance is strong, prospective investors should note that WellWell’s cost of goods sold is quite high relative to revenue — COGS was $770,000 on $450,000 in revenue last year. 

Nonetheless, WellWell has posted impressive revenue growth for the last three years. In addition, company leadership mentioned in the discussion section of the Republic raise page that WellWell hit profitability in Q4 2020, which would indicate that previous COGS issues are resolving. Therefore, WellWell’s performance rating is its strongest.

Next Section: Other

Bearish Outlook

The healthy beverage space is extremely crowded, and some brands will undoubtedly fold under competitive pressure. WellWell is not particularly differentiated among functional or plant-based beverages, so the company does not yet have a strong case as an emerging winner in this somewhat niche space. The company’s historical issues with high COGS could be a particular disadvantage as healthy beverage brands engage in competitive price wars. In short, it is not yet clear that WellWell has the operational track record and brand value to win as a leading beverage brand.

Next Section: Bullish Outlook

Bullish Outlook

WellWell faces strong competition in the healthy beverage space. This degree of competition is certainly a risk to the business — but also indicates that the niche is buzzy and growing. Younger Americans are leading the charge toward more natural, plant-based diets, and the space will only continue to expand. WellWell has the opportunity to position itself as a long-term market leader in functional beverages. 

WellWell has a good chance to achieve this success because it was founded by a group of entrepreneurially-minded New Yorkers — including a restauranteur with significant social following, a medical doctor, and the CEO of an established natural foods brand. The company has also received investment from a leading CPG firm, CircleUp, and celebrity investors AJ and Gary Vaynerchuk. This team has successfully built a brand with almost $2 million in lifetime sales, enthusiastic customer reviews, and nationwide distribution in leading retailers like Walmart and Whole Foods. A successful track record like this one is a strong signal that WellWell has the potential to grow and exit to a larger CPG or beverage brand, which would be a win for investors.

Next Section: Executive Summary

Executive Summary

The market for plant-based, functional beverages is small when compared to soda and energy drink markets. However, it is also expanding rapidly with significant opportunity for a brand to carve out customer loyalty among health-conscious consumers. WellWell is on its way to doing just that: with nationwide distribution among wholesalers and a budding direct-to-consumer channel (relying heavily on subscription revenue), there are several pathways to continued expansion for the company. 

WellWell’s 2020 financials haven’t been released yet, and the business has clearly struggled to keep the cost of goods sold low in recent years. However, profitability is apparently around the corner, and the company is advised by leading CPG investors. WellWell’s track record indicates that customers love the product, retailers are willing to stock it on shelves, and WellWell is capable of posting significant year-over-year growth. Therefore, WellWell has been rated a Deal to Watch. 

For questions regarding the KingsCrowd staff pick or ratings for this company, please reach out to support@kingscrowd.com

Founders: enhance your startup's credibility on KingsCrowd. Create an account to claim this raise page.
Add to portfolio
WellWell on Republic
Platform: Republic
Security Type: SAFE
Valuation: $10,000,000

Follow company

Follow WellWell on Republic

Buy WellWell's Deal Report

Warning: according to the close date for this deal, WellWell may no longer be accepting investments.

WellWell Deal Report

Get KingsCrowd’s comprehensive report on WellWell including:

  • How our proprietary algorithm rates their current capital raise (1-5 stars)
  • Detailed price, market, team, differentiators, performance, and risk ratings
  • Whether WellWell is undervalued or overvalued
  • Scores on the founding team and key personnel's background and expertise
  • Our deep-dive analyst report reviewing the deal's investment potential and bullish vs. bearish outlook

Buy the WellWell deal report for only $10!

Email address:
Looking to buy more than one deal report? Get unlimited reports by upgrading to Edge